Adopted:  11/2013
Revised:  01/2017

Responsible Office
Division of Finance-Accounting

POLICY STATEMENT

Only the Office of the Treasurer has the authority to establish a bank account in the name of the University of Missouri and using the University of Missouri tax identification number.  Departments may not establish bank accounts.

All funds which are the responsibility of the University must be deposited into a University bank account through the Cashiers Office or, if so approved, by direct deposit.  If determined necessary, departments can request to work directly with the bank for the purpose of:

• Making credit deposits.
• Making safekeeping deposits.
• Exchanging checks for cash.

Expanded definition and information for this policy is available under Resources below.

PROCEDURE(S)

The following procedures assist with ensuring compliance with the above policy:

Departments wanting to work directly with the bank should contact Division of Finance-Accounting to discuss options.

Establishing a Direct Deposit Location

Direct deposit locations are established for departments to deposit monies directly with the bank instead of with Division of Finance-Cashiers.  Once departments consult with Division of Finance-Accounting, they will work with the Office of the Treasurer to establish a new direct deposit location with the bank.

RESOURCES

Cross References

• BPPM-2:037 Affiliated Organizations
• CRM-301 Dealing with the Bank
• CRM-302 Deposits for Credit