Lake Superior State University
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Section: Business and Support Operations Section Number: 3.7.6
Subject: Financial Transactions: Checks - Cashing, and in Payment Date of Present Issue: 06/20/00
  Date of Previous Issues:
03/86, 07/72, 07/73, 03/74, 03/75, 02/79, 09/82, 12/95

POLICY:

The University will cash checks, or accept checks for payments on account, in accordance with the following procedures:

CASHING OF CHECKS

WHAT  
Will cash checks 1. Student Service Center in the Fletcher Center Building and Norris Business in the Norris Center.
Will accept checks from 2. Students, faculty and staff, who present either personal or other checks for which the person presenting the check is the payee. Any exceptions to check-cashing procedures must be approved by the Director of Business Operations.
Amount of check 3. The maximum check amount cashable is $100, except as provided by the following: (a) with the approval of the Director of Business Operations; or (b) at the Campus Shoppe, when the check is principally for purchase of instructional materials (textbooks, workbooks, manuals and associated materials) needed by the student, and the amount of the check exceeds the purchase cost by no more than five dollars.

The maximum cashable, except as provided above, is:
Student Service Center $100
Norris (faculty/staff only) $20

Payroll checks over $150 will not be cashed.

Person presenting the check 4. Makes the check payable to "LSSU Cash" and endorses the check upon its presentation for payment (as above).

CHECKS IN PAYMENT FOR GOODS OR SERVICES

WHO DOES WHAT
Payer 1. Makes check payable to Lake Superior State University, if paying on account or making a purchase.

2. If payment is made or cash is requested with a check drawn by a third party naming a student, faculty or staff as payee, it shall be processed as in (3) and (4) below.

Payee 3. If the check is drawn for more than the payment on account, purchase, deposit, etc., and payable to Lake Superior State University, it will be marked for deposit only in the cash register or receipt printer.
  1. The payee or endorser will write on the back of the check:
    1. amount of cash to be given back;
    2. his/her student ID number, if payee or endorser is a student;
    3. his/her signature.
  2. If payment is made with more than one check, all will be marked for deposit only on the back.
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