Bank Accounts, Banking Services and Wire Transfers
Bank Accounts and Banking Services
The use of departmental or personal checking and/or other bank accounts by University personnel for the depositing of and/or safekeeping of University funds is strictly prohibited. Only the Board of Trustees acting through a directed certificate approved by the Assistant Secretary and the Senior Vice President for Business and Finance has authority to approve any such accounts.
The Office of Treasury Operations within the University Controller’s Office arranges for all domestic and international bank accounts and is available for consultation on banking needs as well as IRS compliance.
Outgoing Electronic Funds (Wire) Transfers
For outgoing payments to a U.S. bank via electronic funds (wire) transfers in U.S. Dollars, complete the Domestic Electronic Funds Transfer (EFT) Request form and a Direct Payment Request form. The forms require Accounts Payable (except for certain pre-approved regular transfers) and Treasury approval, and then the Bursar initiates the transfer of funds.
Outgoing emergency international transfers of funds may also be made via electronic funds (wire) transfers in U.S. Dollars by special request to Treasury Operations. Complete the International Electronic Funds Transfer (EFT) Request form and a Direct Payment Request form. The forms require Accounts Payable (except for certain pre-approved regular transfers) and Treasury approval, and then the Bursar initiates the transfer of funds.
Routine electronic funds transfers that have been pre-approved by Treasury Operations follow a modified process. Contact Treasury Operations for details.
- Cash Handling Policies & Procedures (see Departmental Bank Accounts section) http://www.northwestern.edu/treasury-operations/depository-services/cash-policy.pdf
- Direct Payment Request Policy http://www.northwestern.edu/financial-operations/policies-procedures/policies/DPR_Policy.pdf
- Direct Payment Request Form http://www.northwestern.edu/financial-operations/policies-procedures/forms/dpr.pdf
- Domestic Outgoing Electronic Funds Transfer Request http://www.northwestern.edu/financial-operations/policies-procedures/forms/eft_dom.pdf
- International Outgoing Electronic Funds Transfer Request http://www.northwestern.edu/financial-operations/policies-procedures/forms/eft_intl.pdf
- Incoming Wire Transfers http://www.northwestern.edu/financial-operations/policies-procedures/deposits/depositsincomingwiretransfers.html
University bank accounts? Banking services? Outgoing electronic funds transfer procedures?