Depositing Cash/Checks

The University’s procedures with regard to the acceptance and handling of checks and cash are defined and outlined below.

Gifts and Grants: Gifts must be routed through GRS (see Gift Clearing Guidelines). Grant revenue questions should be directed to ASRSP.

Policy Reference: For complete governing rules, review the Cash Management Policy.

Check Acceptance

• U.S. Currency and Banks: All checks must be drawn on a U.S. Bank in U.S. dollars. For foreign checks (drawn on a foreign bank or in a foreign currency), please see “Foreign Checks” section below.

• Deposit Limitation Messages: Look for any deposit limitation messages pre-printed on the check, “not valid after 90 days”, “not valid over $500.00”, “Final Payment”, etc.  If the check violates any of this language, please ask the issuer of the check to reissue the check correcting the deposit limitation message.

• Stale-dated or Post-dated Checks: Verify that check is not stale-dated (older than 90 days) or post-dated (dated for a future date). If check is stale or post-dated, return the check to the issuer.

• Payee Naming ("Northwestern University"): The check should be made payable to “Northwestern University”.If the check is made out specifically to a department or an individual, it must be endorsed as such.

• Written and Numerical Amounts: Written and numerical amounts must be identical. If they do not match, return the check to the issuer.

• Payor Signature: Check must be signed by payor. If check is not signed, please ask the payor to sign it.

• Tuition Check Payments: For tuition check payments, the customer/student information must be written on the front of the check

• Starter or Blank Checks: Starter/blank checks may not be accepted without the approval of an authorized departmental supervisor. Proper identification (valid Driver’s license, State ID, Wildcard or NU affiliated ID) must be presented before being approved by the supervisor.

• Restrictive Endorsement Stamp: The check must be restrictively endorsed immediately with a departmental bank deposit stamp. Contact Depository Services at depository.services@northwestern.edu for information on ordering the correct endorsement stamp for your department.

• Third-party Checks: No third-party checks can be accepted. If a check is received drawn on a third-party, return the check to the issuer for reissuance.

• Excess Funds / Change Given: Departments are not authorized to return any excess to the payor in the event that the check exceeds the amount due to the University. In this situation, please ask the issuer of the check to re-issue for the correct amount.

• Deposit Procedures: All checks received by a department must be deposited as outlined in Preparing Your Bank Deposit.

• Refundable Deposits: Currency or checks, received as a refundable deposit on goods or services, may not be held in the department. Rather, this currency or checks must be deposited and later refunded through Accounts Payable.

Foreign Checks

Any check not drawn on a U.S. bank is considered a foreign check, even if the check is payable in U.S. dollars.

• Delivery and Chartstring Requirements: Separate foreign checks from other deposits and deliver to Depository Services for transmittal to the bank. Chartstring information must be supplied in order to credit funds to the department.

• Collection and Posting Timeline: Depository Services will submit the check(s) to the bank for collection and will post the amount received to the department’s account when the equivalent proceeds (U.S. dollars) are remitted back to the University. The collection process for foreign checks may take several days to several weeks to complete depending on the foreign country currency.

• Exchange Rates and Bank Charges: The U.S. dollar-equivalent proceeds will be based on any bank collection charge and the exchange rate at the time the check is presented for collection and any bank collection charges University’s procedures with regard to the acceptance and handling of checks and cash are defined and outlined below.

Endorsement of Checks

All checks must be restrictively endorsed to the University immediately upon receipt. This protects the check if lost or stolen.

For gift checks, please contact GRS at giftclearing@northwestern.edu. For more information on gift depositing information, please consult the Gift Clearing Guidelines.

The endorsement must include the following language:

For Deposit Only

Northwestern University

Department Deposit

XXXX7808

Location 10001*

Chartstring

*This is the 5 digit location number that is assigned to you by Depository Services and printed on your deposit slips and endorsement stamp.

Frequency of Deposits