Bank Account Policy for the University of Florida and related entities

Bill Starkey, Assistant Vice President & Treasurer

This directive addresses the requirements for establishing a bank account for University business, affiliated with the University or component unit business, and any other banking activities related to the University of Florida.

All new bank accounts must reside with the University’s concentration bank, unless an exception is granted by the University CFO or Treasurer.  This includes all depository accounts using the University’s tax ID number, the name “The University of Florida” or any organization utilizing the University’s ERP (including Peoplesoft and Workday).

No department, or University representative has the authority to open, attempt to open, modify, change, or remove a bank account.  To perform bank account functions, please contact the Treasurer’s Office.  If a bank account is opened, modified, changed, or reviewed without the appropriate approvals, it will be promptly reviewed by the Treasurer’s Office for action.

Departments needing information about bank accounts at the University should contact the Treasurer’s Office or Banking and Merchant Services. 

Implementation Timeline

For UF entities that are moving to Workday as part of the Phase 1 implementation, existing bank accounts must be transitioned to an approved University Bank by April 1, 2026.  Banking and Merchant Services will assist with the transition of existing bank accounts.

All entities should immediately comply with the policy relating to opening or modifying new accounts.

Applicability

All University departments, including auxiliaries and Direct Support Organizations, utilizing the Workday system must comply with this policy.

Questions

For answers to questions related to the Bank Account Policy please contact the Treasurer’s Office at (352) 392-2402.