Department For Persons with Disabilities

A Catholic Charities Agency of the Diocese of Paterson

FINANCIAL MANAGEMENT PROCEDURE

Title: Consumer Bank Account Establishment

Policy # FIN – P – B01

Effective Date: 1 JULY 2007

1.PURPOSE

To establish the procedure necessary to open a bank account for Department for Persons with Disabilities (“DPD”) clientele (“Consumer”).

2.DEFINITION

2.1.Consumer Account

A savings account opened in the name of and owned by the Consumer.

2.2.Designated Bank

A bank chosen by the DPD or the Consumer at which the Consumer Account is established.

2.3.Director

The director of the facility at which the Consumer resides.

3.RELATED POLICY

Policy FIN – B01, “Banking,” will apply as far as practical to this procedure.

4.RELATED PROCEDURE

Procedure FIN - P – A02, “Consumer Funds Management,” will apply as far as practical to this procedure.

5.PROCEDURE

5.1.Director’s Responsibility

The Director will take the Consumer to a designated bank at which:

  • A savings account shall be opened in the Consumer’s name; and
  • The bank shall be directed to send the account statements to the DPD’s main office.

5.2.DPD Accounting Department’s Responsibilities

The Accounting Department shall:

  • Deposit funds into the Consumers individual bank account has received;
  • Transfer funds from the account to reimburse the DPD for monthly expenses;
  • Reconcile the accounts on a quarterly basis; and
  • Report balances to Directors on a monthly basis.

5.3.Closure of Bank Accounts

When an account must be closed, the Accounting Department shall:

  • Reconcile and settle all accounts;
  • Issue a check payable to the Consumer;
  • Reimburse the check by a final transfer from the Consumer’s account; and
  • Notify the bank of the account closure.

6.RESPONSIBILITIES

The Chief Financial Officer shall be responsible for overall implementation of this procedure.

- End -

The balance of this page is intentionally blank.

Proced FIN - P - B01 - Consumer Bank Acct.doc10/1/2018

Page 1 of 2