What is an Electronic Funds Withdrawal?

Modified on Tue, 20 Dec 2022 at 02:18 PM

Facts You Need to Know about Electronic Funds Withdrawal:

1- The EFW transaction authorizes the U.S. Department of the Treasury (through a Treasury Financial Agent) to transfer the specified payment amount from the specified bank account to the Treasury's account

2- "IRS USA Tax Payment," "IRS USA Tax Pymt" or something similar will be shown on your bank statement as proof of payment. 

3- If the payment date requested is a weekend or bank holiday, the payment will be withdrawn on the next business day. In that case, your bank may put a hold on those funds, and treat it as a pending transaction.

4-The payment amount will be debited in a single transaction. No recurring or partial withdrawals will be made.

 

For more information click here https://www.irs.gov/payments/pay-taxes-by-electronic-funds-withdrawal 

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