University Banking Transition
John P. Kruczek, University Controller
On July 1, 2003 Wachovia Bank will become the official bank for the University of Florida. Wachovia will transact all of our local banking activities. This change does not affect the issuance of state payroll and state disbursement warrants.
The decision to change to Wachovia Bank was made after a competitive bidding and negotiation process. In addition to offering significantly lower prices, Wachovia will provide a strong local presence, and offers a wide variety of creative and user-friendly products. We believe that Wachovia will provide superior customer service and progressive technological solutions that should result in a mutually beneficial relationship.
In order to ensure the banking transition is complete by June 30, many transactions will actually begin before that date. We anticipate activity in our new bank accounts to begin by June 2 as we phase out our current banking relationship. We ask your help in the following matters:
Endorsement Stamps – As part of the transition, new endorsement stamps will be required. The University Cashier, Linda Shreve, will be contacting departments to verify accurate endorsement information for ordering new endorsement stamps. Departments will not be charged for the initial order of new endorsement stamps. Subsequent orders will be charged at cost to the department. After you receive the new stamp(s) old stamps may be discarded after June 2. If your department has not been contacted by May 15 please call 392-0185, or email Linda Shreve at firstname.lastname@example.org.
Wire Transfer Instructions – Please be advised that new wire transfer instructions will be effective June 2, 2003. Diane Hurtak will be contacting University departments who have previously used this service. If you anticipate funds will be wired to the University of Florida on or after that date please be sure to advise the sender to use the new wire instructions. New wire instructions (incoming wire) and information will be available from local funds accounting. If your department has not been contacted by May 15, please call Diane Hurtak for instructions at 392-0765. Her email is email@example.com.
Credit Card Processing and Equipment – Our credit card processor will change from Unified Merchant Services (UMS) to Nova. The equipment you now have is owned by UMS. As a result of this change different credit card processing equipment will be necessary. The University Cashier will be contacting each department with instructions on how and when to return the current equipment to UMS. The University Cashier will also instruct the departments on how to obtain, install, and operate the replacement credit card processing equipment. The new credit card processing equipment will cost approximately $200 per unit and will be charged to all departments accepting credit card payments. We anticipate switching to the new credit card processor by June 2, 2003. Consequently we plan to install the new credit card equipment during the week of May 19-23.
Should you have any questions or require additional information regarding this change of financial institutions, please contact Stuart Hoskins, Associate Controller, at 392-1321, or email at firstname.lastname@example.org.