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Loyola University Chicago

Financial Services

Non-Repetitive Wire Transfer Instructions

FORM EFT02B

USES

The Electronic Funds Transfer (Form EFT02B) Requisition must be used to transfer funds by electronic transfer.  Most payments are made by check through the check requisition or purchase requisition systems. Payments made by EFT can only be made due to one or more of the following reasons:

  • Payment is being made to a foreign country
  • Legal or contractual requirements
  • Expedited payment required
  • Guaranteed payment delivery requested
  • Most cost-effective payment procedure 

The LUC Treasurer’s Office will make the final decision as to the necessity of an electronic payment instead of a check.

INSTRUCTIONS

  1. Type or print all information legibly.
  2. All sections of the form must be completed.
  3. Any transfer in excess of $5,000 requires a second Budget Administrator to approve the transfer.
  4. Attached to the EFT02B form the following documents are required for processing: A.) invoice supporting the transfer amount B.) banking instructions received from person or vendor and they must include: Receiving Bank Name, United States Bank ABA or Routing Number or Foreign Bank - Swift or BIC Code, Bank Address, Country and Beneficiary Account Number, Beneficiary Name and Address.
  5. If you are making a payment to a foreign individual/corporation for services being provided to Loyola University, please contact Maria Araque (ext. 5-8777) before remitting your payment for processing. A foreign transfer going to an individual/corporation need to complete FORM W-8BEN or W-8BEN-E. This form must be attached to the EFT02B form for it to be processed.
  6. All requests must be received by noon the day before desired transaction date.
  7. The desired transaction date is the date the funds will be initiated. For wire transfers the date of initiation and the date the funds are received in the Beneficiary Account is the same date in the United States. A foreign wire transfer may take two to three days to arrive in the Beneficiary Account, depending upon which country the funds are being transferred to.
  8. Once EFT02B form is completed and all supporting documentation are attached, e-mail form and documentation to Cash Management at CashMgmt@luc.edu. EFT02B forms and documentation will only be accepted via e-mail to CashMgmt@luc.edu. EFT02B and documentation should not be sent to Accounts Payable, General Accounting or Sponsored Program Accounting (SPA).

Loyola

Loyola University Chicago Financial Services ยท 820 N. Michigan Ave. LT-1300, Chicago, IL 60611

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