Bank Deposits
Required for Bank Deposit:
1. Location Codes: request Location Code for your unit through Treasury Management.
- Treasury Managment assigns a Location Code to each department processing check, currency, and coin deposits to the bank. This unique number is included on daily bank reports allowing immediate identification as to who it belongs to and facilitates posting to the financial system.
2. Deposit Slips: order unique location code/departmental specific deposits slips online (requires ULink login).
- The deposit slip is required when making a bank deposit and must be included with bank deposit.
- Use of a deposit slip from another location will cause the department not to receive credit for the deposit.
3. Endorsement Stamps: order unique Location Code Endorsement Stamp through Treasury Management.
4. Tamper Evident Deposit Bags: order bags through Treasury Management.
- Only 1 (one) deposit slip per bag.
5. Funding source: program(s) and account number(s) for posting deposit.
6. Deposit Posting Grid: used to send posting information to University Accounting.
Prepare Bank Deposit:
The department is responsible for keeping record of all detail relating to the deposit until transaction posted to program(s).
1. Confirm checks (if applicable) are endorsed with unique location code endorsement stamp.
2. Fill out unique location code deposit slip. You will add this to Tamper Evident Deposit bag, which should be face up and visible through the back of the bag so that declared/matching amounts can be verified by Bursar staff.
3. Complete label on Tamper Evident Deposit bag, make sure you have added the unique location code deposit slip, only 1 (one) deposit slip per bag.
- Tear off and keep the deposit tag associated with that specific bag, until deposit has cleared.
4. Put completed deposit in; campus mail, drop off at Bursar Office or to closest PNC Bank branch.
- Campus Mail can only deliver checks in a sealed Tamper Evident Deposit bag to Bursar Office (no currency/coin or credit card transactions).
- Currency and coin must be hand-delivered to the Bursar Office in a sealed Tamper Evident Deposit bag with deposit slip.
- Deposits of monies (checks, currency, and coin) delivered to the closest PNC Bank branch do not require a Tamper Evident Deposit bag.
- Keep white receipt/ticket from Tamper Evident Deposit bag until you have confirmed transaction properly posted to program(s). If you bring white receipt/ticket from bag after sealing it, Bursar staff can initial the receipt for your records.
5. Send completed Cash/Deposit Posting Grid to University Accounting. University Accounting will follow up if they have any questions regarding your deposit.
6. Deposits will typically be posted within 2-3 business days after bank posting.
Additional Information
- Deposits must be delivered to the Bursar Office or taken to a PNC Bank branch within three (3) working days of receipt.
- Checks should be restrictively endorsed immediately upon receipt by the depositor. If your unit has not been assigned a unique Location Code Endorsement Stamp, please contact Treasury Management. If checks are made payable to a specific department, organization, or individual, be sure these checks are endorsed as drawn.
- Checks should always be scanned or copied for internal records at the department level. The scanned images must be saved in a limited access drive, copies should be stored in a locked area. The bank recommends that images be retained for a minimum of 14 days after effective date of confirmed and posted deposit.
- During peak periods at Bursar Office, lines are long and may result in some delay. In some instances, you may use the Bursar's Office night depository located between the front outside doors. If the night deposit drop is used, make sure:
- The envelope drops down completely.
- There is no rolled coin.
For questions regarding the bank deposit process, please email Treasury Management.