1509 - ACH/Wire Transfers

Document purpose

To establish responsibility for and control ACH/wire transfers.

effective

January 1999

revised

April 2020

Reviewed

April 2020

Responsible Office

Treasurer

Approval

Treasurer

The Policy

  1. Electronic fund transfers are initiated by Accounts Payable with the exception of Human Resources/Benefits payments, debt service payments, SRFS refunds and tax payments, which are initiated by the Office of the Treasurer. Tax payments are also initiated by the Tax Office.

  2. The Office of the Treasurer may also process wire transfers approved by the Executive Vice President, departmental Vice Presidents or executive-level personnel. Treasury may also process time sensitive wire transfers approved by other personnel at the discretion of the Associate Treasurer.

  3. The Office of the Treasurer is responsible for designating individuals who are authorized to initiate and approve online wire transfers. Dual-authorization is required on all non-repetitive wire transfers.

  4. Non-repetitive wire transfer requests must be submitted on a PDA (Procurement/Disbursement Authorization) form and approved by an individual with proper authorization. Treasury must get a verbal confirmation of approval and payment instructions for non-repetitive wire transfer requests received via email.

  5. Any wire transfer request that can be processed using an ACH (Automated Clearing House) payment may be processed in that system as determined by Treasury personnel.

  6. The Tax Department approves all foreign wire transfer requests. For each wire, the University retains the date, the rate on that date and the USD equivalent of the amount.

  7. The Cash and Debt Management group monitors electronic transfers to ensure that they were processed through Accounts Payable, Tax, or Treasury.