Loyola University Chicago

Financial Services

Setup/Change/Delete Repetitive EFT Authorization Instructions

FORM EFT01

USES

The Electronic Funds Transfer (EFT) Authorization (Form EFT01) must be used to set-up, change, renew or delete any EFT.  Payments made by EFT may be accepted due to one or more of the following:
 
  • Legal or contractual requirements
  • Expedited payment required
  • Guaranteed payment delivery requested
  • Most cost-effective payment procedure
Repetitive wire or other EFTs should be requested when a transfer routing is likely to be used more than once. The LUC Treasurer’s Office will make the final decision as to the necessity of an electronic payment instead of a check.

INSTRUCTION CHECK LIST

Please Note:  To request or change the set-up of a repetitive EFT, this form should be submitted two weeks prior to the first payment desired transaction date. To delete a repetitive EFT set-up, this form should be filled out as soon as possible.
 
  • Complete Electronic Funds Transfer (EFT) Authorization – Setup, Delete, or Renew Repetitive EFT Form (Form EFT01). Type or print all information legibly.
    - If request is in excess of $5,000, a secondary budget administrator approval is required
  • Attach required bank account instructions as received by the vendor

    - If all required bank account instructions are included on vendor invoice, the vendor invoice is sufficient documentation.  If not, please include separate correspondence from the vendor providing the required bank account instructions

    -Required bank account instructions:
    • Beneficiary Account Name
    • Beneficiary Account Number (Foreign IBAN Number)
    • Beneficiary Full Address (including Country)
    • Receiving Bank Name
    • Receiving Bank Address (including Country)
    • ABA Routing Number (US)** or Swift/BIC Code (Foreign Accounts)

      ** For ABA Routing Number (US):  Confirm with vendor the routing number provided is used for wire transfer payments (not ACH payments).

  • Attach invoice or documentation supporting the payment amount requested

  • Provide W9, W-8BEN, or W-8BEN-E if applicable
    - For a new vendor or if there is not a Vendor Number on file at LUC, a W-9 Form () (U.S. Payees) or Form W-8BEN (Foreign Individuals) or W-8BEN-E (Foreign Entities) has to be completed by the recipient of the wire transfer, before the wire is sent. These forms are found under Tax Forms on the Finance website. The instructions on how to complete the W-9, W-8BEN or W-8BEN-E forms are included with the forms.

  • Attach copy of contract or invoice as supporting documentation for requested purpose of repetitive requests.

  • Email all documentation to Cash Management (Cashmgmt@luc.edu)
**You will receive an email notification when your Repetitive ACH/Wire Transfer Authorization has been approved and set up.  Upon approval notification, you can submit the Electronic Funds Transfer (EFT) Requisition – Repetitive ACH/Wire Transfer form (EFT02A) and supporting documentation to initiate future requested payments.