Electronic Funds Transfers (EFT)
This procedure will be used anytime there is a request to send an EFT from Central Michigan University.
|EFT Initiator (department)
To request an EFT, the funds transfer authorization form needs to be completed in its entirety. There are two forms available for use in requesting an EFT: One for Foreign EFT's, and one for Domestic EFT's. The forms can be found here:
Domestic EFT Form - Instructions.xls
Foreign EFT Form - Instructions.xls
These forms are saved as Excel files, and each one has its own "Instructions" tab. The instructions will assist with how to properly complete the EFT form.
NOTE: There are different instructions, and different information needed for Foreign vs. Domestic EFT's so please be sure to read instructions carefully.
NOTE: It is the responsibility of the department to insure that all information is correct. If incorrect information is given (i.e. account numbers, name of account, etc.) and this causes additional transactions, the department will be charged. Also if an international wire is returned due to incorrect information received, the department will be responsible for the difference in the value of the wire due to exchange rates.
Forward by email the completed EFT form to your supervisor or someone administratively senior to you for approval. Once you receive the approval by email, forward the approved EFT request to the Treasury Department at the following email address:
After receiving the approved EFT request, process the request. Once the EFT has been entered, approved, and released, send the EFT initiator a reply message confirming the process is complete.
Accounting Services has access to the email@example.com
email inbox, therefore there's no need to separately notify them that you're requesting an EFT.
Process the journal entry to debit funds from appropriate department, and charge the department for any related costs (wires cost $25/ea, ACH transactions cost $.25/ea).
||If you have any questions please call Kasie Natzel x. 7386, or Sara Yonkey x. 3797.|