Banking - General Guidelines

Deposits for Credit

• Many departments across the different system campuses accept funds for deposit.  These monies must be processed according to the Finance Policies.
• Please be aware of a few specific rules that may pertain to your department's processing of receipts:

Written Authorization Required - Only the Office of the Treasurer has the authority to establish bank accounts in the name of the University of Missouri. The recommendation of Campus Business Services and authorization of the Office of the Treasurer is required for an individual or unit to deal directly with a bank for the purpose of:

1. Making credit deposits.
2. Making safekeeping deposits.
3. Exchanging checks for cash.

Individuals or units not authorized to deal directly with a depository bank must conduct their banking business with the Campus Cashiers Office.

The Campus Division of Finance is responsible for determining the circumstances under which the use of guards, University Police escorts, or armored car service is required.  These services are typically used when a deposit contains amounts of coins and currency of $500 or greater.  A system of locked bags or containers, receipts and communications should be used.  (Finance Policies)

Any deposit greater than $500,000 should be reported IMMEDIATELY via email to the Treasurer's Office NO LATER THAN 2 PM in order to insure sufficient collateral at the depository bank. Please send email to UM VP FA Cash Management.