Incoming Electronic Funds Transfers (EFT)

Incoming Electronic Funds Transfers (EFT)

February 21, 2014

Summary: Information for campus departments on the procedures to be taken when having funds electronically transferred to UCLA.

Departments can offer electronic transfer as a depository option. Please be advised that wire transfers are costly. There is a banking fee associated with this service charged by the remitter's bank and if the remitter does not pay the fee upfront, their bank will deduct the fee from the payment before transferring the payment to UCLA’s bank account. In light of this fee, you may want to incorporate it into your billing. The fee varies from bank to bank and for domestic versus international transfers. Therefore, an exact amount cannot be determined up front. However, the average is approximately $25.00.

To ensure accurate and prompt accounting for EFTs, please follow the steps below:

1. The remitting agency or person must provide the banking information to the sending bank:

Our Bank Address:

Bank of America

Global Client Services

CA4-701-10-57

Building A, 10th Floor

1655 Grant Street

Concord, CA 94520

ACH Routing No.: 121000358

Wires Routing No.: 026009593

Bank Account Name: UC Regents

Bank Account Number: 1499650103

Swift Code (for international transfers): BOFAUS3N

2. The remitter MUST provide their bank with the following addendum information:

  • The CASHNet item code (disregard if you do not have this information)
  • The name and phone number of the person in the Department to contact.
  • The name of the agency that is remitting payment.
  • Purpose of the EFT and any identifying numbers (invoice, student ID, Medical Record, etc.).

3. UCLA department MUST notify Payment Solutions & Compliance of impending EFTs so that the funds received by the bank can be properly recorded to the receiving departments' account/fund. Complete and submit the "Campus Advice of Incoming Electronic Funds Transfer" form available in the Related Information on the right. Please do not send an email.

Rich Text Porlet