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Loyola University Chicago

Financial Services

Non-Repetitive Wire Transfer Instructions

FORM EFT02B

USES

The Electronic Funds Transfer (EFT) Requisition (Form EFT02B) must be used to request the release of any funds paid by electronic transfer.  Most departments should use checks to make payments through either the check requisitions or purchase requisitions systems.  Payments made by EFT may be made due to one or more of the following:

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. A non-repetitive transfer should only be requested when a transfer routing is unlikely to be used more than once.
  3. All sections of the form area should be completed before forwarding to LUC Accounts Payable.
  4. All requests must be received by noon the day before initiation of the transfer.
  5. The desired transaction date is the date the funds will be initiated.  For non-repetitive wire transfers the date of initiation and the date the funds are received in the Beneficiary Account is the same in the United States. A foreign non-repetitive wire transfer may take a few days to arrive at the Beneficiary Account, depending upon which country the funds are being sent to.
  6. A non-repetitive transfer must have attached to the requisition the following documents for it to be processed: 1.) supporting documentation showing the wire transfer amount 2.) the 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.
  7. 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 non-repetitive transfer going to an individual/corporation need to complete Form W-8BEN.  This form must be attached to the EFT requisition form for it to be processed.
  8. Any transfer in excess of $5,000 requires a second Budget Administrator to approve the transfer. Also, non-repetitive EFT requests additionally require the signature of Accounts Payable, General Accounting and SPA.
  9. After obtaining proper approval, the request should be forwarded to the LUC Treasurer’s Office for initiation.

 



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