CRM 305 - Exchanging Checks for Cash
Checks Received in a Check Cashing Operation:
Exchanged for Cash Daily - Daily all checks received in a check-cashing operation are exchanged for cash at the Campus Cashiers Office or, for those units authorized, at a depository bank.
Requirements for Exchange :
At Campus Cashiers Office -
- An adding machine tape totaling the amount must be attached to all checks presented for exchange.
- A written record is made in duplicate of each transaction and must include:
Date of exchange transaction.
- Amount of cash given in exchange.
- Signature of employee receiving the cash.
- Certification of Cashier making the exchange.
Disposition of Copies - A copy is retained by the Campus Cashiers Office and a copy is given to the employee receiving the cash.
At Depository Bank - A properly completed and validated deposit slip satisfies the transaction record requirement.