Loyola University Chicago

- Navigation -

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.  Most departments should use checks to make payments through either the check requisitions or purchase requisitions systems.  Payments made by EFT may be accepted due to one or more of the following:

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.

INSTRUCTIONS

  1. Type or print all information legibly.
  2. To request or change the set-up of a repetitive EFT, this form should be submitted two weeks prior to the first desired transaction date. To delete a repetitive EFT set-up, this form should be filled out as soon as possible.
  3. All sections of the form should be completed before forwarding to the LUC Accounts Payable Office.
  4. A Repetitive Authorization form must have attached to the requisition 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.
  5. If you are making a payment to a foreign individual/corporation for services being provided to Loyola University, please contact Maria Araque (ext. 5-8713) before remitting your payment for processing. A foreign 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.
  6. 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.
  7. After obtaining proper approval, the request should be forwarded to the LUC Treasurer’s Office for setup, modification or deletion.


Loyola

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

Notice of Non-discriminatory Policy