FCC Establishes Effective Date for Electronic USAC Payments
The FCC announced today that effective August 31, 2010, all Universal Service payments must be made by electronic funds transfer (EFT). Any vendor that fails to provide an updated Form 498 to USAC will have their payments held until they provide the required information. If E-rate vendors have not done so already, they must submit a new Form 498 to USAC and provide their financial institution information to USAC before this date. This is pursuant to an Order released by the FCC on September 28, 2009, that mandates this change and now the FCC has set the date on which this will take effect.
More information about the Form 498 can be viewed here.
The FCC Electronic Payment Order can be viewed here.