MYACCESS: Intergovernmental Transfers

Texas CLASS Participant-to-participant functionality

Texas CLASS MYACCESS:
Built for Intergovernmental Transfers

Did You Know?

Local governments depend on intergovernmental transfers of revenue. According to The Tax Policy Center’s Briefing Book (2016),* 36 percent of local government general revenue comes in the form of transfers from other levels of government. We built the Texas CLASS MYACCESS Participant-to-Participant Distribution function to meet this need.

How Does it Work?

Texas CLASS MYACCESS offers our Participants the unique ability to transfer money from their Texas CLASS account to any number of the other taxing entities that have a Texas CLASS account through the MYACCESS Participant-to-Participant Distribution functionality. Once setup, the distribution of monies (tax payments, state aid) takes minutes.

Does it Save Time and Money?

Participant-to-participant transfers through Texas CLASS MYACCESS increase efficiency and save money within your office by eliminating the need to move funds via electronic or physical transfers. Any Participant in the state can initiate a transfer to a taxing entity with a Texas CLASS account directly through MYACCESS.

Are Transfers Secure?

With participant-to-participant transfers, the funds never leave Texas CLASS. All participant-to-participant distributions initiated through the Texas CLASS MYACCESS online transaction portal are confirmed to each party; both sides of the transaction will receive confirmations of the date, time, and amount of each transfer initiated, resulting in safer transactions and improved security.

MYACCESS Participant-to-Participant Distribution Functionality Helps You Get:

Reporting: confirmations to all parties
E
fficiency: minutes to disburse
S
ecurity: funds never leave Texas CLASS
User-friendliness: one-time set-up
Lower transaction fees
Time savings
Savings: never lose a day of interest

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All comments and discussions presented are purely based on opinion and assumptions, not fact. These assumptions may or may not be correct based on foreseen and unforeseen events. The information presented should not be used in making any investment decisions. This material is not a recommendation to buy, sell, implement, or change any securities or investment strategy, function, or process. Any financial and/or investment decision should be made only after considerable research, consideration, and involvement with an experienced professional engaged for the specific purpose. Past performance is not an indication of future performance. Any financial and/or investment decision may incur losses.