New Electronic Levy Program
In the past, we issued all levies on financial institutions by paper notices. On July 3, 2013, we implemented our electronic order-to-withhold (eLevy) program. Financial institution participation in the eLevy program is voluntary. We are specifically focusing our efforts on enrolling the top ten financial institutions in California to participate to the eLevy program.
Several benefits we realize from using electronic bank levies include:
- Reduced paper usage.
- Decreased postage expenses.
- Increased overall operational efficiency.
Financial institutions participating in the eLevy process realize the following benefits:
- FTB’s secure electronic transmission facilitates receipt of the levy within the financial institution and ensures taxpayer privacy.
- The program eliminates any possibility of misdirected or misrouted levies.
- The program reduces staff resource time for processing levies, creating costs savings.