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CRM 305 - Exchanging Checks for Cash

The policies on this webpage have been streamlined and reformatted, and are now available on the University Policies webpage. We ask that you use this new resource, as future changes, additions to or eliminations of these policies will only be made to the University Policies webpage, and policy manuals you may have used in the past will no longer be updated. 

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.

created: 02-28-97