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Repetitive Electronic Funds Transfer Requisition Instructions

FORM EFT02A

USES

The Electronic Funds Transfer (EFT) Requisition must be used to request the release of any funds paid by electronic transfer. Payments made by EFT may be made due to one or more the following:

  • 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.  All repetitive EFTs must have been established using EFT01.

INSTRUCTIONS

  1. To request a repetitive EFT, an Electronic Funds Transfer Authorization Form EFT01 should have been filled out at least two weeks prior to the first request of payment.
  2. All sections of the form should be completed.
  3. All requests must be received by noon the day before initiation of the transfer.
  4. 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 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. An ACH payment takes one business day to arrive at the beneficiary bank.
  5. A repetitive transfer must have attached to the requisition the supporting documentation showing the wire transfer amount.
  6. If you are making a payment to a foreign individual/corporation for services being provided to Loyola University, please contact Maria Araque at maraque@luc.edu 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.
  7. Any transfer in excess of $5,000 requires a second Budget Administrator to approve the transfer.
  8. After obtaining proper approval, the request should be emailed to the LUC Treasurer’s Office for initiation at CashMgmt@luc.edu.

FORM EFT02A

USES

The Electronic Funds Transfer (EFT) Requisition must be used to request the release of any funds paid by electronic transfer. Payments made by EFT may be made due to one or more the following:

  • 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.  All repetitive EFTs must have been established using EFT01.

INSTRUCTIONS

  1. To request a repetitive EFT, an Electronic Funds Transfer Authorization Form EFT01 should have been filled out at least two weeks prior to the first request of payment.
  2. All sections of the form should be completed.
  3. All requests must be received by noon the day before initiation of the transfer.
  4. 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 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. An ACH payment takes one business day to arrive at the beneficiary bank.
  5. A repetitive transfer must have attached to the requisition the supporting documentation showing the wire transfer amount.
  6. If you are making a payment to a foreign individual/corporation for services being provided to Loyola University, please contact Maria Araque at maraque@luc.edu 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.
  7. Any transfer in excess of $5,000 requires a second Budget Administrator to approve the transfer.
  8. After obtaining proper approval, the request should be emailed to the LUC Treasurer’s Office for initiation at CashMgmt@luc.edu.