Incoming Wire/ACH payments are funds electronically transferred into the University’s bank
account. These funds are dispersed by the Bank Payments Specialist via a Journal Entry using the
Integrated System’s General Ledger module. If the Bank Payments Specialist has not received an
Incoming Wire/ACH Claim Form with the requested deposit information, the funds are put into our
Unclaimed Wire/ACH Funds spreadsheet for departments to review.
If you are expecting an incoming wire/ACH payment, please complete the Incoming Wire/ACH Claim
Form. This will help expedite the receipt funds into your departmental account.
If you should have already received wire/ACH payment funds into your account, please review our
Unclaimed Wire/ACH Funds section. If you locate the funds you were missing, please complete an
Incoming Wire/ACH Claim Form to make the correction.
Definitions
Automated Clearing House (ACH): A domestic electronic funds transfer system. The
National Automated Clearing House (NACHA) is responsible for maintaining and policing the electronic
payments network.
Electronic Funds Transfer (EFT): The movement of funds from one bank account
directly into another without the use of cash or paper checks. ACH and wire transfers are two methods
of EFT’s.
Wire Transfer: A same day transfer of funds between financial institutions
processed through the Federal Reserve’s Fedline system. International wires may be processed through
the Society for Worldwide Interbank Financial Telecommuications (S.W.I.F.T.).
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Last modified:
21-Mar-2008 17:38:19 EDT
by the Rector and Visitors of the University of Virginia
