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Bank Deposit Preparation

Instructions for US Bank

The Office of the State Treasurer must receive a Cash Receipts Journal Summary document (A8) before 3:00 PM the same day a deposit is delivered to the bank. This includes all deposits received by electronic funds transfer (EFT), ACH or Wire. Deposit delivery method may be different depending on the agency. For questions concerning this, please contact OST Cash Management Division at 360-902-8913.

Instructions for processing cash and check deposits, large amount of coin, Canadian and foreign items, adjustments, returned items, photocopy requests, collections and contaminated currency.

Deposit Supplies

For bank deposit supplies, contact OST, Cash Management at 360-902-8913. If you order directly from the bank, your agency may be responsible for paying for the supplies.

Deposit Preparation

Deposit preparation is essential for timely and accurate processing of your deposits. Please use the following instructions when preparing your deposit. Improperly prepared deposits may be returned to the agency for correction and resubmission.

  1. Prepare a pre-printed deposit slip from your agency’s supply in ink. Complete all applicable fields on the deposit ticket including deposit total.
  2. Currency should be sorted by denomination face up with the heads facing the same direction, and listed in the designated boxes on the front of the deposit slip and verified by another individual and initialed.
  3. Ensure all checks face the same direction. Checks should be bundled into batches of 300 checks or less. Ensure all checks are properly endorsed.
  4. Prepare a tape listing of the checks, including the check total. OST recommends you keep a copy of the tape listing for future reference with a copy of the deposit slip.
      Note: The calculator tape listing should include your agency name and deposit date. Key the dollar amount of each check in the same order as the physical items and note the total.
  5. Do not use tape or staples and remove all excess rubber bands and paper clips.
  6. Package and rubber band your deposit as follows:
    1. Tape listing
    2. Deposit ticket
    3. Currency
    4. Checks
    5. Place loose coin directly in bag
  7. Place the deposit in a poly bag and seal the bag. Ensure all excess air has been removed from the bag before sealing.
  8. Complete the information requested on the outside of the bag, including Account Number and Dollar Amount. Tear off the bag edge with the pre-numbered bag number and keep it with your agency’s deposit records; do not send it to OST.
  9. Fax a copy of the deposit slip and corresponding A8 to 360.704.5107 or email to A8@tre.wa.gov by 3:00 on the day of deposit.

Coin deposits exceeding $25.00

Deposit instructions for coin in excess of $25.00 varies from branch to branch. Contact OST at 360-902-8913 before taking a large coin deposit to the bank. Be prepared to provide the dollar amount of the coin and location of the branch you use to make deposits. OST will contact the bank’s Commercial Customer Service Unit to get the deposit instructions specific to that branch.

Deposits containing currency and/coin exceeding $10,000.00

Federal law requires banks to report personal information on individuals and businesses performing bank transactions that contain cash or coin of $10,000.00 or more. The law exempts State governments from the reporting requirements and US Bank Branches have been notified of this exemption.

If you are asked for personal information when making a deposit speak to the Branch Manager and remind them State Governments are exempt from the Currency Transaction Reporting (CTR) requirements. If they still want personal info ask for the Branch Manager’s business card. When you return to your agency contact the Treasurer’s Office at 360.902.8913 and provide OST the Branch Manager’s contact info and date/time of the transaction. OST will contact the state’s account representatives and seek a resolution to the issue. It is an agency/individual decision to provide the personal info or delay making the deposit until the issue can be resolved with US Bank.

Canadian Currency

Agencies are discouraged from accepting Canadian cash.
NOTE:Canadian coin is not accepted for deposit.

  1. Deposit Canadian currency separately from your regular deposit
  2. Deposit must be at least $20 in US dollar value to be accepted
  3. Take the deposit to the branch with a blank, preprinted deposit slip and carbons
  4. The teller will obtain the current exchange rate and provide the US dollar deposit amount
  5. Complete the deposit slip
  6. Fax a copy of the completed deposit slip and corresponding A8 to 360.704.5107 by 3:00 on the day of deposit.

Canadian Checks

  1. Determine if the check is in US or Canadian funds. Generally USD or US Dollars will appear on the face of the check if it is US funds.
  2. If in US Funds, the check can be included with your regular deposit.
  3. Deposit checks in Canadian funds separately from your regular deposit.
  4. The deposit ticket should list the item(s) at face value. The bank will calculate the exchange rate and process an adjustment for the difference.
  5. Fax a copy of the completed deposit slip and corresponding A8 to 360.704.5107 by 3:00 on the day of deposit.
  6. OST will prepare an adjustment Cash Receipt (A8) and send a copy to the agency accompanied by the debit advice and check copy.

Other Foreign Checks and/or Currency

Agencies are strongly discouraged from accepting payment by foreign check or in foreign currency. Special fees are assessed for processing foreign checks and currency which are paid by the depositing agency.

Not all foreign currencies are accepted by the bank for deposit. Contact OST (360.902.8913) prior to accepting foreign checks or currency to determine if it can be deposited.

NOTE: Foreign Coin is not accepted for deposit.

Deposit instructions for foreign checks and currency vary from country to country. OST will work with you and the bank to determine the most efficient and cost effective way to process your foreign currency deposit. Contact OST (360.902.8913)

Deposit Adjustments

The bank will provide OST with deposit adjustment information explaining the reason for the correction.

OST Cash Management will prepare a cash receipt journal summary (A8) debiting or crediting your agency and fund 01P. Copies of all documentation will be sent to the agency contact.

Returned Checks

Checks returned by the drawer bank are returned for the reason indicated on the face of the check. Reasons for return can include: non sufficient funds (NSF), missing signature, stale dated, hold on account, non negotiable item, refer to maker and stop payment.

OST Cash Management will prepare a cash receipt journal summary (A8) debiting your agency and fund 01P. Copies of all documentation will be sent to the agency contact.

Ordering photocopies of deposited items

Photocopies of deposited checks can be obtained by contacting OST Cash Management at 360-902-8910 or by faxing the request to 360-902-8945.

  1. Specify agency name and number, date of deposit, amount of check in question and deposit total.
  2. Research check location within the deposit check tape listing and find the amount of the check listed just before and just after the item needed.
  3. A copy of the check will be available in 3-5 business days and will be forwarded to the requesting agency.
  4. A request for multiple check copies may result in charges by the bank. 10 or less copies will be $1.00 each. For more than 10 items, a $25.00 per hour charge will be assessed.

Depositing Contaminated Currency

Warning: Contaminated currency is lawfully held U.S. currency that may pose a health or safety hazard due to known or suspected contact with a chemical, radioactive or biological substance. Shipping currency known or suspected to be hazardous without proper notification may be a criminal violation of federal, state and/or local hazardous material statutes or ordinances.

  1. Each instance of contamination is unique and may require specific instructions for delivery to the bank for processing. The state agency in control of the contaminated currency must provide a written statement on official letterhead concerning the degree of contamination, the degree of risk involved, and the recommended method of disposition. The agency should also answer the following questions:
     
    1. What is the suspected contaminate?
    2. How, when and where did the currency become contaminated?
    3. Value of the deposit (approximate value if verification is not possible)
    4. Number (approximate number) of bills within the deposit
    5. Has the dollar amount been verified. Contact information for the individual responsible for handling the contaminated currency
  2. Do not mix contaminated currency with other deposits.
  3. Contact OST (360.902.8913) and provide them a copy of the letter. OST will work with the bank to determine how to safely and securely deliver the contaminated currency for deposit. OST will provide further instructions to the contact listed in the letter after conferring with the bank.


Contact:

Lesa Williams, ACH & Deposits Manager at 360.902.8911, Lesa.Williams@tre.wa.gov
or
Ryan Pitroff, Banking Services Manager at 360.902.8917, ryan.pitroff@tre.wa.gov
or
Sue Penley, Cash Management Division Manager at 360.902.8914, Sue.Penley@tre.wa.gov

if you have any questions regarding these instructions.