There is no formal policy statement for this topic; however, procedures and other information are provided below.
To process wires in a timely manner.
Incoming ACH/EFT/Wire payments are funds electronically transferred into the University of Georgia’s bank account. These funds are to be credited into individual departmental accounts on the University’s general ledger as designated by the receiving department. Departments are responsible for notifying Bursar and Treasury Services when they are expecting an electronic payment from the bank. The department will need to fill out an Electronic Funds Deposit Transmittal as well as the Vendor ACH/Wire Information Form to provide this necessary information. Please contact the Bursar and Treasury Services if you need a copy of the wiring instructions.
To facilitate the timely processing of electronic transfers please use the following guidelines and tips:
Automated Clearing House (ACH): A domestic electronic funds transfer system. The National Automated Clearing House is responsible for maintaining and policing the electronic payments network.
Electronic Funds Transfer (EFT): The movement of funds from one bank account directly into another without the use of cash or paper checks. ACH and wire transfers are two methods of EFT’s.
Wire Transfer: A same day transfer of funds between financial institutions processed through the Federal Reserve’s Fedline system. International wires may be processed through the Society for Worldwide Interbank Financial Telecommunications (S.W.I.F.T.).
Responsible University Senior Administrator: Vice President for Finance & Administration
Responsible University Administrator: Associate Vice President and Controller
Policy Owner: Bursar and Treasury Services
Policy Contact: Amy Brown firstname.lastname@example.org
Phone Number: 706-542-6825
Responsibilities: It is the responsibility of each department to review the departmental status report monthly and the receipts received from the deposit for accuracy. Contact the Bursar and Treasury Services with any questions.
Description: Records may include: Electronic Funds Transfer Deposit Transmittal, Vendor ACH/Wire Information Forms, report from bank of the ACH/EFT/Wire.
Record Copy: Bursar and Treasury Services; Departmental level
Retention: 5 years, BOR 047203001