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Incoming Wire / ACH Payments

Overview


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 Request Email with the requested deposit information, the funds are held as unclaimed.

If you are expecting an incoming wire/ACH payment, please submit an email with the required Incoming Wire/ACH information. This will help expedite the receipt funds into your departmental account.

If you have any questions or need help locating a payment, please contact the Bank Payments Specialist.


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.).



Questions about the University of Virginia's Incoming Wires/ACH Payments? Please visit our Staff page to find the best contact.