PURPOSE:

The purpose of this policy is to ensure that University employees who wish to utilize personal checks as a method of payment to the University or to have personal checks cashed on campus, have a formalized process to facilitate their needs.

POLICY:

Personal checks of University employees who have signed a check cashing agreement, will be accepted by the Treasurer's Office, Bookstore, and Ticket Office. Personal check amounts should be limited to the amount of the products being purchased or services rendered. Personal checks presented for cashing should be limited to $50.00.

PROCEDURE:

Check cashing agreement forms may be obtained from the Office of the Vice Chancellor for Business and Finance. Upon completion of the check cashing agreement, this form is to be returned to the Vice Chancellor's Office. The Vice Chancellor's Office assigns employees with completed agreements, a check acceptance/cashing number and generates a monthly listing of all University employees assigned a check acceptance/ cashing number. This list is distributed to the Treasurer's Office, Ticket Office, and the Bookstore.

The following procedures are followed relative to providing check acceptance/cashing services:

1. Obtain valid identification (Driver's license, University ID, etc.).

2. Obtain check cashing number assigned to employee.

3. Determine whether the individual's name appears on the official listing of employees eligible to have personal checks accepted/cashed.

4. Compare the valid identification to the check; verifying the individual's name and address.

5. Obtain current telephone number and address.

6. All University departments must indicate the Banner fund/account number on the personal check, prior to the check being submitted for deposit.

7. The amount of a personal check is limited to the products purchased at the Bookstore and Ticket Office.

8. Checks presented to the Treasurer's Office for cashing are limited to $50.00 per day.

9. Personal check acceptance/cashing privileges will be canceled when either the employee terminates employment with the University or the employee is dismissed.

RETURNED ITEMS

Returned items are normally either checks returned by the bank (NSF) or credit card charge backs. When there is an occurrence of a returned check or credit card charge back, Mechanics and Farmers Bank (M&FB), the University's depository bank, notifies the Treasurer's Office in writing of the total dollar amount of returned items.

The procedures to collect on the returned items are initiated by the generation of a charge back to the department's receipt code that initially accepted and deposited the check. Additionally, a request for redemption letter is sent to the maker of the check with a copy forwarded to the receipting department. This letter identifies the transaction in question and requests immediate redemption. It also alerts the maker of a minimum service charge of $20.00 for all returned checks. This service charge is not credited to the original receipting departments account.

Faculty and staff members will receive a prompt request for redemption for any insufficient fund checks. If payment is not promptly made along with the $20.00 service charge, their names will be included on a monthly listing to the Vice Chancellor for Business and Finance for further action.