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Deposit Options

Upcoming Training Sessions


Video Transcript

The following are the deposit methods available to UF. These options can be combined to best meet the needs of the department.

Drop Box

An efficient deposit preparation process that provides departmental access to deposit tickets and tamper evident bags that go directly to the bank, while still dropping the deposit off to Criser Hall or the Health Science location (1600 SW Archer Road, Room MG-009 Gainesville, FL 32601)

Features
  • Departments will complete their deposit ticket and prepare the deposit bag.
  • Deposit Cash/Checks together on one deposit ticket and enter one deposit in myUFL to increase efficiency.
  • Departments will stop submitting the deposit transmittal form.
  • Payment ID for myUFL deposit will be the deposit ticket number.
Set-up Requirements
  • 3 – 5 business days from request date to receive deposit materials requested.
  • Materials/information needed to begin using this option:
    • Deposit tickets
    • Tamper evident bags

Mobile App

Deposit option that can be done from the comfort of your desk. Particularly useful for departments with infrequent check deposits.

Features
  • Use the Wells Fargo CEO app to upload checks for deposit to the bank on your smartphone or tablet.
  • No need to travel to make a deposit, checks can be uploaded in the comfort of your office.
  • Same day posting of the check(s) to the bank account.
  • Access to option within 7-10 business days of departmental request.
  • No additional equipment or fees required.
  • Convenient option for departments with infrequent check deposits.
  • Payment ID for myUFL deposit will be department location ID
  • Scanned checks should be securely retained at the department level for 30 days.
Set-up Requirements
  • 2 – 3 weeks from request date.
  • Requires a camera-enabled smartphone or iPad.
  • Materials/information needed to begin using this option:
    • Mobile app download
    • Login information

ATM Deposit

A Wells Fargo deposit-only ATM card issued by BMS that takes advantage of the Broward Dining Hall, Hub, and Reitz Union on-campus locations as well as off-campus Wells Fargo ATM locations. Coins cannot be deposited through this method.

Features
  • Deposit up to 30 checks and bills per deposit.
  • Each deposit can include cash and checks; coins cannot be deposited.
  • Payment ID for myUFL deposit will be the department location ID.
  • On-campus locations include Broward Dining Hall, the Hub, and the Reitz Union.
Set-up Requirements
  • 2 – 3 weeks from request date.
  • Materials/information needed to begin using this option:
    • ATM card

Desktop Scanning

Remote deposit option for departments with high volume of checks while enjoying the simplicity of online banking at your desk. There may be a cost associated with this option.

Features
  • Sign-in to Wells Fargo CEO Portal (access granted by UF Cashiers) and use your desktop scanner to create check deposits.
  • Can scan multiple checks per deposit.
  • Scanner must be ordered through UF Cashiers.
  • Payment ID for myUFL deposit will be the department location ID.
  • Scanned checks must be secured and retained for 30 days.
  • Ideal for departments receiving large volumes of checks.
  • Potential upfront investment of equipment and ongoing maintenance.
Set-up Requirements
  • 3 weeks from request date.
  • Materials/information needed to begin using this option:
    • Desktop scanner
    • Driver installation from IT

Bank Drop-off

An alternative drop-off option directly to a Wells Fargo branch. Beneficial to departments located away from campus.

Features
  • Departments will complete their deposit ticket.
  • Deposit Cash/Checks together on one deposit ticket and enter one deposit in myUFL to increase efficiency.
  • Use any Wells Fargo branch location.
  • Payment ID for myUFL deposit will be the deposit ticket number.
Set-up Requirements
  • 3 – 5 business days from request date to receive deposit materials requested.
  • Materials/information needed to begin using this option:
    • Deposit tickets

Armored Courier

Secure and approved pick-up service from your office location. This method includes a recurring fee.

Features
  • Departments will complete their deposit ticket and prepare the deposit bag.
  • Deposit Cash/Checks together on one deposit ticket and enter one deposit in myUFL to increase efficiency.
  • Departments will complete a courier manifest.
  • Payment ID for myUFL deposit will be the deposit ticket number.
  • Ideal for departments that frequently deposit cash.
  • Monthly service fee – includes scheduled pickups M-F.
Set-up Requirements
  • One week from request date to be integrated in the courier’s route and receive deposit materials.
  • Materials/information needed to begin using this option:
    • Completion of the armored courier contract
    • Courier Manifest
    • Deposit tickets
    • Tamper evident bags

About the Deposit Modernization Project

The deposit modernization project goal is to align departmental and Banking & Merchant Services (BMS) practices for a more efficient and accurate deposit process. This in turn, reduces the time associated with each transaction to improve the overall customer experience. 

Providing different options allows the University to help mitigate risks related to cash and checks that are received by departments and deposit the funds in a University bank account as quickly as possible.

Project Goals
  • Increase Efficiency – Provide deposit options that best meet the needs of each individual unit
  • Deposit Made Simpler – Reduce administrative steps when possible
  • Continued Support – BMS continues to provide timely customer service to help and training to support these new processes
Project Phases and Timeline
Fall 2019 – Process Improvement Event
  • Solicited campus feedback
  • Benchmarked current process against peer institutions
2021-22 – Pilot
  • Re-engage participants
  • Launched 19 pilots during 2021 – 2022
Fall 2022 – UF Release
  • Communication
  • Training opportunities
  • Initial adoption
People
Sponsors

  • Olga Weider, Assistant Vice President & University Controller – Finance & Accounting
  • Laura Ling, Senior Associate Controller – Bursar and Banking & Merchant Services

Project Team

  • Lee Johnson, Assistant Controller – Banking & Merchant Services
  • Karen Gillespie, Accounting Specialist
  • Robin Levine, Accounting Specialist
  • Denice Slade, Fiscal Assistant II
  • Colin Trumble, Accountant III
  • Jenny Seitz, Education/Training Specialist III
  • Cynthia Mendoza, Project Manager

Pilot Partners

  • Contracts & Grants
  • Transportation and Parking
  • Florida Museum of Natural History
  • Disbursements
  • Payroll
  • Student Financial
  • Pharmacy
  • Reitz Union Complex
  • Health Science Departments
  • Asset Management
  • CFO Shared Services Center
  • Cost Analysis
  • Office of Clinical Research
  • Construction Accounting
  • International Center
  • IFAS Soil Testing
  • Facilities Services
  • Veterinary Medicine
  • PK Yonge