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  5. Request for Incoming ACH/EFT and Wire Payments

Request for Incoming ACH/EFT and Wire Payments

Directive Statement

To receive domestic ACH/EFTs or domestic/international wire payments into the University of Florida bank account for the first time, an agency or customer must be authorized to do so.  If the agency or customer is not yet authorized, the department receiving the funds must contact Treasury Management at (352) 392-9057 and request that an agency or customer be allowed to send payments to the UF bank account.

Reason for Directive

The purpose of this directive is to ensure accurate documentation of all monies received by the University and adhere to the Office of Foreign Asset Control (OFAC) sanctions list.

Who Must Comply?

All University departments.

Procedures

  1. Departments will complete the ACH-Wire Request Form, which includes the following information:
    • Name of the department that will receive the money
    • Name and address of payer (in the case of an international wire please add the country)
    • Any information to help the payee identify the reason for the payment (invoice number, name of keynote speaker, department name, etc.)
    • Payer’s telephone, fax, and email address
    • Any special instructions that apply to the transaction
    • Copy of the contract, payment order, payment instructions, invoice, registration form, etc. related to the payment
  2. The completed form will be sent to tmhelp@admin.ufl.edu or faxed to (352) 846-3576
  3. Upon receipt of the completed form, Treasury Management will contact the agency/customer and provide the following information:
    • All necessary banking information (routing number, transit number, account number, etc.)
    • Any special instructions that apply to the transaction
    • Copy of the contract, payment order, wire instructions, invoice, registration form, etc. related to the payment

Bank Service Fees

Bank service fees related to processing the wire will be passed on to the department.  International wire payments may be subject to additional fees charged by the originating or destination bank and/or taxes.  These fees will be deducted from the incoming funds unless other arrangements for payment have been made.

OFAC Sanctions List

ACH/EFT and wire instructions will not be provided to countries on the Office of Foreign Asset Control (OFAC) sanctions list.  In addition, bank information is not provided to Venezuela or Nigeria.

Definitions

EFT

Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper money changing hands. [Back to Top]

ACH

Automated Clearing House (ACH) payments are electronic payments made through the Electronic Clearing House Network.  Funds move from one bank account to another with the help of an intermediary that routes funds to the final destination. [Back to Top]

Last Reviewed

07/31/2020: reviewed content

Toolkits

UF HR Toolkit – Deposits

Contacts

Treasury Management: (352) 392-9057

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