Update and News
Treasury Management
Unclaimed EFT Receipts - Treasury Management and University Accounting have made changes to the Unclaimed EFT Receipts report to help departments claim their money. Every unclaimed receipt is now linked to the detail provided by the University’s bank, PNC. Select and click the amount listed in “Balance Remaining Unclaimed” column of each row to link to the Previous Day Transaction Detail. This report lists any detail provided by the payor to PNC. Note: To return to the summary list hold down the Ctrl key and then press Home key. Less than 1% of the total ACH receipts to the University’s bank accounts are unclaimed. Our goal is to eliminate any unclaimed receipts. You can help us reach that goal by reviewing the report at your earliest convenience. This report can also be accessed from the Treasury Management webpage under Policies and Procedures/Unclaimed EFT Receipts. If you find monies that belong to you, please contact Treasury Management, for assistance in filing the necessary paperwork to claim your monies. University Accounting will assist you in posting the funds to the Speedtype and Account code you specify. We appreciate your help and hope you find some monies that belong to you!
Foreign Check Deposit – Credit given by the University’s bank for deposited checks issued from a foreign institution located outside the U.S. is determined by two factors: 1) if the payer bank has a Correspondent bank in the U.S. and 2) if the check was drawn in foreign currency. The University receives full credit for a check drawn in U.S. dollars from a foreign bank who has a Correspondent bank in the U.S. Delays in the effective date of the credit and fees, e.g., processing fee, foreign bank fee, occur when the payer’s bank does not have a Correspondent bank in the U.S. or if the check is drawn in foreign currency. Additional information about foreign check deposits.
PNC Visa Gift Cards - The University is no longer purchasing VISA Gift Cards from PNC, but instead has contracted with Swift Prepaid Solutions, a contracted prepaid card solution provider. Additional information about this new Gift Card ordering service. After reviewing policies and procedures, access to Swift Prepaid Solutions can be requested by emailing the Controller’s Office.
Wire Receipts - To insure there is no delay in receiving your wire payment from a payor, please check to make sure they have accurate wire instructions using both PNC bank Routing (same for ACH/Wire) and Account number. Effective 4/1/11 wire transactions using the terminated National City Routing #083000056 are returned to sender. While PNC has not identified a date yet to stop accepting ACH transactions using the terminated National City Routing #, Treasury encourages everyone to contact their Payor and confirm they have the correct PNC bank information.
When providing bank information to payors contact Treasury Management first to confirm correct and complete banking instructions are provided. We can provide a file for you to give the payor containing all the information needed to send an EFT (Electronic Funds Transfer). At the same time Treasury asks departments to complete our internal form, Request Remittance to UofL Via EFT. This form provides information to help us identify your payment when it comes in and to expedite the process of getting it posted. Also, instructing the payor to include your department name in the EFT Reference field will help insure the payment is posted in a more timely manner.