U of M Treasury Office Policies

Credit Card Services Mcard

Branch Deposit Bag List Training Supply Orders Deposit Station Locations LaSalle Branch Locations FAQs

ATM Installation/Administration Banking Relationship Management Credit Card Services Depository Services

Funds Movement Mcard Vendor Checkwriting

Branch Deposit Bag List Training Supply Orders Deposit Station Locations LaSalle Branch Locations FAQs

Responsibilities Debt Financing

Address/Hours Contacts Map/Directions Organization Chart

Banking Terms Credit Card Terms Debt Management Terms Depository Services Terms

Treasury Services

Debt Management

Credit Card Depository Services Funds Movement Vendor Checkwriting

Treasury Standard Practice Guide references

601.24 – Delegation of Authority
519.01 – Banking and Treasury Services
501.06 – Acceptance of Credit Card Payments (Draft)
502.01 – Cash Management General Policies

Treasury Policies

ATM/CDM Installations
Allocating Banking Fees to Operating Units
Cash Deposit Practices - Financial Operations Cashier's Office Procedures
Merchant Card Processing
Internet Sales Policy
Opening/Closing a New Bank Account
Wire Transfers

ATM/CDM Installations

The University allows the installation of automated teller machines (“ATMs”) or cash dispensing machines (“CDMs”) on its Ann Arbor, Dearborn and Flint campuses. The primary purpose for the installation of these machines is to benefit the student, faculty and staff populations having cash needs.

All activities related to the installation and operation of any ATM or CDM shall be the sole responsibility of the Treasurer’s office. University units and their staffs should not deal directly with any financial institution regarding the installation of any ATM or CDM except as authorized in writing by the Treasurer.

If you have any questions, please contact the Treasurer’s office at (734) 763-1299.

Opening/Closing of a Bank Account

All activities related to the opening and closing of any financial institution account with regards to the University of Michigan shall be the sole responsibility of the Treasurer’s office. University units and their staffs should not deal directly with any financial institution regarding the opening or closing of a bank account except as authorized in writing by the Treasurer.

A financial institution account is defined as any account (checking, saving, depository, money market, etc.) opened at a financial institution that uses the name of the University of Michigan, Regents of the University of Michigan or any derivation thereof, uses the University of Michigan tax identification number, or receives the deposit of or disburses University funds.

To open a financial institution account requires appropriate approval by the Board of Regents. Additionally, the Treasurer’s office will need to know the business need for the account, whether it is to be a deposit or disbursement account (or both) and the appropriate structure/features for the account (zero balance basis, controlled disbursement, positive pay, etc.) The business need for the account might be satisfied by integrating the need with an existing account structure.

Unless otherwise directed by the Treasurer’s office, all statements for any accounts for the University shall be mailed to Banking and Transaction Services to allow for prompt account reconciliation. Additionally, all account analysis statements (showing charges for services rendered) for any accounts shall be sent to the Treasurer’s office.

Accounts no longer active or no longer needed should be closed. The closure process requires written authorization to close the account from the business unit utilizing the account. The Treasurer’s office will then contact the appropriate institution and request the account be closed and provide information as to the dispensation of any remaining funds left in the account. Additionally, the Treasurer’s office will provide information regarding the closing of the account to the appropriate personnel in Banking and Transaction Services.

If you have any questions, please contact the Treasurer’s office at (734) 763-1299.

Wire Transfers

All wire transfer activity utilizing the Federal Reserve Systems’ FedWire capabilities shall be the responsibility of the Treasurer’s office.

The Treasurer’s office will only utilize a wire transfer of funds in payment of an obligation of the University when the situation requires immediate good funds to settle a transaction. If a more inexpensive mechanism can be utilized to effect payment of the obligation (i.e., ACH or paper check) the Treasurer’s office shall reserve the right to effect payment with the more inexpensive mechanism.

When a wire transfer is executed, the total cost of the wire transfer shall be borne by the operating/business unit requesting the wire transfer.

The Treasurer’s office will generally accept wire transfer requests for same day transfer by 10:00AM. (provided the date of the funds transfer request is NOT a federal holiday.) The Treasurer’s office cannot guarantee adequate funds to cover a wire transfer after 10:00AM.

Original wire instructions should accompany the funds transfer request.

Foreign cable/wire transfer requests should include the original wire instructions as well.

Once a wire transfer request is made and accepted by the Treasurer’s office, the requesting business/operating unit cannot cancel or modify the wire transfer request.

If you have any questions, please contact the Treasurer’s office at (734) 763-1299.