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BANKING SERVICES | No. 5-4c | Rev. 2-14-85 |
| Date 11-12-80 | |||
OLD VERSION
POLICY
A. General
1. Only qualified depositories of the state of Utah may be used for
checking accounts.
2. The University will select from the following options:
a. A single bank may be given responsibility for all University
checking accounts except for duly authorized imprest bank
accounts.
b. The general checking account may be assigned to one bank and
the University payroll account assigned to a different bank.
3. Banking services shall be submitted for bid at least every four
years and the justification for selection of each bank shall be
fully documented. Where bids and services are comparable, banks to
be utilized shall be rotated.
4. Departments or organizations of the University desiring to open a
bank account must submit requests to the Office of the Vice
President for Administrative Services. The vice president for
Administrative Services will determine the need for establishing
all bank accounts and will make a recommendation to the president
for approval.
5. The bank shall be notified that the mailing address for all bank
statements shall be Office of the Controller, Weber State
University. In no instance shall any bank statement be requested
to be mailed directly to a department or organization without being
first mailed to and received by the controller.
B. Criteria for Selection of a Banking Service
1. The bank shall meet the minimum requirements and capabilities as
noted in Section C below.
2. The primary considerations for selection shall be minimum cost to
the University and maximum services provided to the University
while assuring appropriate protection of University resources.
3. Bids for the investment of institutional funds shall not be a part of the process of selecting a banking service.
C. Qualifications for Selection as a Banking Service
1. In order to be eligible to be considered for selection as the
University's banking service, a bank shall satisfy the following
minimum qualifications:
a. It must be a qualified depository of the state of Utah.
b. The cost of services provided by the bank shall be competitive
with costs charged by other banks for similar services.
c. It must maintain a banking office readily accessible to the
institution with the capability of providing all normal
commercial banking services, as well as investment assistance
and advice for the institution.
2. To be eligible for consideration, a bank must be capable of
providing the following services:
a. The number of checking accounts requested by the institution
and the ability to process all deposit items received and
checks issued
b. The currency and change requirements of the various
auxiliaries and other departments
c. Compatible data processing services for prompt reconciliation
of all bank accounts and other data processing requirements
related to maintenance of institution accounts
d. Investment services for the institution in the management of
its short-term funds, including provision for the following:
(1) Transfer of funds to New York banks for the purchase of
securities
(2) Repurchase agreements on a daily basis with securities of
the U.S. Government or its agencies as pledged collateral
(3) Assistance with the purchase and transfer of commercial
paper, time certificates of deposit, bankers acceptances
and other money market investments
(4) Transfer of funds from one bank to another by wire
transfer through the banking system
e. Daily telephonic reports of account activity
f. Issuance of savings bonds in connection with payroll
withholdings
g. A depository for federal withholding and payroll taxes
h. Periodic financial consultation
i. Participation in guaranteed student loans