STATEMENT OF POLICY AND PROCEDURE

Section: Finance | Chapter: General | Page(s): 1

Subject: Electronic Fund Transfers Sec 3, 1Q

Reviewed: New | Revised: New | Effective: 2023/11/24

SECTION 3 – 1.Q

Electronic Fund Transfers

Wherever practical and possible, Northern Lights Library System (NLLS) will pay its expenses by means of an electronic fund transfer (EFT).

Banking information for payees will be gathered and processed according to best industry practices and as advised by independent auditors and accountants.

Any changes to a payee's banking information will be verified by a second NLLS employee by means of telephone or email confirmation from the payee. A record confirming the secondary confirmation of a banking information change will be kept for future reference. No changes to banking information will be made without such a record.

Verification in current computer software to be completed.