Electronic Funds Transfers (EFT)

This procedure will be used anytime there is a request to send an EFT from Central Michigan University.

Responsible Area Procedure
EFT Initiator (department) To request an EFT, the funds transfer authorization form needs to be completed in its entirety. The form can be found on the Financial Services Forms page. Instructions on how to complete the form are attached to the form that you download.

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.
EFT Initiator Forward by email the completed form to your supervisor or someone administratively senior to you for approval.
Supervisor Forward the approved EFT request to the payroll office to all of the following:
Treasury After receiving the approved EFT request, process the request and get another employee with release authorization to release the wire. The person who released the EFT will notify the following: EFT initiator, person entering the EFT, Accounting Services (the Accountant)
Accounting Services Process the journal entry to charge the department.