XL EagleEFT (Electronic Funds Transfer)
EFT stands for Electronic Funds Transfer. Federal contracts generally require payment by Electronic Funds Transfer, which means direct deposit to your bank account. For most contracts, the government pulls your bank routing number and account number from your SAM.gov registration.
If you change banks, you must update your SAM registration, and that update can take time to process. Payments sent before the update may go to the old account information or be held.
Why it matters to a small contractor
Treat your SAM banking section like your payroll account. Double-check numbers and never change banks in the middle of a big invoice cycle without planning ahead.
Example
A trucking company switches banks. The owner updates the EFT information in SAM two weeks before the next invoice, so the next federal payment lands in the new account.
EFT: common questions
Can I get paid by check instead?
Rarely. Federal rules require EFT for most payments, with narrow exceptions.
Who can change my bank information in SAM?
Only users with the right role for your entity in SAM. Protect those accounts, because criminals sometimes try to redirect federal payments.
Want the contract without the paperwork? Send XL Eagle your price on an open government job. We write and submit the bid under our registrations, free to you. Find open jobs →