Discontinuing Use of a University of Minnesota Bank Account

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Last Updated: June 2008    what's this?

Responsible University Officer:
  • University Controller
  • Associate Vice President and Chief Investment Officer - Investments and Banking

Procedure Contact:
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PROCEDURE

Notice of Closure Letter to Accounting Services and Office of Investments and Banking

Departments should draft a notice of closure letter and send it to Accounting Services and the Office of Investments & Banking indicating the intent to no longer access the account.

The letter should include:

  • Name of the study (if applicable)
  • University department name
  • Location number (checkbook series number/ reporting category)
  • Name and phone number of the contact person
  • Check series destroyed
  • Signature of the individuals involved in the check destruction process

Destroy unused checks

All remaining check stock must be destroyed. One individual must destroy the remaining checks in the presence of one witness. Both individuals are required to sign the notice of closure letter.

Departments should send the letter to Accounting Services and the Office of Investments & Banking.

Closing the Account

Accounting Services should work with department to complete any remaining reconciliation, escheatment and general ledger issues.

The Office of Investments and Banking receives the letter and takes action to close account. Closure of account is pursuant upon a 6 month time horizon should any outstanding checks exist.

Departments are responsible for providing a final outstanding check list to Accounting Services The Department should provide the list immediately after sending the notice of closure letter. If checks are outstanding, departments must comply with the unclaimed property/escheating review process outlined in the Maintain a University of Minnesota Bank Account procedure. Departments cannot cancel outstanding checks and reissue them through PeopleSoft without following the unclaimed property/escheating review process unless the payee reports a lost or stolen check outlined in the Maintain a University of Minnesota Bank Account procedure.

Departments on reverse positive pay should continue to review daily reverse positive pay file from bank until all checks have been cleared or been removed through escheatment process.

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© 2008 by the Regents of the University of Minnesota.
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http://www.fpd.finop.umn.edu/groups/ppd/documents/Procedure/bankaccount_proc3.cfm
Updated: June 21, 2008