Bank Accounts

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Open, Update, or Close a University Bank Account

The University opens bank accounts where needed to support operations. Only designated Harvard employees within the Office of Treasury Management (OTM) are authorized to select banking partners for, approve, open, make changes to, and close all bank accounts controlled by Harvard University entities. Any other use of the Harvard name and/or Harvard University’s tax identification number to open a bank account is strictly prohibited. Student organizations that operate as separate entities with their own tax identification numbers are NOT permitted to open bank accounts under...

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Reconcile Bank Account

All bank accounts controlled by Harvard University entities must be reconciled on a monthly basis in accordance with University policy. 

Domestic bank accounts, including credit card merchant accounts, are generally reconciled by OTM's Cash Management Office (CMO) and reviewed by the local unit to research and resolve un-reconciled transactions. However, the CMO may recommend a different reconciliation protocol depending on the nature of the account. 

Foreign bank accounts are generally reconciled by the tub and reviewed by the CMO. 

Steps required of...

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