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Cash Handling 4: Documents

Bursar's Office Author

05/30/2018 Added

1439 Plays

Description

Introduction to the payment instruments that may be used in a transaction.

Searchable Transcript

[00:00:00.000]In this quick clip we will discuss payment instruments that may be used in a transaction.
[00:00:06.400]Some departments receive checks for goods or services provided by the University.
[00:00:12.033]Checks should always be made out to the University of Nebraska Lincoln, not UNL.
[00:00:18.166]Checks should be written only for the amount of the sale. Departments should not provide change from a check.
[00:00:24.133]Please endorse checks immediately.
[00:00:26.033]An endorsement stamp should be used and should be stamped within 1.5” of the top, reverse side of the check.
[00:00:34.066]Do not accept checks that do not have the current date. Checks with a date later than the payment date are called postdated checks.
[00:00:42.100]Individuals sometimes postdate checks to coincide with their upcoming pay date.
[00:00:47.533]If this happens, ask them to return and pay the bill when they have sufficient funds in their account.
[00:00:53.900]Also, please note that we cannot accept two-party checks. A two-party check is a check that was originally written as payable to the individual.
[00:01:02.533]We can only accept checks written to the University of Nebraska – Lincoln.
[00:01:07.566]Students occasionally pay with checks written from foreign bank accounts.
[00:01:12.933]These payments must be processed differently than disbursements from American financial institutions.
[00:01:18.600]A US check carries an American Bank Association routing number, on the lower left-hand side of the document.
[00:01:25.966]This number is 9 digits long, with no spaces or other markings. The middle number at the bottom of the check represents the bank account number.
[00:01:35.666]The final number, on the lower right, is the check number.
[00:01:40.200]The two little markings in front and behind the bank routing number should always be present, as shown in the example.
[00:01:46.800]If the features on the check differ from this format, please request the customer to pay with currency or a United States check.
[00:01:55.233]Your supervisor may need to be contacted if further payment resolution issues arise.
[00:02:01.800]Traveler’s checks are occasionally presented for payment on campus.
[00:02:05.533]These checks are recognized as equivalent to cash.
[00:02:08.733]On the document, the presenter’s signature should appear in the upper right hand corner on the signature line.
[00:02:14.833]The individual expending Traveler’s checks should sign the document in your presence. Please ensure that the two signatures are similar.
[00:02:22.866]These checks should be “Paid to the order of” the “University of Nebraska – Lincoln,” with the current date.
[00:02:28.466]Please request a form of identification to verify the identity of the payor.
[00:02:34.133]Traveler’s checks should be included in the check total, when summarizing your deposit.
[00:02:41.000]Occasionally, we receive counterfeit money on campus. Generally, this fake tender is fairly easy to recognize.
[00:02:48.533]Counterfeit bills may be thicker or stiffer than actual currency.
[00:02:52.566]The drawings on fake bills are usually less distinct and the colors are either more pronounced or more faded.
[00:02:59.800]To ensure authenticity, you can hold the bill up to the light. A security strip should be visible.
[00:03:06.466]“USA 5” or “USA 10” will repeat within a strip, on a five or a ten dollar bill. The number within the strip will be written as a word on a 20 or 50 dollar bill.
[00:03:19.533]Authentic currency contain watermarks. Certain currencies may have a watermark of the individual that is also on the face of the bill.
[00:03:28.766]The secret service website at www.secretservice.gov offers additional verification tips.
[00:03:39.133]If you receive a bill that may be counterfeit, don’t put yourself in danger. Don’t be a hero.
[00:03:46.733]If the individual that provided the bill seems uneasy or hostile, simply retain the bill, finish the transaction and allow them to depart.
[00:03:55.533]Then, call UNL Police. Please be prepared to provide as many details as possible regarding the interaction.
[00:04:03.466]If the individual seems fairly relaxed, engage them into a conversation regarding the bill. Did they believe that the bill looked odd?
[00:04:12.566]Do they recall where they received the bill? Inquire if they would be willing to speak to the police.
[00:04:19.600]Additional information may lead to the source of the counterfeit bills.
[00:04:24.600]Minimize the handling of the bill to allow the police to obtain fingerprints.
[00:04:29.733]Finally - please notify the Bursars Office regarding the receipt of any counterfeit currency.
[00:04:35.533]They will alert others within the cash handling operations on campus.
[00:04:40.966]Thank you for your time. If you have any questions please contact the Bursar's Office

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