Printer Friendly Page

ANNOUNCEMENT
On November 1, 2006, the Treasurer’s Office will institute a pilot program for paying corporate vendors who are due funds for payments of goods/services provided to Princeton by direct deposit to their bank rather than by issuing Accounts Payable checks.

• Direct Deposit Announcement

WHO CAN PARTICIPATE?
Currently, only vendors who have contract agreements with Princeton can participate in this program; however, after a successful pilot program, any vendor already providing goods/services to Princeton University can elect to participate in the program. CLICK_HERE to obtain information on how to become a "Princeton" vendor.

HOW CAN MY COMPANY SIGN UP?
A "Princeton" corporate vendor may sign up for direct deposit of Accounts Payable payments by completing an Electronic Deposit Request Form. CLICK_HERE to complete the form. (Adobe Acrobat Reader Required). 

Mail or fax the completed form to:

Princeton University - Purchasing Office - PO Box 33 - Princeton, NJ  08540-0033.
Fax # (609) 258-1169.                  

HOW WILL I PROVIDE BANK AND ROUTING INFO?
Once your Electronic Deposit Request Form has been approved and processed, you will be given a Princeton University userid and password to permit a representative (contact) to login to a secure Princeton web site where you will provide us with your bank and bank account information. Nightly, this information will be fed into Princeton's Accounts Payable system to allow the bank prenotification process to begin. CLICK_HERE to access the Corporate Direct Deposit (CDD) web site.

WHO SHOULD I DESIGNATE AS MY COMPANY REPRESENTATIVE?
Since a representative will act on behalf of your company and will have the authority to indicate where payments are deposited, you should be meticulous when selecting your representative.  The appointed representative must be fully authorized to make commitments on behalf of your company.  If desired, you may assign multiple individuals as representatives to help prevent any unacceptable or fraudulent behavior.

WHO DO I CONTACT IF I FORGOT MY PASSWORD TO CDD?
Contact the Princeton University Administrative Applications Help Desk @
(609) 258-HELP option #3 or email asahelp@princeton.edu.  

HOW WILL I KNOW PRINCETON RECEIVED MY BANK ACCOUNT INFORMATION?
One business day after you submit your bank account information via the Corporate Direct Deposit web site you can view the status from within the same web site.   During the test transaction (pre-note) stage, your submission status will go from "New" to "Pending".  Once Princeton has confirmed your bank / account information, your bank account status will go from "Pending" to "Verified" in the Corporate Direct Deposit web site. 

HOW LONG WILL IT TAKE UNTIL ELECTRONIC DEPOSITS ARE MADE?
Electronic Deposits of Accounts Payable payments must be successfully prenoted before becoming effective.  After a successful prenotification (test transaction) is sent to our bank, live transactions cannot be sent for 6 banking days. Generally, the process takes 10 working days from receipt of the transit and bank account information to become effective.  Any payments occurring in the interim will be paid by check.

HOW WILL I KNOW WHEN MY PRE-NOTE IS A SUCCESS?
Each vendor representative/contact will receive an e-mail notification when a prenote has failed.  Prenote transactions are sent to our bank every Tuesday and Friday.  If your representative has not received an e-mail notification of the failure within two days after the Tuesday or Friday following your submission, your prenote was a success. Additionally, you may access our Corporate Direct Deposit (CDD) web site to see if the your pre-notification (test transaction) was a success.  

HOW DO I NOTIFY PRINCETON OF BANK/ACCOUNT CHANGES?
When changes to your bank/account are necessary, you must login to our Corporate Direct Deposit web site CLICK_HERE to make your changes.  Changes will not be effective until another successful prenote transaction is done.  Any payments occurring in the interim will be paid by check.

HOW OFTEN ARE DEPOSITS MADE?
The Accounts Payable Department at Princeton generates payments to corporate vendors twice weekly with few exceptions.  Deposits will typically be in a vendor's account no later than the close of the banking day on the 2nd business day following the transmission of deposit data by the University. In some cases, funds will be available the morning of the second banking day, or even on the first banking day following the transmission of data, but we cannot guarantee either of these two earlier times as this process is controlled by individual banks.

HOW WILL I KNOW A DEPOSIT HAS BEEN MADE?
Each vendor contact will receive an e-mail notification confirming when a payment has been sent to the bank and the amount of that payment.  The email also includes a special report as an attachment which has the payment reference number, invoice numbers, payment date and total amount.

WHAT DO I DO IF THERE IS A PROBLEM WITH A DEPOSIT?
If you received a notification that funds were deposited into your account, but you believe that no deposit was actually made, please contact Rose Paulsen, Manager, Invoice Processing via e-mail rosef@princeton.edu, to explain the problem. It would be best to include the e-mail notification you received so that we can research the problem.  However, before taking this step, please confirm with your bank that no deposit was made, and make sure that you wait at least 1-2 days after receipt of the e-mail notification to permit your bank time to process the deposit. Please note that if the deposit was not made because you have closed your bank account, your receipt of funds may be delayed for a significant period of time while the University works with your bank to resolve the issue.

CAN I CANCEL DIRECT DEPOSIT FOR CERTAIN PAYMENTS?
Once your company elects to receive electronic deposits,all payments will be made electronically until your CDD account is cancelled.  To cancel your electronic deposits and have all your payments be made by check CLICK_HERE to access the Corporate Direct Deposit (CDD) web site to make the change.  
Please note that Princeton University reserves the right to change the payment method from direct deposit to check for one or all payments at any time.