Electronic Funds Transfer (EFT) Information
Effective April 1, 2011, all travel and expense reimbursment payments to current employees must be made by electronic funds transfer (EFT). An EFT is an electronic transfer of funds through a national automated clearinghouse (often referred to as ACH) directly into the employee's bank account. Payments are made daily following entry of the approved expense reimbursement into the Banner accounts payable system. Instead of receiving reimbursements from Lake Superior State University in the form of a paper check, the reimbursement amount is directly deposited into a checking or savings account.
Electronic funds transfer setup
To begin receiving reimbursement via EFT, you must complete an EFT authorization form, attach a copy of a voided check, and forward the completed form to the Business Operations office in the Fletcher Center. Notifications of deposits will be delivered to the e-mail address provided on the EFT authorization form. This form of reimbursement eliminates mailing or delivery time, potential check fraud, and dramatically reduces the University's expense incurred in reimbursement processing.
It is important to note that any existing payroll direct deposit authorizations do not affect your EFT authorization for expense reimbursement - a separate EFT authorization must exist. If you have an existing EFT authorization on file with accounts payable (this is true if you are currently receiving your expense reimbursements via direct deposit), then no further action is required.
Please visit this site if you need more information on finding your bank routing number or account number.
What if I do not want EFT payments?
Effective April 1, 2011 all reimbursement payments will be made by electronic funds transfer (EFT), with the exception of those employees that are both Canadian residents and do not have a banking relationship in the United States. Any other exceptions must be approved by the Business Office. It is important to note that personal preference is not a valid exception. Any travel and expense reimbursement payments made by paper check will be issued only on the last business day of the month the approved reimbursement form is submitted and processed.
Benefits of electronic funds transfer
This form of reimbursement benefits both the University and the employee.
- Delivery and mailing time is eliminated
- The potential for check fraud or misdelivery is eliminated
- Saves the University money by "going green"
- Eliminates cost of customized check paper, envelopes, postage, and specialized toner
- Assists employees by deposting payments directly into checking or savings accounts