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Columbia MD, 21044
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Check Signing and Banking Services Procedure - 62.02.01

College Policy Number/Title:

62.02 Check Signing and Banking Services Policy

Howard Community College will disclose to the board of trustees any new bank accounts. All investments and banking services must comply with the investment policy established by the State of Maryland. (Refer to policy 62.01, Investments.)

The college’s main accounts include operating, payroll, credit card, and flexible spending. There are also two electronic funds transfer accounts, one for restricted federal funds and another for general funds. The college has an account at the Maryland Government Investment Pool for investments.

All wages will be paid by the electronic payment option selected by the employee. (Refer to procedure 62.07.04, Payroll.) The college’s preferred method of payment is direct deposit. Cash pay cards will also be made available for those for whom direct deposit is not an option. Only in exceptional circumstances, with the approval of the area vice president and the associate vice president of finance, will the college issue a manual paycheck.

The electronic signature of a college authorized check signer will be used for all checks that are generated by the computer as part of the normal accounts payable and payroll processes.

Written internal procedures to insure proper controls over all disbursed funds have been established by the finance office and are reviewed annually by the college auditors.

Effective Date: 09/10/21

President's Office Use:  VPAF

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