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