Departments that have been established as a Sundry Debtor Customer, can accept sundry debtor payments as an electronic transfer, either as a wire transfer or ACH (Automated Clearing House), or in the form of a check. ACH or wire transfer is the preferred method of payment.
Electronic Funds Transfers (EFT)
Sundry debtor payments can be accepted as an electronic transfer, either as a Automated Clearing House (ACH) or wire payment. ACH or wire transfer is the preferred method of payment.
- Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. It can take a few days for the money to be transferred. ACH transfers are less expensive than wire transfers. Many ACH transactions have only a small or no fee.
- Wire Transfer is a method of electronic funds transfers that moves value from one bank account to another bank account through bookkeeping entries typically processed over the Federal Reserve Bank electronic network. Wire transfers can take place in near real time. Due to the funds availability and speed of the transaction, wire transfer fees are typically more expensive than ACH transfers.
- 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 our University bank account. In light of this fee, departments may want to incorporate fees into 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, follow these steps:
- The remitting agency or person must provide the banking information to the sending bank:
| Banking Information | Wires | ACH |
|---|---|---|
|
Bank and Bank Address |
Bank of America 100 West 33rd Street New York, NY 10001 |
Bank of America 2000 Clayton Road Concord, CA 94520 |
|
ABA Routing No. |
026009593 |
121000358 |
|
Bank Account Name |
Regents of the University of California, San Francisco |
|
|
Bank Account No. |
12335-23601 |
|
|
SWIFT Code (for international wire transfers) |
BOFAUS3N |
Not applicable |
- The remitter must provide their bank with the following addendum information:
- The invoice number
- The full name and phone number of the department contact person
- The name of the company payment is for, if different than the remitting agency
Checks
If payment cannot be made electronically, use this information to prepare and send checks for deposit:
Sundry Debtor - Cash and Controls Team
Mail Remittance - Box 0812
San Francisco, CA 94143-0812
Sundry Debtor - Cash and Controls Team
1855 Folsom Street, Suite 425, Box 0812
San Francisco, CA 94103