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Questions and Answers
Which method must agencies use for deposit transactions if unable to access OTCnet due to contingency operations?
Which method must agencies use for deposit transactions if unable to access OTCnet due to contingency operations?
What minimum information is required in Block 6 of the OTCnet deposit ticket?
What minimum information is required in Block 6 of the OTCnet deposit ticket?
What must an agency do after scanning negotiable instruments using OTCnet?
What must an agency do after scanning negotiable instruments using OTCnet?
Who is responsible for designating general depositaries for receiving public funds?
Who is responsible for designating general depositaries for receiving public funds?
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What is the primary advantage of making deposits to a Treasury General Account (TGA)?
What is the primary advantage of making deposits to a Treasury General Account (TGA)?
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What is a requirement for deposits made through mail to a TGA?
What is a requirement for deposits made through mail to a TGA?
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What must be done with scanned negotiable instruments after verification in OTCnet?
What must be done with scanned negotiable instruments after verification in OTCnet?
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Which of the following descriptions matches general depositaries?
Which of the following descriptions matches general depositaries?
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What is the primary purpose of requests to deposit with a general depositary?
What is the primary purpose of requests to deposit with a general depositary?
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What should a DO do if the need for a general depositary ceases to exist?
What should a DO do if the need for a general depositary ceases to exist?
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What is the frequency requirement for deposits of $5,000 or more?
What is the frequency requirement for deposits of $5,000 or more?
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What is the role of limited depositaries according to the guidelines?
What is the role of limited depositaries according to the guidelines?
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When should deposits totaling less than $5,000 be made, according to the requirements?
When should deposits totaling less than $5,000 be made, according to the requirements?
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What email address should be used to send completed requests to deposit collections?
What email address should be used to send completed requests to deposit collections?
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What must a DO do before mailing deposits to the MITGA?
What must a DO do before mailing deposits to the MITGA?
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What is the established process for making deposits through OTCnet?
What is the established process for making deposits through OTCnet?
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What happens to deposit tickets once they are released to a depositary?
What happens to deposit tickets once they are released to a depositary?
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What is the responsibility of the DO or designee regarding deposit differences?
What is the responsibility of the DO or designee regarding deposit differences?
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What does an overstated deposit ticket indicate?
What does an overstated deposit ticket indicate?
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How should discrepancies in deposits be documented?
How should discrepancies in deposits be documented?
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What should the incoming DO do upon change of DOs regarding unresolved deposit differences?
What should the incoming DO do upon change of DOs regarding unresolved deposit differences?
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What action should be taken if a departing DO cannot provide documentation for unresolved items?
What action should be taken if a departing DO cannot provide documentation for unresolved items?
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What is required if a deposit ticket is understated?
What is required if a deposit ticket is understated?
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How often should the DO or designee review the record of differences?
How often should the DO or designee review the record of differences?
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Which component directly handles the secure transmission of payment information from the customer to the merchant's bank?
Which component directly handles the secure transmission of payment information from the customer to the merchant's bank?
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In the transaction flow of payment processing, which step occurs immediately after the payment information is sent to the payment gateway?
In the transaction flow of payment processing, which step occurs immediately after the payment information is sent to the payment gateway?
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What type of bank account is specifically designed to facilitate business transactions and management?
What type of bank account is specifically designed to facilitate business transactions and management?
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What is one of the key features of savings accounts compared to checking accounts?
What is one of the key features of savings accounts compared to checking accounts?
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Which entity processes credit and debit card transactions on behalf of the merchant?
Which entity processes credit and debit card transactions on behalf of the merchant?
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Which aspect is NOT a part of account management as described in the content?
Which aspect is NOT a part of account management as described in the content?
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What is a primary function of card networks in the payment processing system?
What is a primary function of card networks in the payment processing system?
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Which of the following is a feature that may vary based on the type of bank account and bank policies?
Which of the following is a feature that may vary based on the type of bank account and bank policies?
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Study Notes
Depositary Authorization
- DOs formally request authorization to deposit collections with a general depositary.
- The request must be submitted 35 calendar days prior to the desired deposit start date.
General Depositaries
- General depositaries are commercial banks or other financial institutions authorized by the Treasury to maintain a demand account in its name.
- They are designated to receive deposits of public funds for credit to the Treasury General Account (TGA).
- They can also provide cash to DOs for official disbursements.
- DOs must only deposit public funds in an institution that is approved as a general depositary, except for limited depositaries.
Limited Depositaries
- Limited depositaries only receive deposits made by or on behalf of DOs for credit to their official non-symbol checking accounts.
Deposit Frequency
- Agencies must deposit receipts totaling $5,000 or more on the same business day received, prior to depositary cutoff time.
- Deposits totaling less than 5,000maybeaccumulatedanddepositedwhenthetotalreaches5,000 may be accumulated and deposited when the total reaches 5,000maybeaccumulatedanddepositedwhenthetotalreaches5,000.
- Deposits must be made by Thursday of each week, regardless of the amount accumulated.
Deposit of Cash and Negotiable Instruments
- Agencies may combine cash and negotiable instruments into one deposit using the OTCnet Deposit Reporting function.
Required Information in OTCnet Deposit Ticket
- Block 6 of the OTCnet deposit ticket must identify the depositing entity’s name and location, deposit preparer's name, email address, and phone number.
Handling of Scanned Negotiable Instruments
- After scanning negotiable instruments in OTCnet, retain the scanned items until verifying they reside within OTCnet and a good image is on file.
- This must take place within 14 calendar days of scanning.
Deposit Reconciliation - Discrepancies
- A deposit ticket difference occurs when the amount entered on the ticket is overstated or understated.
Overstated Deposit Ticket
- Occurs when the amount entered exceeds the amount of cash or negotiable instruments submitted.
Understated Deposit Ticket
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Occurs when the amount entered is less than the amount of cash or negotiable instruments submitted.
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Treasury regulations do not permit changing the amount on a deposit ticket or debit voucher.
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The depositary must confirm a deposit as presented and immediately issue either a debit voucher for the amount of the overage or an additional deposit ticket for the amount of the shortage.
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Description
Test your knowledge on the procedures and requirements for depositary authorization. This quiz covers general and limited depositaries, deposit frequency, and important guidelines for disbursing public funds. Ensure you understand the rules for both types of depositaries and their functions.
