Deposits

To deposit checks, endorse them by signing the name of the organization on the back of each check and stamping it "For Deposit Only" (stamps for this purpose are kept on the banking work table). Note: The endorsement must be the same as the payee on the front of the check. If it is made payable to someone other than the organization, it must be endorsed by that person and with your organization name, plus the "For Deposit Only" stamp. Initials are not acceptable for endorsement purposes. If your organization has a long name that makes endorsing checks a lengthy process, we suggest you have a stamp made with the following information on the stamp:

Organization Name and Acct. #
For Deposit Only
The University of Texas
Student Organization Fund
Account #591105795
(Endorsements must be made within 1 1/2 inches of the "trailing edge" of the check.)

Fill out a deposit slip with the organization name; the account number assigned by the Student Organization Bank; the date of deposit; and itemize currency, coin and checks. Don't forget to fill in the total at the bottom. If a large number of checks are being deposited, they do not have to be listed separately unless a list is needed for your own records.

Be sure to bring your ledger sheet up-to-date by entering the date, the amount of deposit, and the new balance in the proper columns. Explain any miscellaneous entries. The accountant will verify the deposit and give you a copy to be kept in your organization's bank file.

Check your new balance with the accountant to maintain the correct current balance.

Note: If you are depositing checks, you must allow clearing time before the funds can be withdrawn. With a few exceptions, checks should clear within three working days after your deposit is posted.