6415-R Electronic or Wire Transfers Procedures

Electronic Wire Transfers

  • The Account Clerk(s) or Treasurer will prepare the supporting documentation for the wire transfer of funds and initiate the transfer.
  • The Internal Claims Auditor or his or her designee will review the supporting documentation and authorize the wire transfer by signing the pending release wire statement.
  • A second individual with authorization rights, apart from the initiator of the wire, will logon to the on-line banking system and review the transaction and supporting documentation. He or she, using an assigned token, will release the wire.
  • The Internal Claims Auditor will review the wire disbursement after the release of the wire as part of the cash disbursement review.

Manual Wire Transfers

  • For manual wires the Account Clerk(s) or Treasurer will complete a Wire Transfer  Request Form from the Bank and sign the form. The Internal Claims Auditor and Assistant Superintendent for Business or his or her designee must also sign the form before the transfer is executed.
  • The form is then sent to the Bank for its review. The Bank will confirm by email to the Treasurer once the wire has been authorized and will be released.
  • The Internal Claims Auditor will review the wire disbursement after the release of the wire as part of the cash disbursement review.

Reviewed June 19, 2012

Revised and Reviewed December 18, 2018

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