FMPM 220 Policy - Bank Accounts

Intent

To set out the requirements relating to the approval of, and monitoring of, banking arrangements.

Scope

Policy

• The University must establish banking facilities with one of the major Australian banks which will be the University's primary transaction bank.

• The banking arrangements with the University's primary transaction bank must be subject to the approval of the Chief Financial Officer and must be reviewed at least every five years.

• The Executive Director, Finance & Resource Planning may approve the establishment of bank accounts with other than the primary transaction bank in circumstances where the primary bank is unable to meet the needs of the University.

• All banking arrangements must provide for the following conditions with respect to all accounts:

  • all correspondence regarding the accounts must be addressed to the Chief Financial Officer;

  • account names must include the name “James Cook University” or an abbreviation as approved by the Chief Financial Officer;

  • a cheque or other paper based form of withdrawal must not be accepted unless it carries the signature(s) of a person(s) authorised to sign;

  • electronic withdrawals must be subject to appropriate controls and authorisation;

  • a certificate of balance and a bank statement or record of transactions must be available on request by an authorised person; and

  • paid cheques must be available on request by an authorised person.

• Overdraft facilities must not be available on any bank account unless the requirements of FMPM 430: Policy - Borrowings have been complied with.

• A register of bank accounts must be maintained detailing:

  • the name, address and branch of the bank;

  • the name and number of the account;

  • any overdraft limits that apply; and

  • the terms, conditions and signatories to the account.

For enquiries in relation to this FMPM Policy please contact [email protected].

Administration

Approval Details

Revision History