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. Although BFS can generate both checks and EFTs, the latter is the preferred method of payment for student, employee, and vendor reimbursements. Only the payee can authorize setup or cancellation of their EFT.
My reimbursement checks are deposited directly into the same bank account where my payroll checks are deposited. What if I want to receive a paper check for reimbursements? What if I want to have reimbursements deposited to a different bank account?
An employee's salary direct deposit bank information is entered in the Human Capital Management (HCM) system and is automatically linked to the Berkeley Financial System (BFS) deposit information for the employee. Reimbursements (e.g. travel, entertainment, miscellaneous business expenses) and other non-salary payments issued through BFS will be directly deposited to the same bank account as that maintained for salary in HCM. You can change the reimbursement method, as follows:
- To receive a paper check, please send an e-mail to email@example.com(link sends e-mail). Include the employee’s name and employee number with specific instructions indicating they are electing to opt-out of the employee EFT update process and wish to receive paper checks for reimbursements.
- To use a different bank account for reimbursements, please complete the EFT Authorization form and send the completed form to the Accounts Payable Office at 2195 Hearst Ave., Room 159, Berkeley, CA 94720-1101.
- For confidentiality purposes, do NOT include bank account numbers or social security numbers in any e-mail correspondence.
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 2 business days after the payment date that shows in BFS. EFT customers will receive notification of each EFT deposit via e-mail.
What is the process to request a stop payment/reissue on a check?
Complete a Check Cancellation/Stop Payment Request form and submit it to our office. Accounts Payable will notify the bank that the payment should be stopped. It takes up to 7 days to receive confirmation from the bank. Once bank 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 to foreign vendors are made via wire transfer.
How do I request a wire transfer?
A wire transfer is the payment method for foreign transactions. See the Wire Transfers page under “Processes and Guides” for more information on the wire transfer process. To request a wire transfer, send a completed Foreign Bank Authorization Form with required supporting documentation, to:
University of California, Berkeley
Accounts Payable Office
2195 Hearst Ave., Room 159
Berkeley CA 94720-1101
Secure Fax: 510-642-8346