This streamlined process will give you more control over when your deposits are processed—and when you can access the funds.
Set up to deposit directly

If you receive checks and cash on a regular basis, contact VPF Accounts Receivable to set up an account for your DLC with Bank of America.

You will receive deposit slips imprinted with your DLC’s information and an endorsement stamp.

You can then take cash or checks to one of the Bank of America branches serving the MIT campus and make deposits directly. (See step # 5 below.)

If any of your checks are gifts to MIT, see Process Gift Checks.

Prepare a deposit for checks drawn on U.S. banks

Prepare your deposit slip by listing the amounts of currency, coins, and U.S. checks (including each individual check number). Do not include any checks or currency from outside the U.S.

Prepare a deposit for checks drawn on foreign banks

You will need to create a separate deposit slip to deposit a check from a foreign bank. If you have checks from more than one country, each will require a separate deposit slip. The bank will credit your account separately for each check drawn on a foreign bank.

Endorse checks

Prepare the check(s) you are depositing by stamping the back of each check with your endorsement stamp.

Complete deposit

Deposit your checks/cash either of these Bank of America locations serving the MIT community:

84 Massachusetts Avenue in the Stratton Student Center (Building W20)

92 Ames Street in Kendall Square

 

If you need more deposit slips, contact VPF Accounts Receivable.

Transfer funds in Atlas

After completing your deposit, use the "Journal Voucher" (JV) application in Atlas to transfer the deposited funds to the appropriate cost object(s).

You can subscribe to “Email Notifications” in the “Settings and Authorizations” section on your Atlas home page to receive email updates on your Journal Vouchers.

The Details

Set up to deposit directly

If you receive checks and cash on a regular basis, contact VPF Accounts Receivable to set up an account for your DLC with Bank of America.

You will receive deposit slips imprinted with your DLC’s information and an endorsement stamp.

You can then take cash or checks to one of the Bank of America branches serving the MIT campus and make deposits directly. (See step # 5 below.)

If any of your checks are gifts to MIT, see Process Gift Checks.

Prepare a deposit for checks drawn on U.S. banks

Prepare your deposit slip by listing the amounts of currency, coins, and U.S. checks (including each individual check number). Do not include any checks or currency from outside the U.S.

Prepare a deposit for checks drawn on foreign banks

You will need to create a separate deposit slip to deposit a check from a foreign bank. If you have checks from more than one country, each will require a separate deposit slip. The bank will credit your account separately for each check drawn on a foreign bank.

Endorse checks

Prepare the check(s) you are depositing by stamping the back of each check with your endorsement stamp.

Complete deposit

Deposit your checks/cash either of these Bank of America locations serving the MIT community:

84 Massachusetts Avenue in the Stratton Student Center (Building W20)

92 Ames Street in Kendall Square

 

If you need more deposit slips, contact VPF Accounts Receivable.

Transfer funds in Atlas

After completing your deposit, use the "Journal Voucher" (JV) application in Atlas to transfer the deposited funds to the appropriate cost object(s).

You can subscribe to “Email Notifications” in the “Settings and Authorizations” section on your Atlas home page to receive email updates on your Journal Vouchers.

Did You Know?

There are more than 100 DLCs set up to make deposits with Bank of America.
VPF Accounts Receivable (AR) generates monthly aging reports to identify invoices that are overdue for payment and initiates collection activities for bills that are more than 60 days late.
/track-collect-overdue-balances
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