Banking

Financial Information and Processing support (FIPS) acts as a central coordinating department to:

  • supply CIBC books and Brink’s bags for direct deposits
  • assist with banking questions and act as a liaison with Financial Services, St. George campus
  • assist with banking arrangements for POS merchant or subordinate bank accounts
  • assist with online banking access set-up

Relevant Links and Information

University of Toronto policies and procedures with respect to the handling of Cash, Other Receipts and Banking and Objective and Responsibilities for Cash and Banking should be reviewed prior to handling cash receipts.

UTM Canadian Cash and Cheque Deposits:

For departments that have their own Subordinate Bank Account:

Step 1: Department will prepare and process in FIS the UTM Direct Deposit” report and complete the CIBC deposit form. The department is responsible for attaching copies of the UTM Direct Deposit FIS report and the CIBC deposit form in FIS.

Step 2:  Department will place a copy of the UTM Direct Deposit FIS report, CIBC deposit form and cash/cheques in a sealed Brink’s bag and will deliver it to the UTM Cashier drop safe (see Note 1).

Step 3: Department will forward an electronic copy of the UTM Direct Deposit FIS report completed with document number and the CIBC deposit form to Debbie Carter, Cashier, Financial Services, debora.carter@utoronto.ca for clearing and reconciliation.

All other departments:

Step 1: Department will prepare and process in FIS the “UTM Internal Deposit” report.  The department is responsible for attaching a copy of the UTM Internal Deposit FIS report in FIS.

Step 2: Department will place the UTM Internal Deposit FIS report (FIS document number included in the report) and cash/cheques in a sealed interoffice envelope, and will deposit it into the UTM Cashier drop safe. (see Note 1)

US Dollar deposits:

Step 1: Department will prepare and process in FIS the UTM USD Internal Deposit report. The department is responsible for attaching a copy of the UTM USD Internal Deposit FIS report in FIS.

Step 2: Department will place the UTM USD Internal Deposit FIS report (FIS document number included in the report) and cash/cheques in a sealed interoffice envelope, and deposit it into the UTM Cashier drop safe. (see Note 1)

All other currencies:

  • Foreign cash other than USD must be converted to Canadian dollars at any bank before a deposit is made to the UTM Cashier drop safe (see Note 1)
  • All other currencies cheques are to be treated as 'internal deposits' and dropped off with the UTM Cashier drop safe (see Note 1) for deposit using the “UTM Internal Deposit” FIS report. These deposits are not to be posted in FIS prior to forwarding to the UTM Cashier drop safe. They will be posted to your account by FIPS after being transported to the bank and having the currency exchange applied to the deposit.

For any questions and inquiries, please email finance.utm@utoronto.ca

Note 1: UTM Cashier drop safe is located in the Davis Building, beside Room 2078, on the second floor. If you do not possess a key for the UTM Cashier drop safe, you may borrow the key from the Campus Safety and return it immediately after use.

Last updated : October 18, 2022