State agencies that have lock box accounts at BancFirst or eLock box accounts at Chase can choose to have their credit card proceeds settle in those accounts. Otherwise, all credit card proceeds will deposit to the central account that has been used by Treasurer’s Office. The Treasurer’s Office will automatically deposit the credit card monies into the Agency Clearing Account or the lock box when they are received. The deposits will be booked by credit card type. Visa and MasterCard settle together as one card type, Discover is another type, and American Express yet another. The agency will be sent a deposit receipt which will break down the credit card deposits by location as the Treasurer’s Office receives the funds.
Chargeback’s will be netted from deposit proceeds. The agency can be setup with on-line access to Bank of America’s system to aid in the reconciliation process. Assistance in performing basic queries and report generation can be provided by OST. Bank of America will assist with the more complex custom reports if needed. There will be no charge to the agency for the use of this system.
