![]() Checks that have been altered, grossly mutilated or have unreasonable restrictions on the face shall not be accepted as payment. Student payments should include the student ID number. Sufficient information about the presenter must be obtained for in-person payments, including address, driver’s license number and date of birth. To be accepted as payment, all checks presented must be payable to the University, be current dated, properly signed or endorsed, legible, correctly written, have routing numbers printed at the bottom of the check and be deposited promptly. ACH credits, including e-checks – must be coordinated through the UM System Treasurer’s Office.Wire transfer – must be coordinated through the UM System Treasurer’s Office.MasterCard, VISA, American Express and Discover credit cards (at approved locations only) – must be coordinated through the UM System Treasurer’s Office.dollars that can be collected in exchange) dollars or a foreign currency (subject to an amount in U.S. Checks drawn on a foreign bank in either U.S.The UM System Treasurer’s Office establishes accepted payment methods and processes. The campus Division of Finance may grant exceptions to the need for printed or written transaction receipts in situations where adequate control is established through inventory methods such as concession stand or ticket transactions. If that is not possible, the appropriate CTL or cashier’s office must be contacted for handling instructions.Ī written or printed Transaction Receipt must be made immediately for each transaction resulting in the payment or transfer of money to the University. Policy Statementįunds received by a department must be transferred to a Cash Transmittal Location (CTL) or the campus Cashier’s Office the same day they are received. Handling Cash Receipts with a strong set of internal controls minimizes the potential for the mishandling of funds. The purpose of this policy is to ensure that University assets are protected, accurately processed and properly reported. To provide guidance on receiving and recording of payments to the University.
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