New Wire Transfer Policy effective January 1, 2018

January 4, 2018

Due to increasing fraudulent attempts throughout the banking industry, Yale is changing the requirements for suppliers who request to receive ACH or wire transfer payments. Effective January 1, 2018, the following bank confirmation will be required prior to all wire payments to institutions, companies and individuals:

  • Bank wire and ACH instructions for institutions and companies must have a bank confirmation, preferably a bank statement header with account information for all new suppliers and any changes in banking for existing suppliers. Alternately, a confirmation submitted on bank letterhead with account information is acceptable.
  • Individuals receiving wire transfers or ACH may submit a bank deposit ticket along with their full wire instructions in place of bank statement header or confirmation submitted on bank letterhead.

The following documentation has been updated accordingly:

  1. Procedure 3401 PR.06 Requesting a Wire Transfer and Wire Payment Setup Form 3401 FR.01
  2. Create Supplier Request training guide and video
  3. Supplier Change Form

Information on this change was previously communicated in July 2017 Business Update