Revised: September 09, 2011
When vendors or other payees request payment via electronic wire transfer, the request for transfer must be made by an individual who is authorized on the account to be charged. The request is to be submitted to the Cashiers Supervisor using the wire transfer form at least one business day (24 hours) prior to the transmission date and should include all necessary wire transfer information and supporting documentation. The bank fees associated with the wire transfer will be charged to the same account as the wire transfer.
The wire transfer will be entered after authorization on the account has been verified and the supporting documentation reviewed. The wire will then be approved and released by Financial Services. The journal entry to record the transaction and resulting bank fee will be made by the Cashiers Supervisor.
- For domestic wire transfers, the following information should be included in the request for wire transfer:
- Amount of transfer
- Beneficiary (or recipient) bank name, routing/transit number, and account number
- Beneficiary (or recipient) name and address
- Originator (or sender) name and address
- Up to two lines (30 characters each) of text to accompany the transfer
- Supporting documentation (invoice, bid, etc.
- For international wire transfers, the requestor should provide the same information as above with the following exceptions. The requestor should designate the foreign currency and whether the amount to send should be based on the foreign currency or US dollars. Rather than including a bank routing/transit number, the requestor should provide the foreign bank address.
- The requestor should submit the request for wire transfer and supporting documentation to the Cashiers Supervisor at least one business day (24 hours) before the transmission. However, in many cases the request will be honored on the same business day depending on the timing.
- The Cashiers Supervisor will verify the requestor is authorized on the account to be charged for the wire transfer by checking the requestor's name against the Authorized Signature List. The wire transfer will then be entered into the bank software for wire transfers and Financial Services will be notified it is ready for approval.
- Financial Services will approve and release the wire for transmission.
- The Cashiers Supervisor will make a Journal Entry to record the charge to the requestor's University account for the amount of the wire transfer and all related bank fees.