Bank Account Management and Fund Transfers

 University Treasury is the only department authorized to open and/or close bank accounts on behalf of the university. All receipts and disbursements for Rutgers or any of its schools, colleges, departments, or units must flow through one of the bank accounts managed by University Treasury and reconciled by the Division of University Accounting.

For questions or information about university bank accounts or funds, contact University Treasury, Accounts Management at 848-445-3225, or use our online contact form.

Incoming Funds

The "Notification of Incoming Electronic Funds Transfer" (NIEFT) form is used to notify University Accounting that of incoming electronic fund transfers (EFTs), such as wire transfer or ACH funds, and to properly identify and credit the funds. Accordingly, the form can be downloaded online from RIAS, and may be completed and returned to  University Accounting, NIEFT, ASB, Room 300, Busch Campus. For more information, visit University Accounting.

Outgoing Funds

EFTs, i.e. wire transfers or ACHs, are initiated through University Treasury and must follow the following wire transfer policy and procedures.

Department Wire Transfer Requests

Departments requesting a wire transfer must:

  • Process a Check Request or Purchase Order transaction through RIAS, or complete and submit a TABER with receipts and documentation.
  • Complete and sign a Wire Transfer Form (available on RIAS repository) with supporting documentation submitted as attachments
  • Submit Wire Transfer Form along with all supporting documentation to the University Treasury, 33 Knightsbridge Road, 2nd Floor West Wing, Piscataway, NJ 08854
  • In limited “special” situations, and only for repetitive transactions, transactions will be initiated upon receipt of a faxed/emailed copy of the Wire Transfer Form. 

Wire Transfer Approvals

  • A wire transfer form for an amount less than $250,000 are approved by the Vice President for Finance & Associate Treasurer or, in her absence, by the Controller or Associate Controller.
  • A wire transfer form in an amount of $250,000 or higher must also be signed by the President, Executive Vice President for Academic Affairs, or the Secretary of the University.

Vendor Payment Procedures

For those rare instances where vendors have been authorized to initiate a direct ACH debit to the University’s bank accounts, notification must be given to University Treasury no later than 8:30 a.m. on the day the charge will be made against the account. The Manager, University Treasury, or the Senior Analyst, will verify that the amount being charged at the bank is correct by 10:00 a.m. on the day the charge is being made and will notify the bank to reject any incorrect amounts.