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OFFICE OF TREASURY OPERATIONS: Many Deposits Remain Unclaimed - 10/7/08

As of Oct. 1, there are still 169 incoming electronic deposits unclaimed: 17 for May, eight for June, 18 for July, 34 for August and 92 for September.

 

Many entities -- such the U.S. Treasury Department, the state auditor’s office, Amazon.com, 3M and Johnson & Johnson -- that owe money to the University prefer to send their payments electronically rather than by check. The Office of Treasury Operations (OTO) also prefers this method because funds are received quicker.

 

However, if the funds remain unclaimed for at least 90 days, they are moved to the OTO’s Pending and Clearing Account. After submitting a special request, the University department or school can still claim the funds; but after a period of two years, the funds can no longer be claimed.

 

The OTO urges intended recipients of these funds to thoroughly review the unclaimed incoming electronic deposits and record the funds in a timely manner. These items can be viewed in the General Ledger account 101018, with more detail located in the OTO’s Secure Bank Directory.

 

For staff in need of more information about reviewing unclaimed electronic deposits or who don’t have access to the OTO’s secure bank directory, OTO provides an online Daily Bank Data How-to Guide.

 

The processes for claiming funds over 90 days and for receiving cash postings from the bank and other bank credits are  also available online.

 

More information concerning electronic transactions is available through the Electronic Payments gold tab on the OTO Web page.


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