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Dod Financial Management Regulation Volume 5, Chapter 05

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Dod Financial Management Regulation Volume 5, Chapter 05 DoD Financial Management Regulation Volume 5, Chapter 05 CHAPTER 05 DEPOSIT AND TRANSFER OF PUBLIC FUNDS 0501 DEPOSIT OF FUNDS tions among the approved depositaries. Public funds shall not be deposited in a financial insti- 050101. General. As prescribed in 31 U.S.C. tution which is not an approved general deposi- 3302 (reference (o)), DOs who have funds in tary except as provided in subparagraph excess of current requirements shall deposit 050102.E below. Deposits shall not be mailed to them for credit to the Treasury without delay. a general depositary unless specifically autho- An exception to the general rule is authorized rized by the Treasury. for those instruments which shall be returned to the remitter in the form in which received, an C. Requests to Deposit With or example being deposits of unsuccessful bidders Change General Depositary. DOs who want for the sale of Government property. either to get initial authorization to deposit collections with a general depositary or to 050102. Depositaries change from one depositary to another shall send a request through the servicing DFAS A. Federal Reserve Bank (FRB). DOs Center to the Financial Management Service, who use an FRB or branch as a depositary may Department of the Treasury, Chief Depositary do so without prior approval from the servicing Review Section, Banking Operations Branch, 3700 DFAS Center. FRBs or branches shall be used East-West Highway, Hyattsville, MD 20782. whenever possible. Appendix B provides a list The request should be sent at least 90 calendar of FRBs and branches. All deposits to an FRB or days prior to the requested effective date to branch shall include a Ca$h-Link Identification allow the Treasury enough time to make the Number (CIN) in Block 3 of the SF 215, Deposit necessary arrangements and issue appropriate Ticket. The CIN is also required as a part of the instructions to the depositary. The request shall endorsement on negotiable instruments included contain the following information: in such deposits. The CIN is derived by adding four leading zeroes to the DSSN and calculating 1. Name and location of the a check-digit for the ninth position. The CIN is depositary currently used. calculated as shown in table 5-1. When prepar- ing the SF 215 (and endorsements), the eight- 2. Time and manner in which digit CIN and the ninth digit are separated by a deposits are made with the current depositary. dash. 3. Name and location of the B. General Depositaries. As pre- proposed depositary (specify the name and scribed by the Treasury Financial Manual (refer- location of the particular branch office, if applica- ence (w)), banks or other financial institutions ble). which are approved as general depositaries are designated by the Treasury. Depositaries will be 4. Time and manner in which designated only at locations where they are deposits will be made with the proposed deposi- needed to receive deposits of public funds for tary. credit to the Treasury or to furnish cash to DOs for official disbursements. If more than one 5. Total dollar amount deposited bank or a bank and credit union have been monthly. authorized at a base, station, installation, or command, the local commander, if asked, should 6. Total number of checks (in- give these financial institutions equal recognition cluding Treasury checks) deposited monthly. when recommending designation as a depositary to the Treasury. After approval by the Treasury, 7. Dollar amount and number of the commander should also make an effort to Treasury checks deposited monthly. reasonably distribute official financial transac- 79 Volume 5, Chapter 05 DoD Financial Management Regulation 8. Amount of cash deposited receipts after that time. If daily deposits of monthly. receipts of less than $5,000 are impractical, they may be accumulated and deposited when the 9. Number of returned checks total reaches $5,000. However, deposits shall be per month. made by Thursday of each week, regardless of the amount accumulated. DOs should limit their 10. Number of SFs 215 per transmittals of deposits to one per day. DOs month. shall separate cash from checks and prepare a separate SF 215 for each when depositing with 11. A brief justification statement an FRB. A cash deposit and a check deposit on outlining distances involved and savings in time the same day constitute one deposit per day. and money to be gained by approval of the For Navy vessels in U.S. ports, deposits shall be request. prepared and either delivered in person or mailed via registered mail to the nearest FRB D. Need for General Depositary when receipts accumulate to $5,000 as prescribed Ceases to Exist. Should the need for a general above. For Navy vessels at sea when daily mail depositary cease to exist, the DO shall notify the service is not available, receipts (consisting only servicing DFAS Center of the date on which the of personal checks, money orders and other non- need will terminate and the reason. Treasury negotiable instruments) may be accu- mulated up to $5,000 before they must be depos- E. Limited Depositaries. Limited ited, provided that a deposit of all receipts on depositaries are designated only to receive hand is made at least once each week. This deposits made by or on behalf of DOs for credit exception does not apply to U.S. Treasury to their official non-symbol checking accounts checks. The DO shall prepare the deposits for maintained with such depositaries. Limited mailing via registered mail and deliver them to depositaries are not authorized to accept deposits the Military Post Office onboard. Negotiable for credit to the Treasury. instruments to be deposited shall not be held in the DO’s accountability pending arrival at the 0502 DEPOSIT REQUIREMENTS next scheduled port of call. Regardless of the total amount, the time interval since the last 050201. Frequency. The deposit of all funds deposit, and the type of checks and negotiable received for credit to the account of the Treasury instruments on hand, DOs onboard Naval ves- shall be made without delay. Deposits shall be sels shall make a deposit on the last regular made at a time of day before the depositary’s business day before leaving port and the first specified cutoff time, but as late as possible to regular business day after returning to port for maximize daily deposit amounts. Receipts of any at-sea period in excess of one week. $5,000 or more shall be deposited on the same day received before the depositary cutoff time. 050202. U.S. Dollar Deposits In those instances where the disbursing office business day has been advanced due to volume A. Negotiable Instruments. Negotia- of transactions and balancing requirements, ble instruments (e.g., Treasury checks, personal deposits shall be made on the disbursing office checks, travelers checks, money orders, etc.) business day on which the receipts are processed payable in U.S. dollars shall be deposited for into the DO’s account. For example, today’s credit to the account of the Treasury with the calendar date is September 7 but the disbursing nearest FRB or branch or an approved general office business date is September 8. If receipts depositary. All DOs in the United States (and for the DO’s business date of September 8 equal activities authorized to deposit to the account of or exceed $5,000, the receipts must be deposited a DO in the United States) shall deposit Treasury prior to the end of the depositary’s business date checks in the sum of $5,000 or more with the of September 8. Where same-day deposit is not nearest FRB or branch. For example: if the cost effective, next-day deposit shall be achieved. deposit includes one Treasury check for $5,000 or It may be necessary, therefore, for DOs to set a more, the deposit must be made to an FRB or cutoff time in connection with the preparation of branch; or, if the deposit contains several Treas- deposits, and deposit on the following day all ury checks, the total of which is $5,000 or more, 80 DoD Financial Management Regulation Volume 5, Chapter 05 the deposit must be made to an FRB or branch. impracticable, the next most preferred method is When an FRB or branch is used, separate SFs 215 by armored car. The least preferred method of shall be prepared for each of the following depositing cash is by registered mail. The cash deposits: (1) cash; (2) checks (e.g., Treasury should be double wrapped or placed in an inner checks, personal checks, money orders, travelers and outer container. If an error is discovered checks, etc.); and (3) food stamp coupon redemp- after an SF 215 has been released to a depositary, tions. Check endorsements, SFs 215 and debit or that document shall not be recalled or corrected; credit vouchers presented for deposit to an FRB nor will a corrected SF 215 be prepared and or branch shall include the nine-digit CIN in submitted to the depositary. The DO shall Block 3 of the SF 215 (see paragraph 050102.A contact the depositary and provide information above). Check endorsements, SFs 215 and debit on the error and request the depositary to pre- or credit vouchers presented directly to a general pare: an additional SF 215 for the difference if depositary shall include the four-digit DSSN as the deposit amount is to be increased; or a SF the DO identification number in Block 3 of the 5515, Debit Voucher for the difference if the SF 215. DOs located outside the continental amount is to be decreased. Upon receipt of the United States may deposit all Treasury checks additional SFs 215 or 5515, the DO shall record with an established general depositary.
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