What items do I need to verify when preparing a deposit?
When you are preparing a deposit, please verify the following information on each cheque:
- Personal cheques are valid only for six months.
- A cheque that says Certified Service is a personal cheque, not a certified cheque.
- Must be payable to the University of Toronto.
- Cheques made payable to a department within the University are also acceptable.
- If a cheque is payable to a person, that person must endorse the cheque over to the University of Toronto by writing on the back of the cheque ‘Pay to the University of Toronto – for deposit only’ and sign it.
Body and figures
- The written amount (body) must agree with the numeric amount (figures).
- If the body and figures disagree in cents only, the cheque may still be deposited.
- All personal cheques, certified cheques and traveler’s cheques must be signed.
- Bank drafts and money orders do not require signatures.
- The currency of the cheque must be the same as the currency used by the bank from which it is drawn.
- If they differ, the bank will send the cheque for collection at a service charge, which is approximately $30 – $50.
- It is preferable to have the cheque reissued as an international money order in Canadian dollars.
It should be noted that, immediately upon receipt, all cheques must be restrictively endorsed. Stamp or write on the back of each cheque:
For Deposit Only Governing Council of the University of Toronto
Last Updated: June 11, 2020