Many foreign and domestic institutions prefer to make electronic fund transfers from their bank accounts to UCSD bank accounts. These transfers are usually called wires or Automated Clearing House (ACH) payments. Find out about the differences below, or go straight to instructions for receiving electronic fund transfers or checking for unclaimed fund transfers.

Wires:

• Usually originate in foreign countries
• Are received in U.S. dollars
• Usually include the bank fee, which is about $25

The sender should first request payment-related information from you. Ask the sender to include this information (addenda) in the wire description.

ACH payments:

• Are made via an electronic payment network used by individuals, businesses, financial institutions, and government organizations
• Are the most common format of domestic electronic fund transfers
• Provide better cash management capabilities and lower costs than traditional paper payments
• Include basic entry details such as:
• Sender's name
• Financial institution routing number
• Account number
• Amount
• Effective date for the transaction

Addenda records are sent in expanded record formats that include additional payment information, such as:

• Invoice number
• Accounts receivable account number
• Fund number
• Contract or grant number
• Department, or any other identifier

Need an expert? Contact General Accounting.