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Banking

Welcome to the Banking section of Financial Services Department. We offer centralized banking functions and provide departments and divisions with support in carrying out their responsibilities. We are charged with ensuring that the policies and procedures surrounding cash management at the University of Toronto are appropriate. In addition, we are always seeking new and innovative ways to manage the banking function at the University.

Banking includes the following activities:

  • Depositing cash, cheques and credit card transactions – see Forms
  • Administering electronic funds transfers
  • Managing incoming and outgoing money transfers – see Forms
  • Making payments via software applications (on-line payment)
  • Charging back NSF cheques to departments
  • Investigating departmental-related debit/credit advices from the bank, and posting these items
  • Posting all debit card and credit card charges such as discount charges, transaction fees and charge-backs
  • Assisting in management of foreign currency deposits (cash or cheques)
  • Administering the maintenance of the University’s bank accounts
  • Responding and collaborating on general queries that facilitate departmental business operations

Subordinate Bank Account

The Financial Services Department provides guidance and assistance in opening a subordinate bank account.  This section covers

  • What is a subordinate bank account?
  • What are the advantages?
  • What do you need to consider before requesting one?
  • How do you open one?
  • What are the department’s responsibilities?
  • Who do you contact for more information?

Banking Services can provide the following assistance to departments:

  • assess the need for a subordinate bank account
  • create a subordinate bank account
  • re-direct all deposits into this one account
  • provide on-line access to the account.

For an overview of the process and discussion of the issues, refer to the presentation given to Divisional Financial Officers on March 10, 2006.

Forms

Following are specific forms commonly used in performing the cashier / banking function:

  • Direct Bank Deposit – PDF ; Excel
  • Internal Cash Receipts Deposit – PDF
  • Incoming Wire Transfer – PDF ; Excel

All forms for processing in FIS, in addition to the above forms, can be found on Forms for Processing in FIS.

 

See the FIS Glossary for a glossary of frequently used terms.

See the Guide to Financial Management – Cash Receipts and Banking for more detailed information.

If you have any further questions, please  .