Bank Accounts

Parent Policy

Bank Accounts

Setting up a Bank Account/ Changing a Nominated Bank

1. Apply in writing to the Treasurer using the Application to Open a Bank Account Form. It is recommended that the bank nominated be the bank of choice of the University.

   Responsibility

   Proposing Party

2. Recommendation to the VP Finance as to whether the bank account is warranted and the acceptance of the proposed authorized signatories.

   Responsibility

   Treasurer

3. Ratification of decision by Resources & Finance Committee

   Responsibility

   Treasurer

4. Confirm the details of the approval to the proposing party.

   Responsibility

   Treasurer

5. Arrange the opening of the bank account according to the approval.

   Responsibility

   Proposing Party

6. Send a copy of the bank verification of authorized signatories to the Treasurer.

   Responsibility

   Proposing Party

Closing a Bank Account

1. Notify the Treasurer in writing of the closure of the account.

   Responsibility

   Proposing Party

2. Notification of the decision to Resources & Finance Committee.

   Responsibility

   Treasurer

3. Arrange the closure of the bank account.

   Responsibility

   Proposing Party

4. Confirm closure of the account by sending a copy of the final bank statement to the Treasurer.

   Responsibility

   Proposing Party

Overdrafts

1. No Monash University bank account is to have an overdraft facility attached to it.

   Responsibility

   Proposing Party

2. Apply in writing to the Treasurer using the Application for Overdraft Form.

   Responsibility

   Proposing Controlled Entity

3. Recommendation to the VP Finance as to whether the overdraft is warranted.

   Responsibility

   Treasurer

4. Ratification of decision by Resources & Finance Committee

   Responsibility

   Treasurer

5. Confirm the details of the overdraft to the proposing party.

   Responsibility

   Treasurer

6. Arrange the overdraft according to the approval.

   Responsibility

   Proposing Controlled Entity

7. Send a copy of the bank verification of authorized signatories to the Treasurer.

   Responsibility

   Proposing Controlled Entity

Authorised Signatories

1. All bank accounts must have at least three of the following as Authorised Signatories: Vice President Finance, Treasurer, Divisional Director, Corporate Finance, Divisional Director, Financial Resources Management

   Responsibility

   Proposing Party

2. A copy of the completed list of Authorised Signatories, including lists updated for any changes, must be provided to the Treasurer.

   Responsibility

   Proposing Party

Account Management

1. All approved Monash University Bank Accounts will be subject to audit by either internal or external parties nominated by the University from time to time.

   Responsibility

   Proposing Party/Account Holder

2. A report may also be required to be presented to the Resources & Finance Committee regarding the operation of the account and the transactions undertaken through the account.

   Responsibility

   Proposing Party/Account Holder

Content Enquiries: Finance Policy