Electronic Funds Transfers (EFT)

Use this procedure anytime there is a request to send an EFT from Central Michigan University.

​Responsible Area
​Procedure
EFT Initiator (department) Invoice received for payment of services or purchase of a product

Verify that the invoice is correct and get approval to pay. Forward approved    invoice to Payable Accounting Services in 302 Warriner Hall by interoffice mail or scanned and emailed to hayes2d@cmich.edu

 

Prior to sending to Payable Accounting, you must have all of the correct documentation (along with the invoice), (received from the vendor) to include:

  • Pay to the order of: Correct name and spelling of the account holder
  • Bank name and routing number (SWIFT code if foreign)
  • Bank account number (IBAN if foreign)
  • Currency of payment to be sent
  • Dollar amount to pay
  • Provide additional details that need to be included for the receiving bank.

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. In addition, 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.

​Payable Accounting
Payable Accounting will forward the approved request, and backup documentation, to the Treasury Department at the following email address: treasury@cmich.edu
​Treasury Department
Once the EFT request is received, the Treasury Department will enter the EFT into the banking system.  When the process is complete, the Treasury Department will respond to the initiating department and Payable Accounting with a message confirming transmission of the funds, along with foreign exchange values if applicable.