Banking
Banking
Business Services serves as a central coordinating department to;
- Supply CIBC books for direct deposits
- Assist with banking questions and act as liaison with Financial Services, St. George
- Assist with banking arrangements for POS merchant or subordinate bank accounts
Relevant Links and Information
U of T Mississauga departments manage their own cash receipts and use the “Direct Deposits” method described in the Guide to Financial Management (GTFM) to prepare their bank deposits and Banking Report.
U of T Mississauga has a number of departments that have their own Subordinate Bank Account. These departments will use the “UTM Direct Deposit” FIS report, complete the CIBC deposit form and deliver a completed sealed deposit to the UTM Cashier drop box located in the Davis Building on the 2nd floor and is responsible for forwarding a copy of the FIS report complete with document number to the UT Cashier at 215 Huron Street, 2nd Floor for clearing and reconciliation.
All other departments will complete the “UTM Internal Deposit” FIS report and place this, posted complete with document number, report and currency in a sealed interoffice envelope and deposit into the UTM Cashier drop box for consolidation into a campus CIBC deposit.
US Dollar deposits are to be completed as “Internal deposits” and dropped off with the UTM Cashier for deposit using the “UTM USD Internal Deposit” FIS report.
All other currencies are to be treated as “Internal deposits” and dropped off with the UTM Cashier for deposit using the “UTM Internal Deposit” FIS report. These deposits are not to be posted into FIS prior to forwarding to the cashier, they will be posted to your account by Business Services after being transported to the bank and having the currency exchange applied to the deposit.
For additional information on the University’s policies and procedures with respect to Cash, Other Receipts and Banking, please see the Guide to Financial Management and Controls and Responsibilities when handling cash.