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ACH Payment or Outgoing Wire Transfer

  • ACH (Automated Clearing House) is a system that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and business-to-business payments. ACH operations are done in batch mode, and normally take 24 hours for transfer of funds. Vendors wishing to be paid by ACH should contact Purchasing. ACH payments are efficient and cost effective and are the preferred payment method whenever possible.

Wire transfers should only be used when:

 

  1. Wire transfer is the only acceptable method of payment (e.g. entities in countries outside the U.S.)
  2. Funds must be transferred immediately - funds typically arrive same day if requested before noon
  3. Payment to be made is greater than $100 USD - due to costs associated with sending wires, it is advisable to limit use of wire transfers if possible

 

Steps for Requesting an ACH Payment or Outgoing Wire Transfer

  1. Complete the Electronic Fund Transfer Form PDF
    Note – Electronic fund transfer instructions must include:

    For Domestic Transfers (ACH Payments, Domestic Wires):

    1. Name of the Bank
    2. Address of the Bank
    3. ABA Number
    4. Name of the Account Holder
    5. Account Number

    For Foreign Transfers (International Wires):

     

    1. Name of the Bank
    2. Address of the Bank
    3. SWIFT or BIC Code
    4. Name of the Account Holder
    5. Account Number
    6. If needed or required
      • Correspondent Bank
      • Correspondent Routing Number
      • Correspondent Account Number
  2.  

  3. Submit form with backup documents to Accounts Payable with a copy of EFT Form to Treasury Treasury

  4. Once approved, Accounts Payable will forward electronic fund transfer request to Treasury for execution

Questions?

  1. General inquiries regarding banks, wires or ACH – contact Treasury
  2. Status and/or confirmation of EFT request – contact Accounts Payable