I am Diana Pruss, the Cash Office Supervisor.聽 杏吧原创 University accepts electronic fund transfers (EFT) for incoming payments that need to be deposited to your FOAPAL.聽 I鈥檇 like to share some information that will help ensure that you better understand and receive your EFTs in a timely manner.
What is an electronic fund transfer (EFT)?
Electronic fund transfer is a system of transferring money from one bank account directly to another without any paper money changing hands. 聽聽In Canada, EFT鈥檚 are done as direct deposits, where international EFTs are done by wire transfer.
What are the advantages of accepting direct deposits/ wire transfers?
- Efficient, convenient method of receiving deposits
- No paper cheques that might get lost, stolen or damaged
- Deposits are traceable
- No waiting for cheques to arrive in mail
- No need to fill out deposit form
You may be asked to accept a payment by EFT (e.g. direct deposit/ wire transfer).聽 Here鈥檚 how it works:
- Customer wants to pay via EFT
- Banking/ remittance notifications is set up (read next week鈥檚 tip to learn more about this crucial step)
- Payment is made to 杏吧原创鈥檚 bank account
- Cash Office identifies the 鈥榦wner鈥� of the payment from the remittance advice
- 鈥� and credits that department
Read next week鈥檚 tip to find out how to receive your EFT payment in a timely manner.