Depositing Checks and Cash for Medical Campus
How to Deposit
A Cash Credit Voucher is used to record cash and check deposits into a University bank account. Medical Campus cash and check deposits must be made at Metro Credit Union located at 710 Albany Street.
Where to Deposit
Cash and check deposits should be brought to Metro Credit Union located at 710 Albany Street, during their normal business hours. Cash must not be sent through interdepartmental or regular mail. Before a cash deposit is accepted, a Metro Credit Union teller will count the cash in your presence. A validated receipt and a copy of the Cash Credit Voucher will be your receipt from Metro Credit Union.
When to Deposit
Cash, check and credit card funds must be deposited daily to either the University Cashier located at 881 Commonwealth Avenue, lower level, or Metro Credit Union located at 710 Albany Street, during their normal business hours. All deposits must be in US currency.
Cash must be kept in a locked cash box, bank bags and/or registers. When not in use, cash must be kept in a locked desk, file cabinet and/or office safe. Cashier Services strongly recommends the use of fireproof safes for departments with significant cash on hand. Cash box and register access must be restricted to only employees having a business requirement. Always limit the number of people who know the combination to the safe and the number of keys to locked boxes or bank bags. Discretion should be used when placing cash into a locked desk, cabinet or safe or removing the cash to keep awareness of the location of the stored cash limited. Any employee transporting more than $1,000 in cash for deposit must be escorted by Public Safety. Good judgment and common safety practices must be utilized when carrying cash across campus. Safe transportation of cash includes the following:
- Use a Public Safety officer for cash deposits in excess of $1,000.
- For deposits equal to or less than $1,000, walk with another person.
- Do not communicate to anyone, other than the one who is accompanying you, that you are carrying cash.
- Always be alert to your surroundings.
- Make the deposits only during daylight hours and use a route that has pedestrian traffic
To request an escort, please contact the Public Safety Office at 617-414-4444. To learn more about safety on campus, please visit the Public Safety Department website at www.bumc.bu.edu/publicsafety/.
Armored Car Service
Departments that collect large sums of cash on a regular basis that require immediate bank deposit may request to use the University contracted armored car service. Please contact Cashier Services at 617-353-3896 for more information or to arrange a quote for this service.
Cash that is lost or stolen must be immediately reported to the Public Safety at 617-414-4444. A copy of the incident report, along with a memo detailing the shortage, should be sent to both the Manager of Cashier Services and to the Office of Internal Audit within seven business days of the shortage.
All deposits must be in US currency.
Bank and Investment Accounts
Boston University Departments are not allowed to open external banking or investment accounts (checking, savings, credit card, merchant accounts, investments, etc.). External bank accounts are the responsibility of Boston University Debt and Treasury Management at 617-353-2272.
Requests for outgoing wire transfers should be made through the Accounts Payable Department. Requests for incoming wire transfers should be made through the Office of the Senior Vice President, Chief Financial Officer & Treasurer.
Security of Checks
Boston University is required to be compliant with Commonwealth of Massachusetts regulation in connection with safeguarding of personal information contained in both paper and electronic records. Protected personal information includes Social Security Numbers, driver’s license numbers or state-issued identification card numbers and financial account numbers.
Original checks must be kept in a locked cash box at all times. The cash box must be kept in a locked desk, file cabinet and/or office. If you must make copies of checks, you are required to cover the financial (routing number and account number) information and any personal information (Social Security Number, driver’s license number or state-issued identification card number) that appears at the bottom portion of the check so that the personal information does not display on any copies.
Records that contain Personal Information must be destroyed as soon as there is no longer a business need to retain those records. View the policy.
Domestic Checks (checks drawn on a United States bank account)
All checks should be payable to Boston University in US dollars and should have the current date (post dated checks are not acceptable). Checks submitted for deposit must have a duplicate adding machine tape. Travelers checks are deposited in the same manner as checks. An endorsement stamp is required for deposits of checks at Metro. The following format should be used when ordering an endorsement stamp
- For Deposit Only
- Trustees of Boston University
- Department Name
- Department Unit/Department number (Legacy Format).
- Each check must be stamped on the upper portion of the back of the check in accordance with Federal Regulations (**see below). Please contact the Purchasing Office at 353-2370 to order your stamp.
**An endorsement is a legally enforceable obligation made by the payee’s handwritten or stamped signature on the back of an item. All items accepted for deposit, or presented for cash, must be endorsed by the original payees, subsequent payees and the depositor (if other than the payee). The individual or business named on the “Payable to” line of a check is the payee and must endorse the check exactly as it is payable.
Customers are required to endorse items in the designated area.
A bank guarantee endorsement stamp (“deposit to account of within named payee…”) may be used, unless item restrictions apply or the endorser receives cash back.
Customers should avoid endorsing items in the space reserved for the depository bank.
If the customer’s endorsement, or any other information the customer puts on the back of the item, obscures the bank’s endorsement, the customer is liable for any loss that occurs if the unpaid item is returned late because the bank’s endorsement cannot be read.
Checks drawn on a foreign bank account that do not contain an ABA routing number (U.S. bank number) should be sent to Cashier Services on a separate Cash Credit Voucher. Cashier Services will route these items through the International Collection department of our bank. Your account will be credited when a credit advice is received from our bank. Please note: there is a bank charge for this service; the amount of the charge depends upon the bank and country from which the funds are collected. Your account will be debited the amount of this charge. The collection of these funds may take from ten days to several months depending upon the issuing bank.
When deposited checks are returned for insufficient funds, stop payment, etc., the banks utilized by Boston University automatically deposit the checks a second time before returning the checks. This process minimizes the number of checks that are returned for non-payment. Cashier Services is responsible for both recording the returned checks and returning the checks back to the depositing department. It is the responsibility of each department to contact the person or organization for payment on returned checks. In addition, Boston University reserves the right to take the following actions:
- Access a fee for each returned check.
- Restrict future methods of payment to either cash or bank checks for all individuals or corporations whose checks are returned for non-payment.
For assistance, and to ensure compliance with collection laws, please contact the Boston University Collection Department at 617-353-4100.