Electronic Disbursements
An electronic funds transfer (EFT) is an electronic payment message containing some amount of money, sent to a financial institution instructing it to make a deposit entry to one of its depositor's accounts. EFT is a very reliable way of moving funds between financial institutions. They are also routinely used by the Office of Cash Management for moving funds between University bank accounts.
The University of Illinois System seeks to use EFT when a payment request meets one or more of the following conditions:
- Expedited payment required
- Guaranteed payment delivery requested
- Legal or contractual requirements
- Most cost-effective payment procedure
- Standard industry practices (direct deposit of payroll, investment settlement, etc.)
- Payment requests for more than $1,000
Payments less than $1,000 are generally not considered for EFT. University Payables staff can assist in determining if EFT is the appropriate payment mechanism.
8.8.2 Request Payment by Wire Transfer or ACH (Electronic Funds Transfer)
8.6 Requesting Payments to Vendors and Non-Employees - Reporting Foreign Bank Payments
Last Updated: March 19, 2013 | Approved: Senior Associate Vice President for Business and Finance | Effective: September 2012