Accounts used to pay authorized vendors by check when the purchasing card (P-Card) cannot be used and when the Accounts Payable process is not an option.
Contingent checking accounts are generally used by departments with rural locations throughout the state to pay authorized vendors by check. A Custodian, Reconciler, and Signers are required.
Common Tasks
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Open a contingent checking account
Follow steps in 3012.3 – Contingent Checking Account Procedure to open a contingent checking account.
Use the following forms and Memorandums of Understanding (MOUs) to open a contingent checking account:
- Custodian Fund Request Form
- Custodian Fund Agreement Form
- Custodian Fund Budget Form
- Bank Account Website Access Form (US Bank SinglePoint)
- New Bank Account Form
- Check Order Form
- MOU for Contingent Funds – Custodian
- MOU for Contingent Funds – Signer
- MOU for Contingent Funds – Reconciler
You will need to use the NR Number Generator tool to generate a unique number for your new contingent checking account.
Maintain a contingent checking account
View the main tasks for maintaining a contingent checking account in 3012.3 – Contingent Checking Account Procedure.
Use the following forms to maintain a contingent checking account:
The following tasks may need to be completed at times—the needed forms are listed underneath the task. Please see 3012.3 – Contingent Checking Account Procedure for information on who needs to complete or sign each form and where the completed forms should be sent. (The forms will often have routing information listed as well.)
Increase or decrease the authorized amount of a contingent checking account
- Custodian Fund Agreement Form
- Custodian Fund Accounting Form
- Custodian Fund Budget Form
- Justification for Changes to Custodian Funds
Increase or decrease the check limit on a contingent checking account
Add or remove a Signer(s) on a contingent checking account
- MOU for Contingent Checking Account – Signers
- US Bank Authorized Signature Form obtained from Cash Management and signed by the signer of the account
Order checks for a contingent checking account
Change a custodian for a contingent checking account
- Custodian Fund Agreement Form
- Custodian Fund Accounting Form
- MOU for Contingent Checking Account – Custodian
Change a reconciler for a contingent checking account
- MOU for Contingent Checking Account – Reconciler
- Bank Account Website Access Form (US Bank SinglePoint)
Change the name of a contingent checking account
- Custodian Fund Agreement Form
- US Bank Authorized Signature Form obtained from Cash Management and signed by the signer of the account
- Check Order Form
Change the mailing address on the bank statement of a contingent checking account
Change US Bank SinglePoint access
Close a contingent checking account
Follow steps in 3012.3 – Contingent Checking Account Procedure to close a contingent checking account.
The following forms are used in the process to close a contingent checking account:
Policies and procedures
Memorandums of Understanding (MOUs)
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Contact
Financial Information Management
Accounting Services
21 N. Park Street
Madison, WI 53715
cstdnfnd@bussvc.wisc.edu