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Members will soon be able to pay their NFA fees electronically
Since its launch in June 2002, NFA's Online Registration System (ORS) has virtually eliminated the need for firms and individuals to file paper copies of registration forms with NFA. However, they still needed to send a check to pay their registration fees and membership dues.
That process will soon change. Beginning in mid-February, NFA Members will be able to remit their payments to NFA electronically.
"It's a logical next enhancement to ORS," said NFA's Treasurer Dave Hawrysz. "We wanted to complement our paperless registration process with a paperless system of payment."
Firms and individuals wishing to use the new service should logon to ORS and click on the "Update/Withdraw Registration" button at the top of the screen. On the next screen, click on the "On-Line Account Deposit" link.
The next screen asks for the amount of transfer being requested. This amount, which can only be entered as whole dollars, can range from $1 to $99,999. You will also need to enter your bank routing number. The screen provides an illustration indicating where the routing number is typically located on a bank check. You will also be prompted to enter the bank account number and an e-mail address where NFA can send a confirmation of the transfer.
"We are always looking for efficient ways for our Members to meet their regulatory obligations," said Hawrysz. "This new payment option is a direct result of those efforts."
NFA will notify Members through the mail and on its Web site of the launch date for this new service.