Departmental Deposits – Charles River Campus

How to Deposit

An SAP Cashier Upload (Doc Type: YC) is used to record cash, check, and credit card deposits into a University bank account. Deposits of cash and checks must be brought to Cashier Services located on the First Floor of 25 Buick Street, Suite 130; or to the Bank of America branches located at either the George Sherman Union (775 Commonwealth Avenue) or Kenmore Square (540 Commonwealth Avenue).

For instructions on how to complete a Cashier Upload and for information on system access, please click here.

Where to Deposit

Cash, check and credit card deposits should be brought to either Cashier Services located on the First Floor of 25 Buick Street, Suite 130; or to the Bank of America branches located at either the George Sherman Union (775 Commonwealth Avenue) or Kenmore Square (540 Commonwealth Avenue). Cash must not be sent through interdepartmental or regular mail. Before a cash deposit is accepted, either a University Cashier representative or a Bank of America teller will count the cash in your presence. * Cashier Services will provide you with a receipt upon request. At Bank of America, a validated copy of the deposit ticket will be your receipt.

* Please note departmental Cost Center on all rolled coins being deposited.

When to Deposit

Cash, check and credit card funds must be deposited daily to either Cashier Services located on the First Floor of 25 Buick Street, Suite 130; or Bank of America locations at the George Sherman Union (771 Commonwealth Avenue) or Kenmore Square (540 Commonwealth Avenue). Cashier Services should be consulted in advance if departmental business needs warrant other deposit arrangements. Checks or Cash that needs to be held in the department overnight must be kept in a secured area, such as a fireproof safe.  All deposits must be in US currency.

Security

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 or office safes. 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. Departments depositing more than $1,000 in cash should be escorted by the Boston University Police Department. Good judgment and common safety practices must be utilized when carrying cash across campus. Safe transportation of cash includes the following:

• Use a police escort for all cash deposits in excess of $1,000. For all other deposits, walk with another person.
• Do not let others know that you are carrying cash.
• Always be alert of your surroundings.
• Only make deposits during daylight hours and use a route that has pedestrian traffic.

To request an escort, please contact the Boston University Police Department at 617-353-2110.
To learn more about safety on campus, please visit the Boston University Police website at www.bu.edu/police.

Armored Car Service

Departments that collect large sums of cash on a regular basis that require immediate bank deposit may request the use of the University contract armored car service. Please contact Cashier Services at 617-353-3896 for more information or to arrange a quote for this service.

Shortages

Cash that is lost or stolen must be immediately reported to the Boston University Police Department at 617-353-2110. A copy of the police report, along with a memo detailing the shortage, should be sent to both the Manager of Cashier Services (cashier@bu.edu) and to Internal Audit & Advisory Services (intaudit@bu.edu) within seven business days of the shortage.

Foreign Currency

• All deposits to Cashier Services must be in US currency.
• Requests for foreign currency funds should be made to Boston University Debt and Treasury Management at 617-353-2272.

Bank and Financial Accounts

Boston University Departments are not permitted to independently open external banking or financial accounts (checking, savings, credit card, merchant accounts, investments, etc.). All external bank accounts must be approved by Boston University’s Debt and Treasury Management Office (617-353-2290).  The University policy for domestic and international bank accounts can be found here.

Wire transfers

Requests for outgoing wire transfers and/or ACH payments must be made through the Accounts Payable Department. The Debt and Treasury Management Office should be informed of all incoming wire transfers and/or ACH payments.  The University policy for electronic funds transfers can be found here.

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 information (routing number and account number) 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 totaling up all the individual checks. Travelers checks are deposited in the same manner as checks. An endorsement stamp is required for deposits of checks to Bank of America. The following format should be used when ordering an endorsement stamp

1. For Deposit Only
2. Trustees of Boston University
3. # 8313-2490
4. Department Name
5. Departmental Cost Object (SAP 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 Sourcing & Procurement 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.

Foreign Checks

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 Cashier Upload. 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.

Returned Checks

When deposited checks are returned for insufficient funds, stop payment, etc., the banks utilized by Boston University attempt to 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:

• Assess 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.