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ACH INFORMATION

As you may be aware, the State of Florida is facing a budget crisis that affects all state services, including higher education. In response to these current statewide exigencies, Florida Atlantic University has reviewed several of its processes and procedures and will be implementing many changes in order to minimize the impact of the reductions.

  • By June 30 we will be eliminating the processing of vendor payments by checks and initiation of all payments via direct deposit batch processing. You will see:
    1.) payments that are processed conveniently and accurately through a one-time debit funds transfer to your banking facility
    2.) immediate notification by an electronic remittance advice
    3.) availability of deposits easily accessible and accelerated
    4.) elimination of the uncertainty of delivery (no more lost or stolen checks), and;
    5.) transactions that can be done “virtually.”
  • All vendor payments will be processed through this direct deposit batch procedure called Automated Clearing House (ACH).  ACH was established in accordance with the rules and regulations that are governed by the National Automated Clearing House Association, and the Federal Reserve. Be assured, no financial institution may simply issue an ACH transaction (whether it be debit or credit) towards an account without prior authorization from the account holder (known as the Receiver in ACH terminology).

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 Last Modified 3/25/14