I am Diana Pruss, the Cash Office Supervisor. Carleton University accepts electronic fund transfers (EFT) for incoming payments that need to be deposited to your FOAPAL. I’d 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. In Canada, EFT’s 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). Here’s how it works:
- Customer wants to pay via EFT
- Banking/ remittance notifications is set up (read next week’s tip to learn more about this crucial step)
- Payment is made to Carleton’s bank account
- Cash Office identifies the ‘owner’ of the payment from the remittance advice
- … and credits that department
Read next week’s tip to find out how to receive your EFT payment in a timely manner.