Petty Cash Disbursement Checking Accounts
Checking accounts are required if the amount of funds requested is $2,000 or greater per project and can only be established by the Office of the University Bursar. Either as a single request of $2,000 or as a cumulative amount of multiple requests totally $2,000. Checking accounts may be requested for petty cash funds of less than $2,000 if necessary for safeguarding of the funds or if the participant payment is $100 or more.
When a checking account is required, the fund custodian must sign the bank signature card. OUB staff will ask for a pictured ID to verify the identity of the fund custodian when opening an account. If there is need, other individuals can be authorized to checks on the bank account. These individuals will be required to sign the checking account signature card and to provide a valid pictured ID. Checking accounts are opened with the University's federal tax ID, not with the fund custodian's social security number. You can have the fund custodian's signature plus an additional of 5 others on the signature card for a maximum of 6 signers.
Checking Account Fees
The University will cover the printing charges of checks. The charge will appear on your monthly bank statement; however the charge should be removed the following month. If the charge is not removed, please notify OUB. The University pays the monthly maintenance fee associated with the bank account. The University will not pay for overdraft fees that are the result of the fund custodian's mishandling of the account. The fund custodian is responsible to pay these fees or in some cases the department may pay them.
Safeguard checks and the checking account number to reduce the risk of fraud. Checks should be completed, signed and issued at the time of disbursement. Never sign blank checks and leave them to be completed and disbursed at a later date and time. Never email a full checking account number. When corresponding with the OUB staff, only provide the last 4 or 5 digits, the custodians name and the project (grant or fund) number.
The checking account should be reconciled each month.
If you plan to disburse the participant funds by check, please let OUB staff know to order checks when you open the account. In order to reduce printing costs, personal sized, duplicate checks are the standard order with several colors to pick from. When checks need to be reordered, notify OUB. Please provide the last 4 or 5 digits of the checking account, the custodian's name, the project (grant or fund) number and the starting check number you wish for the new order to begin with.
If a check that is issued to a participant is lost, stolen or destroyed, please contact Janet Moran or Pat Oliver to request a stop-payment be placed on that check. Please be prepared to provide: payee, date of the check, check number, amount, last 4 digits of the checking account, fund custodian name.