FMPM 220 Policy - Bank Accounts

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Intent

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

Scope

Function

Responsibility of

Approval and review of primary banking arrangements

Director, Financial and Business Services

Creation of a new bank account

Executive Director, Finance and Resource Planning

Approval of signatories to a bank account

Director, Financial and Business Services

Variation to the terms of a bank account

Director, Financial and Business Services

Closure of a bank account

Director, Financial and Business Services

Maintenance of a register of bank accounts

Director, Financial and Business Services

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 Director, Financial and Business Services 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 Director, Financial and Business Services;

    • account names must include the name “James Cook University” or an abbreviation as approved by the Director, Financial and Business Services;

    • 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 AccountsReceivable@jcu.edu.au.

Administration

Approval Details

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next review

11/2015

Revision History

Version

Approval date

Implementation date

Details

Author

15-01

09/09/2015

10/09/2015

Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework

Quality Standards and Policy Unit

10-01

16/11/2010

22/11/2010



08-01

21/11/2008

24/11/2008



07-01

15/11/2007

11/12/2007



06-01

12/2001

12/2001



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