Pol-EFT – Pre-Authorized Debits

policy eft authorized debits preauthorized pre modified Tue Feb 04 2020 10:42:45 GMT-0500 (Eastern Standard Time)

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University of Louisville

OFFICIAL
UNIVERSITY
ADMINISTRATIVE
POLICY

POLICY NAME

EFT – Pre-Authorized Debits

EFFECTIVE DATE

June 2, 2008

POLICY APPLICABILITY

This policy applies to University Employees (administrators, faculty, and staff).

POLICY STATEMENT
  1. Payments to Vendors via pre-authorized EFT Debit must always be pre-approved by Treasury Management who has sole authority for releasing bank account information.
  2. A Vendor who submits an EFT Debit that has not been authorized by Treasury Management will be rejected by the University’s bank.
  3. Requests for Vendors to be granted authorization to be paid by EFT Pre-Authorized Debits are submitted to Treasury Management using the Debit Authorization Form.
  4. University Accounting (hereinafter referred to as “UA”) will post each EFT Debit to the PeopleSoft Program/SpeedType (hereinafter referred to as “SpeedType”) and Account code provided by the Department.
PROCEDURES

A.  Requests for Vendors to receive payment by EFT are submitted using the Debit Authorization Form and completed as follows:

  1. Select if this is a new authorization, updating an existing authorization or canceling an authorization.
  2. Department Contact:  Enter Contact’s Name, Phone, Fax and Email Address.
  3. Vendor Number:  Enter Vendor Number.
  4. Vendor Name:  Enter Vendor Name as it will appear in the EFT.
  5. Vendor Address:  Enter Vendor Address.
  6. Amount:  If known, provide the exact amount.  If exact amount not known provide an estimate, if possible, indicating it is an estimate.
  7. Frequency:  List the expected frequency of the EFT.
  8. SpeedType / Account Code:  Enter the SpeedType and Account code to be charged.  Contact UA via email UNIVACCT@louisville.edu if multiple SpeedTypes are to be used.
  9. Authorized Signature:  Sign at Authorized Signature, Printed Name and Title.  The Authorized Signature must be an employee with the authority to approve cash disbursements.

B.  The UofL Department should emphasize to the Vendor the importance of including identifying information in the Reference line of the EFT to insure the transaction is posted correctly.

C.  Vendors who receive payment on an infrequent basis should notify their University Department contact when an EFT has been charged to a University account.  Notification should include the effective date of the EFT and amount.  In turn, the University Department contact should alert Treasury Management via email TREASMGT@louisville.edu .

D.  Inquiries should be directed to the Treasury Department at (502) 852-8253 or email (preferred) TREASMGT@louisville.edu.

 

ADMINISTRATIVE AUTHORITY

Vice President for Finance and Chief Financial Officer

RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION

Treasury Management
Contact Name: Sharon Kramer
502.852.8200
TREASMGT@louisville.edu

HISTORY

Revision Date(s):
Reviewed Date(s):

The University Policy and Procedure Library is updated regularly. In order to ensure a printed copy of this document is current, please access it online at http://louisville.edu/policies.