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
To open a contingent checking account, follow 3012.3 – Contingent Checking Account Procedure.
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
To maintain a contingent checking account, follow 3012.3 – Contingent Checking Account Procedure for the main tasks.
Use the following forms to maintain a contingent checking account:
In addition, the following tasks may need to be completed at times:
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
To close a contingent checking account, follow 3012.3 – Contingent Checking Account Procedure.
Use the following forms to close a contingent checking account:
Policies and Procedures
Memorandums of Understanding (MOUs)
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Contact
Financial Information Management
21 North Park Street, Suite 6201
Madison, WI 53715
Phone: xxx-xxx-xxxx