Date: March 18, 1996 Code: AD 96-09
To: Vice Presidents for Administration
From: George A. Pardon URGENT Accounting Director Business and Finance
Subject: First Interstate Bank
The merger of First Interstate Bank (FIB) with Wells Fargo Bank will result in the State Treasurer closing its Centralized Treasury System account with FIB. The attached memo from the State Treasurer's Office documents the potential impact on your campus. Campuses currently depositing State funds into FIB will need to change banks no later than the end of the banking day on Friday, March 22, 1996. Subsequent deposits into FIB will be rejected.
Credit card receipts being processed through American Heritage Bankcard/Mellon Bank are currently being deposited into First Interstate Bank. To expedite the mandatory change from FIB, we have worked out an arrangement with Union Bank to take over First Interstate's responsibilities. Campuses must ensure that the last deposit into FIB is posted by FIB no later than the end of the banking day on Friday, March 22, 1996. Electronic credit card deposits may not be posted until the following business day. If you are unable to determine if your March 22 deposit will be posted before the account is closed, it would be prudent to make the deposit into Union Bank on Monday, March 25.
Campuses making either regular deposits or credit card deposits into FIB will need to arrange to obtain the proper deposit slips from the Department of General Services immediately.
If there are any questions please contact Mr. Bill Musselman at (310) 951-4610 or E-Mail at william_musselman@calstate.edu..
GAP:WPM:js AD 96-09
Distribution: Presidents (w/ Attachment) Financial Managers Accounting Officers Budget Officers Chancellor's Office Staff