A. Banking Services 1. Background: The College currently maintains the below bank accounts. Currently, college staff initiate bank book transfers to move funds between accounts as necessary. Deposits are made to the deposit account daily by wire, ACH, or remote deposit. Cash is deposited3 times per week via Armored car service (approximately $500,000-$650,000 annually). Positive pay files are transmitted to the bank for disbursements from the student refund, operating, and payroll account. The College uses the Ellucian Banner system to process transactions. Accounts Payable (AP) disbursements (checks and ACH) from the operating account are originated weekly. Those disbursements totaled over $97 million last fiscal year. Over 5,000 disbursements were made by check and approximately 3,500 by ACH. Student ACH refunds are originated daily through our student payment platform, TouchNet (approximately 10,100 items per year, totaling over $14 million) and student refund checks are printed weekly (approximately 4,000 items per year, totaling over $3.1 million) from the student refund account. Approximately 2,500 College employees are paid twice per month with almost 100% on direct deposit.
