Bank Accounts, Banking Services and Wire Transfers

Overview

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) transfer, complete the Domestic Electronic Funds Transfer (EFT) Request form and a Direct Payment Request form. The forms require Accounts Payable approval (except for certain pre-approved regular transfers).  For accuracy purposes, EFT Request forms must be typed (not handwritten).

Outgoing international payments may be made via electronic funds (wire) transfer.  Complete the International Electronic Funds Transfer (EFT) Request form and a Direct Payment Request form. The forms require Accounts Payable approval (except for certain pre-approved regular transfers).  For accuracy purposes, EFT Request forms must be typed (not handwritten.)

Routine electronic funds transfers that have been pre-approved by Treasury Operations follow a modified process. Contact Treasury Operations for details.

Resources

Note: The published Cash Handling policy (now under revision) contains some outdated process information.  For current cash handling processes, please reference the Financial Operations "Banking & Cashiering," and "Deposits" webpages, or the Depository Services webpages.

Contact Information

Questions About Contact
University bank accounts, banking services, outgoing electronic funds transfer procedures Richard Emrich, Office of Treasury Operations, at r-emrich@northwestern.edu or 847-467-0422
Email approved EFT requests Treasury Operations at Treasury_operations@northwestern.edu