Transition to New Bank Accounts: What You Need to Know for August

Beginning August 1, 2024, the Controller’s Office Unclaimed Payments folder in Box now includes transaction detail files for Electronic Funds Transfer (EFT) deposits into the Contracts and Grants Accounting (CGA) and Department Accounts Receivable (Dept AR) bank accounts. EFT image files can be found in a subfolder titled, “EFTs (ACH wires)”. EFT files for Student Services and Auxiliary accounts will be added later, pending bank implementation. This addition aids in faster identification and claiming of all payments by enabling departments to view ACH statements alongside the current lockbox files.

Claiming Payments Sent to Incorrect Bank Accounts

As we continue to notify customers of new remittance details, some payments intended for the new bank accounts may be remitted to the former main depository account. Departments should first check for expected payments on the Unclaimed Payments file corresponding to their respective bank account (Dept AR, Auxiliary, or Student Services). If a non-sponsored payment is not found, review deposits to the former main depository bank account, now identified on the “CGA” tab. If a payment belonging to your department is identified in the CGA account, you must first claim the payment and then process the journal entry against the CGA Account 10110.

To access the Unclaimed Payments folder in Box or for detailed instructions on claiming payments, see Identifying and Handling Unclaimed Payments.

Answers to Common Questions

We are maintaining a list of frequently asked questions (opens in new window) to support you during the ongoing transition. This resource will be updated periodically and is available from the Controller's Office website.

Please review the answers to common questions below. If you have additional questions or need assistance, contact the Cash and Controls team at [email protected].

Will we need to change our location numbers on new deposit stamps?
No, location numbers will not change. The only change on deposit slips will be a new bank account number.

Can we use current deposit slips until we receive new deposit slips?
Yes, please continue to use existing deposit slips until new slips arrive. We do not want to hold up deposits. New orders typically require 7 to 10 business days for the bank to process.

How do we handle customer ACH/Wire registrations with our new accounts?
Your customers may require bank verification for the new accounts. Please submit their forms to [email protected] for completion and phone/callback verification if requested.

I still have unclaimed payments in the main depository account. With the switch in bank accounts, will I still have access to claim payments from the main depository account?
Yes, the unclaimed file has four separate tabs – one for each account. You can continue to claim payments in the old bank account until all your customers have transitioned to the new assigned bank account.