Subordinate Bank Account

A subordinate bank account is a corporate bank account that is linked to the University’s central bank account. The subordinate bank account can be assigned to any department, unit or faculty that receives and deposits money (e.g. deposits cash and cheques, accepts electronic deposits, deposits credit card transactions, etc.)

The following is a brief summary of advantages:

• Deposit money at any affiliated bank branch.
• On-line view access is available to monitor and trace departmental banking activities.
• Matching deposits between FIS and the bank report.
• There is no cost to the department to open a subordinate bank account.

Before considering a subordinate bank account, it is important to keep in mind the following points:

• Do you have an affiliated bank branch near your University department address? The bank branch should be the same bank in place for the University.
• Other options are and can be made available, please contact the Financial Services Department at banking.fsd@utoronto.ca

The department must supply the following information:

• The bank transit number and address of the branch to which you intend to deposit your money (Tip : the local bank branch can provide you with this information).
• The department’s intended use of the subordinate bank account (e.g. number of deposits and expected value)
• The contact information of the individual who will be responsible for the bank account, and who will be assigned on-line access. This contact information should include: name, address, phone, fax, email, etc.
• Approval from the Dean, Principal, Director or Chair.

The Financial Services Department will inform you when the account is operational and the relevant accounting procedures.

Once the subordinate bank account is opened and available for use, the following are the ongoing departmental responsibilities:

• The department will record their deposits into FIS consistent with the amount reported by the bank. See the Reference Guide or Simulation.
• Once processed in FIS, send a copy of the FIS document with the supporting backup to:

Cashier’s Office
150 College Street, 3rd Floor  Room 350

• With on-line access, you should verify that the deposit has been credited to your bank account accurately.
• On a regular basis (recommended at least weekly), reconcile the deposits between your department’s deposit GL account in FIS with your subordinate bank account. Any differences should be investigated immediately. If you require any assistance, please contact the Financial Services Department at banking.fsd@utoronto.ca.
• It is the department’s responsibility to ensure that on-line access to your subordinate bank account is properly safeguarded.
• If any change is required to the administrator of the department’s subordinate bank account, notify the Financial Services Department.

If you have any further questions, please contact us.