Frequently Asked Questions: Banking

What is EFT?

EFT is Electronic Funds Transfer, a method by which payments are made directly into the payee's bank account, instead of by paper check. In order to receive payments via this method, the payee must fill out an EFT Authorization Form and submit it to the Disbursements office. The EFT will become effective 30 days from the date the EFT form is received. After that, all payments made through the BFS system for the payee will be paid via EFT. Only the payee can authorize set up or cancellation of their EFT.

My payroll checks are deposited directly into my bank account. When I received a reimbursement recently, a paper check was issued. Why wasn't the money deposited into my account like my paycheck is?

Reimbursements are processed by the Disbursements office. Payroll checks are handled by the Payroll office. The two offices are on separate systems. You need to set up EFT through the Disbursements office in order to have your reimbursements deposited directly into your bank account. Direct deposit of paychecks, or "Surepay" is handled by Payroll.

If a payment is made via EFT, how soon will the funds be in the payee's bank account?

EFT funds are available in the payee's bank account 48 business hours after the payment date that shows in BFS. EFT customers receive notification of each EFT deposit, either in paper form or via e-mail.

How do we request a stop payment/reissue on a check?

Complete a Check cancellation/stop form and submit it to our office. Disbursements will notify the bank that the payment should be stopped. It takes 7-10 days to receive confirmation of this from the bank. Once confirmation is received, the check will be reissued to the address indicated on the form.

We need to pay a vendor in foreign currency. How can we do this?

Payments in foreign currency are made via wire transfer. A BFS purchase order is not required. Instead a Check Request (Form 5) and a Wire Transfer Form must be completed. Attach the Wire Transfer Request Form to the Check request, attach the supporting documentation, and submit the paperwork to Disbursements. There is no fee for the wire transfer. An adjustment reflecting the equivalent US dollar amount will be entered in BFS by Disbursements once the wire transfer is made.