Electronic payments from a local account - WAAM -
Term
Electronic payments from a local account
Glossary
Electronic payments such as Paypal, Venmo, and Apple Pay attached to a local bank account. Third party services such as Paypal, Venmo, and Apple Pay violate Public Deposit Protection Commission (PDPC) rules. Agencies should consult with the Office of the State Treasurer for alternatives using the state merchant services agreement contract. The only exception is community compensation payments authorized by the Office of Equity.