Bank Restructuring - Depository Project

1. Why is there a change in deposit processing?
   
2. Do we have to convert to the new process?
   
3. How will I benefit from the new process?
   
4. When can we begin processing deposits the new way?

Deposit Preparation

1. How do I order deposit supplies?
   
2. If I exhaust my supply of deposit tickets, can I just make a photocopy of another one?
3. What can I deposit?
4. We had a fund raiser and received a lot of change – how do we deposit it?
5. Can we accept foreign checks for payment?

Cash Receipt Tickets

1. What if I Commit a Cash Receipt Ticket and the deposit differs?
   

Making Deposits

1. What are Deposit Stations and where are they located?
   
2. Can I make deposits at the local LaSalle Branch?
3. Our department has a sale once a year where we take in huge sums of cash/checks – do we have to do anything special?

Post-Deposit Procedures

1. I’m having difficulties balancing my Statement of Account deposit activity with my records – who can assist me?

Other Questions?

Bank Restructuring - Depository Project

Why is there a change in deposit processing?

In the past, several units within the University opened numerous bank accounts with various banks.  This created a fragmented banking structure, and as a consequence the University has been paying higher banking fees based on the low transaction volumes at the various banks.  By consolidating the university banking structure we are able to significantly lower the banking fees and save a great deal of money while achieving a more manageable banking structure.  This also ensures that the University financial resources are put to the best possible use.

Additionally, many units reported that the old depository process was inconvenient.  The bank restructuring project team endeavored to develop multiple deposit methods so that a majority of the units in Ann Arbor will be able to deposit cash and checks more conveniently and efficiently

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Do we have to convert to the new process?

The bank restructuring project team will work with all departments in Ann Arbor to implement the new process.  Conversion is currently underway and will be taking place through the end of 2007.

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How will I benefit from the new process?

Units will have quicker access to their financial information and will have better forecasting capabilities through the improved reporting solutions.  Many departments will save money through time savings and by no longer having to pay for deposit supplies. 

Converts to the new process will enjoy a new online Cash Receipt Ticket interface in Wolverine Access that makes cash receipt preparation more convenient and efficient.  This new interface is extremely flexible, and automatic journal entries are made based on how a deposit is allocated in the online interface.  Please note: the online cash receipt will not work for your unit until you have converted to the new process.

Units that process all of their deposits to a single Chartfield will no longer need to create cash receipt tickets once they have converted to the new process! 

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When can we begin processing deposits the new way?

Units are to continue processing deposits in their customary manner until the bank restructuring team has worked with them to convert to the new process.  The project team will consult with your unit to implement the most effective method for your depository needs.  Once the appropriate method has been determined the team will order customized supplies and teach your unit’s depository staff about the new process. 

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Deposit Preparation

How do I order deposit supplies?

Deposit supplies will be provided to each unit prior to conversion.  Additional quantities of deposit bags, deposit slips, and endorsement stamps can be ordered through the Treasury Web site.  Please allow three weeks for delivery.

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If I exhaust my supply of deposit tickets, can I just make a photocopy of another one?

No.  The deposit tickets contain special ink that is read by scanning equipment at the bank; therefore a photocopy will not be processed correctly.  Also, each deposit ticket has a unique 8-digit number.  It is recommended to order more tickets when you have about a one-month supply remaining.

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What can I deposit?

Cash (U.S. currency and coin) and checks issued by a U.S. bank are acceptable.  Foreign currency & coin and severely damaged U.S. cash is not accepted and will not be credited in the deposit. 

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We had a fund raiser and received a lot of change – how do we deposit it?

If the total weight of coins is less than 10 lbs, loose coin can be placed in a plain envelope and included with the cash deposit.

If the total weight of coins exceeds 10 lbs, contact the Treasurer’s Office for heavy duty CoinLok bags.  These bags are able to hold up to 50 lbs of coin.  If there are multiple CoinLok bags for deposit the Treasurer’s Office will make special arrangements for pickup.

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Can we accept foreign checks for payment?

It is not recommended for checks issued by banks outside the U.S. and Canada.  Foreign checks with a value less than $250.00 U.S. dollars cannot be deposited.  Please note that foreign checks require special handling, have expensive bank fees (~$90), and take 8-12 weeks to actually receive the funds.

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Cash Receipt Tickets

What if I Commit a Cash Receipt Ticket and the deposit differs?

Committed Cash Receipt Tickets cannot be altered.  If the deposit has not been sent to the bank, in most cases it is suggested to change the deposit and deposit ticket to match the Cash Receipt Ticket.  For instance, if the committed Cash Receipt Ticket is for $800 and the deposit was listed for $1000 (maybe a $200 check had fallen on the floor unnoticed), it’s best to make the deposit $800 and then make up another deposit for the single $200 check.

If the deposit was already sent to the bank and Cash Receipt Ticket committed with a different amount, the unit will need to make the adjustment via a journal entry.

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Making Deposits

What are Deposit Stations and where are they located?

Deposit Stations are ATM-like devices designed to accept university deposits.  Deposit Stations are currently located at the Michigan Union, Michigan League, and Pierpont Commons.

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Can I make deposits at the local LaSalle Branch?

Units can deposit funds at a local LaSalle Bank branch, however prior arrangements are necessary.  Please contact the Treasurer’s Office for more details.

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Our department has a sale once a year where we take in huge sums of cash/checks – do we have to do anything special?

Please contact the Treasurer’s Office in advance for details; they can make alternate deposit arrangements for special circumstances.

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Post-Deposit Procedures

I’m having difficulties balancing my Statement of Account deposit activity with my records – who can assist me?

Please contact U-M Financial Operations Banking Services at 734 647-3784 for assistance.

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Other Questions?

Please contact Treasury Management:

James Gorman             Kelley Thomas
jamesgor@umich.edu   kelthoma@umich.edu
734 763-2308             734 763-3150  

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