Operating Procedures Manual

Chapter 2. Accounting Services
Section 2.8. Accounts Receivable
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2.8.3. Special Transactions

2.8.3.1. Check Cashing Service

Definition

Check Cashing: The tendering of a draft instrument in return for U.S. legal tender (cash) as opposed to the tendering of a draft instrument in fulfillment of a financial obligation.

Policy

The Campus Store, Cashier's Office, Central Ticket Office, and Residence Hall Reception Desks are authorized to use their limited cash banks for the purpose of supplying to University students and employees personal check-cashing services.

Other operations of the University which are authorized, under separate procedures, to receive and process draft instruments, and are not named here as authorized check-cashing activities, are prohibited from performing personal check-cashing services.

The availability of this check-cashing service will be dependent upon the amount of cash-on-hand in the limited cash bank.

Only checks drawn on depositories in the United States may be accepted and, except for University checks for individual travel advances, must be made payable to "Michigan Technological University,” "Michigan Tech,” or "MTU.”

The limits placed upon this check-cashing service are as follows:

  1. Campus Store - $20.00 per person per day.
  2. NOTE: The first two weeks of each academic semester this amount may be increased to $50.00.

  3. Cashier's Office - $100.00 per person per day and, if available monies permit, University checks for departmental petty cash funds and individual travel advances.

  4. Central Ticket Office - $20.00 per person per day.

  5. Residence Hall Reception Desks (Hall Residents ONLY)

    1. McNair - $20.00 per person per day.

    2. DHH - $20.00 per person per day.

    3. Wads - $20.00 per person per day.

Procedure

To cash a check, do the following:

  1. Make the check payable to “Michigan Technological University,” “Michigan Tech University,” or “MTU.”

  2. Sign and date the check.

  3. Present a valid Tech Express ID card with the check to the cashier.
History
Adopted: 11/13/2001
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