The Company ID Is How the Bank Matches Your EFT File to Your Enrollment
In MIP®, the Company ID used for EFT defaults to a standard format of 1 plus your Federal Tax ID. That default works in many cases, but it is not universal. Some banks require a different identifier based on how your organization was enrolled in their EFT services.
Using the wrong Company ID can cause confusion on the bank’s side. Files may be flagged, delayed, or rejected because the identifier does not match what the bank expects, even though everything else in the file is correct. These issues are often discovered only after transmission, when timing is already tight.
Confirming the Company ID directly with the bank before using EFT avoids that risk. Once the correct value is in place, files match the bank’s enrollment records and process cleanly. It is a small configuration step, but it plays a central role in whether payments move without interruption.
This video is for accounting teams setting up or reviewing EFT in MIP who want payment files to be accepted without avoidable back-and-forth with the bank. It is not intended for organizations that rely on defaults without verifying bank requirements.
McGovern Consulting Group provides MIP Accounting® Training and Implementation Services. We focus on bank-facing setup details like this because EFT reliability depends on alignment between systems, not assumptions.
If you want your EFT configuration verified before payments go live, schedule time with us to review your setup.
https://mcgoverncg.com/schedule/
If you want to strengthen your MIP fundamentals first, free MIP® fund accounting training is available here.
https://www.freemipfundaccountingtraining.com/
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