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Electronic Funds Transfer

Background:

It is becoming increasingly common for organizations to require that the campus receives payment via Electronic Funds Transfer (EFT). In fact, the Debt Collection Improvement Act of 1996 requires all Federal Government Agencies to make payment to their vendors by EFT.

In EFT, payments formerly made by check are made by electronic funds transfer through the Automated Clearinghouse (ACH) network. The advantage of EFT is that it eliminates check handling and manual deposits thereby eliminating misdirected or lost deposits.

Process for EFT:

If an organization making payment to your department requires payment via EFT, you need to first obtain that organizations "Electronic Payment Authorization Form."

Second, you must complete the agency information on the form and forward it to Revenue Accounting.

Revenue Accounting will then complete the financial and banking information on the form and forward it to the University's bank for certification.

Upon receipt of the completed form from the bank, either Revenue Accounting or your department (depending on the confidentiality of the information requested on the form) will forward the form to the Agency requesting payment be made via EFT.

Please contact Revenue Accounting if you have any questions.

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Last Updated: 5/6/10