Bank Wire Transfers and Foreign Drafts
A wire transfer of funds will only be utilized in payment of an obligation of William & Mary and/or VIMS when the situation requires immediate good funds to settle a transaction or it is the most inexpensive mechanism that can be utilized. The university Comptroller shall reserve the right to approve all wire transfer requests. Bank wires are used primarily for the direct transfer of currency to the vendor’s bank (usually foreign.) For international payments, a currency converter should be used to convert funds as of the date the payment is keyed into Banner. This will ensure the correct exchange rate is used. Wire or foreign draft disbursements will be processed using the existing accounts payable voucher and wire disbursement process. Departments requesting wire disbursements will be charged a $40 transaction fee.
A. To complete the wire process:
- All vendor payments to be paid by a wire transfer of funds will be initiated by departments using the same guidelines as for any vendor payment: in accordance with prompt pay requirements and cash management objectives of not paying the voucher earlier than need be unless there is appropriate justification or financial incentive.
- Department will prepare Vendor Payment Request Form according to established guidelines and will attach all necessary supporting documentation.
- If the vendor to be paid is not in Banner, the necessary tax documentation must be obtained and sent to AP for the creation of the new vendor in Banner. This includes the W-9 or W8-BEN Form.
- Department will fill out the Wire Transfer Request Form providing all the pertinent banking information for the vendor.
B. To complete the wire transfer fee recording in Banner:
If a William & Mary Department
Department will complete a Journal Voucher (JV Form) to charge the department index the $40 wire transaction fee. This JV form will be attached to the voucher, debiting the department for the wire fee and crediting index 1Z2014, account 712420.
If a VIMS Department
VIMS Departments must reimburse WM for the $40 transaction fee. Departments will complete a set of forms: MMM and MM1 (both found in the Data Control website).
- MMM – Department will credit WM banner index 1Z2014 and account 712420
- MM1 – Department will debit their department banner index and account 712420
C. Departments must send all documentation to their respective Accounts Payable department for processing.
William & Mary
For Staff, Faculty, and Students who are also employees of the university, payments will be processed using Direct Deposit. The funds will be deposited directly into the employee’s primary payroll direct deposit accounts.
For Staff, Faculty and Students checks without direct deposit accounts and for Students who are not also employees; checks will no longer be sent to campus addresses or temporary addresses. All checks will be mailed to the home address on record.
- Expedited receipt of Cash
Vendors will receive payment within a couple of days of payment processing
- Increased Efficiency
Vendors will no longer receive paper checks nor paper remittance information. Process is entirely electronic. There are no physical check to deposit in the bank or wait for it to clear.
- Less exception handling
Eliminates common problems of lost/re-issued checks, unpredictability of payment receipt and all the additional research for a lost or misplaced check.
- Increased security
Less paper, no sharing bank account information leads to a more secure process
Single Use Commercial Credit Card (VISA)
When choosing Commercial Card Payments:
- Must have a merchant number and payment card terminal to process transactions
- Card transactions limits cannot be supported at this time.
- Card is funded for the total payment amount of invoice/invoices being paid
- William & Mary does not pay processing fees.
Automated Clearing House (ACH)
When choosing ACH Payments:
- Must have a US bank account, US Address and a US federal tax id or social security number
- Provide your banking information
- Must have email address to receive remittance information
Please send an email to firstname.lastname@example.org to enroll in electronic payment.