LUC Receivables via ACH, Wire and Checks
Payments to LUC made using ACH or Wire Transfer
Many departments across the University receive payments for events, sponsorships, rent, etc. These payments may be in the form of a live check which then needs to be deposited manually. To streamline the process for these types of incoming payments, the University is implementing a new procedure. This announcement will address the following:
- Receiving payments to Loyola via ACH or wire transfer (preferred method)
- New mailing address for incoming payments that are not made to Loyola via ACH or wire (i.e., paper checks)
- How to deposit checks currently in your possession
Payments on student accounts and donations to the University should continue to be sent as directed by the Bursar’s Office and Advancement, respectively. For other types of incoming payments:
Incoming payments should be sent to the University’s bank account electronically via ACH or wire transfer rather than by paper check.
Please contact those payors/business partners who are currently sending paper checks to the University and ask them to update their records so that funds are sent to Loyola electronically via ACH or wire transfer.
Following are the University’s ACH and wire transfer instructions for your reference. Click here for a downloadable PDF document with ACH and wire transfer instructions that can be shared with payors.
| ACH | |
|---|---|
|
Name of Bank:
Address: ABA Number or Routing Number: Account Name: Account Number: Reference: |
PNC
1 N. Franklin, Chicago, Illinois 60606 071921891 Loyola University of Chicago
4643690883 Loyola department name or person expecting the ACH and the purpose of the ACH |
| Wire Transfer | |
| Name of Bank: Address: ABA Number or Routing Number: Swift Address (if required): Account Name: Account Number: Reference: |
PNC
1 N. Franklin, Chicago, Illinois 60606
041000124
PNCCUS33 Loyola University of Chicago
4643690883
Loyola department name or person
expecting the wire transfer and the purpose of the wire transfer |
Please note:
- It is critical that the sender include reference information for the ACH or wire transfer. If this information is not included, we will not know where the funds belong and will be unable to credit your Loyola account in Lawson.
- Departments that give out ACH or wire instructions must send an email along with any relevant attachments (e.g., invoice, letter, etc.) to CashMgmt@luc.edu to let Cash Management Services (“CMS”) know which department is expecting the funds. Please include the full 10-digit accounting unit and account number to which the funds should be credited when received. CMS will email you once the funds have been deposited into the University’s bank account.
- If a payor/sender needs their own form completed to implement this switch from check to ACH or wire, please email the form to CashMgmt@luc.edu. CMS will complete the form and return it to you to return to the payor/sender.
2. Payments to LUC made using Paper Checks
If a payor is unable to send payments electronically and can only pay the University via paper check, then effective immediately, all checks should be mailed to the University lockbox at one of the addresses noted below. Click here for a downloadable PDF document for the University Lockbox. Paper checks should no longer be sent to individuals or departments at Loyola.
Please instruct payors to indicate in the memo field a description of the payment.
Please instruct senders to use the address exactly as it is written below; if the address is modified, checks could be returned to the payor.
| Loyola University Chicago P.O. Box 777323 Chicago, Illinois 60677-9056 |
For shipment via
US. Postal Service ONLY (First-Class Mail) |
| PNC Bank c/o Loyola University Chicago Lockbox Number 777323 350 East Devon Avenue Itasca, Illinois 60143 |
For shipment via
Courier ONLY (FedEx, UPS, etc.) |
Please note that the “P.O. Box” address should only be used for mail routed through the U.S. Postal Service. All overnight mail by couriers (FedEx, UPS, DHL, etc.) should be sent to the physical street address in Itasca, IL. The box name and number should be referenced in the address.
Departments that are expecting a check(s) must send an email along with any relevant attachments (e.g., invoice, letter, etc.) to the Bursar’s Office at Cashier@luc.edu to let them know which department is expecting the funds. Please include the full 10-digit accounting unit and account number to which the funds should be credited when received.
3. Checks currently in your possession
If you have in your possession any paper checks that need to be deposited, please send them (via mail or overnight courier) to the appropriate address noted above. Please also follow the same instructions for notifying the Bursar’s Office at Cashier@luc.edu of the check amounts, the accounting unit and account number to be credited for each check.
If you have any questions about this process or need assistance, please contact CashMgmt@luc.edu.
