Wire Transfer Procedure | CSH104
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Wire Transfer Procedure
Give your customers and vendors additional payment options by ensuring proper processing of money transferring requests.
The Wire Transfer Procedure explains how to handle wire transfers with special care and accuracy to prevent loss to your company or your customer. The wire transfers policy enumerates the responsibilities of the controller, CFO and accounts receivable department. (8 pages, 965 words)
Wire transfers are processed the same as a check in accordance with the cash receipts and deposits procedure. If a customer prefers to pay by wire transfer then send them the bank wire instructions document. Upon the banks receipt of the wire transfer the bank may create a wire transfer notification. Normally these are mailed but many banks may also provide notification via e-mail, phone, fax, or via an on-line banking interface.
The Controller must approve all wire transfers and should sign the wire transfer form. The CFO and Controller must both approve all wire transfers over $10,000, and should both sign the wire transfer form. Wire transfers should originate from a checking account. There are limits on transfers from savings or money market accounts but there are no limits on transfers from checking accounts.
Wire Transfer Responsibilities:
The Controller is responsible for approving and initiating all outgoing wire transfer requests.
The CFO (Chief Financial Officer) should approve all wire transfers over $10,000.
Accounts Receivable is responsible for processing all incoming wire transfers.
Wire Transfer Procedure Activities
- Incoming Wires
- Outgoing Wires
Wire Transfer Procedure References
- FBR REG D: Reserve Requirements of Depository Institutions
- FBR REG E: Electronic Fund Transfer Act
Wire Transfer Procedure Forms
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