10 - 005 Check Deposit Procedures
A. ENDORSEMENT PROCEDURES
In general, checks must be endorsed the same as what is written on the Payee Line of the checkÌý(i.e. checks made payable to Keene State College, Plymouth State University, Granite State College, or University of New Hampshire must be endorsed as such).ÌýA check made out to any component institution may be deposited with a Â̾ÞÈËÊÓƵ endorsement stamp.ÌýSimilarly, a check made out to Â̾ÞÈËÊÓƵ may be deposited by a component institution.
B. CHECK REQUIREMENTS
1.ÌýAll checks must be endorsed and logged as soon as possible after receipt.ÌýDeposit stamp example (including checks deposited via Desktop Scanner):
FOR DEPOSIT ONLY
CITIZENS BANK
ABC XYZ CO
ACCT 123456789
2.ÌýChecks made payable to a 3rd party may only be signed over to Â̾ÞÈËÊÓƵ if they were issued by Â̾ÞÈËÊÓƵ (i.e. student refund checks).
3.ÌýChecks made payable to a 3rd party and Â̾ÞÈËÊÓƵ must be endorsed by the 3rd party prior to Â̾ÞÈËÊÓƵ endorsing and must be deposited in a Â̾ÞÈËÊÓƵ bank account.
4.ÌýChecks missing the signature of the issuer can not be deposited.
5.ÌýChanges to the front of the check (i.e. amount, payee name, date, etc.Ìýmay only be made by the issuer of the check using a single line to cross out any incorrect information and must be initialed by the issuer).
6.ÌýIn the event of a discrepancy in amounts between the convenience box (###’s) and legal (written) amount the check must be deposited for the legal amount.
C. REMOTE SCANNING PROCEDURES
Approved Scanners: EC Series Scanners (RDM Corp); Epson CaptureOne (Epson Corp); VisionX Video and Documentation (Panini Corp); CheXpress CX30 or TellerScan TS240 (Digital Check Corp).
* Â̾ÞÈËÊÓƵ does not allow checks to be scanned via a Mobile Option (i.e. Smartphone App).
In addition to limitations on depositing checks as indicated in the Check RequirementsÌýsection above items ineligible for remote deposit also include:
1.ÌýChecks Drawn on a foreign bank (includes Canadian checks).
2.ÌýChecks drawn on a domestic bank in a foreign currency.
3.ÌýChecks made payable to both Â̾ÞÈËÊÓƵ and a 3rd party.
4.ÌýChecks more than 6 months old.
5.ÌýTravelers checks, money orders, and postal money orders.
6.ÌýDuplication of deposits is prohibited (either in its paper-based form or in a digital form within another Deposit File) unless Citizens has notified Â̾ÞÈËÊÓƵ that an item has been rejected or returned.
* Items ineligible for desktop scanning must be deposited at a local bank branch.
D. CHECK STORAGE AND DESTRUCTION PROCEDURES
1.ÌýAll checks must be stored in an access controlled secure fireproof location.
2.ÌýRemotely deposited checks should be stored according to policy guidelines.
3.ÌýWhen destroying Items, an appropriate method of destruction must be used that will result in the paper-based item being unable to be processedÌý and all sensitive personal and financial information undecipherable. Acceptable destruction methods include: cross-cut shred, pulp, or incinerate.
Related Procedures, Forms and Resources
10-004 Accepting and Depositing of Cash and Checks
10-006 Cash Receipts Security and Control Procedure
Contacts
Accounts Receivable:Ìýfoc.ns.billing@usnh.eduÌý
Â̾ÞÈËÊÓƵ Treasury: usnh.treasury@usnh.edu
General Accounting:Ìýfoc.accounting@usnh.edu
Ìý
Policy Owner:ÌýÂ̾ÞÈËÊÓƵ Director of Treasury
The official version of this information will only be maintained in an on-line web format. Any and all printed copies of this material are dated as of the print date. Please make certain to review the material on-line prior to placing reliance on a dated printed version.Ìý