Business and Financial Policies and Procedures
 

Open or Close Bank Accounts

Before You Begin

The University Board of Trustees must approve all requests to open a bank account for checking, savings, depository, or investment banking services for University money. If your unit opens an account without this approval, the funds may be frozen or the account closed until the Board has authorized the account. The Senior Associate Vice President for Business and Finance or delegate must approve all requests to close a bank account.

These bank accounts are subject to audit at any time by the Office of University Audits. To open or close University Extension accounts, consult Manage University Extension Accounts.

Begin

To open a non-University Extension bank account:

  1. Plan ahead. Allow at least 60 days for your request to be approved. Banking in other countries is different from U.S. banking, so you will need extra time to open a bank account in another country.
  2. Send the request to your campus OBFS executive officer.
  3. If your campus OBFS executive officer approves, he or she will forward the request to Treasury Operations, Cash Management who will review and submit your request to the Board of Trustees.
  4. Two authorized persons must sign all checks or authorizations for withdrawing funds.

To close a bank account:

  1. Send the request to your campus OBFS executive officer for approval.
  2. If your campus OBFS executive officer approves, he or she will forward the request to Treasury Operations, Cash Management for processing. They transfer any remaining funds to the University's primary bank account and notify the bank of the University's action.
  3. University Accounting and Financial Reporting (UAFR) credits the funds to your unit's CFOP.
  4. Destroy all unused checks and deposit tickets in the presence of another person.
  5. UAFR will notify your unit if there are any transactions that have not yet been recorded in Banner. UAFR will continue to monitor these transactions until they are resolved.

 

Related Policies and Procedures

Manage Foreign Bank Accounts
Manage University Extension Accounts

 

Last Updated: March 17, 2011 | Approved: Senior Associate Vice President for Business and Finance - November 2010