Closing Accounts

University bank accounts are also periodically reviewed, for usefulness and compliance with University policies, by the Offices of the Treasurer and the Controller.  Accounts that are in violation of University policies or that are no longer necessary to support the activity for which the account was established, will be recommended for closing.

 If your department would like to close a bank account, or has done so recently, please complete the Request to Close Existing Bank Account and contact Office of the Treasurer, Cash Management and Operations team with the following required information:

  • The business purpose for the closure
  • Confirmation that the account has no outstanding transactions
  • Approval by an appropriate officer of Columbia University

Reasons to close bank accounts may include:

  • Unauthorized activity
  • No activity/dormant account
  • Change in business purpose or type of account

The Office of the Treasurer will:

  • Move any bank account balance to the University central account
  • Close the account with the bank and update CU records (TWS and bank account database)
  • Inform Controller’s cash team about the account closure

At the same time, your department needs to:

  • Ensure that the ARC bank account has a $0 balance
  • Ensure that the ARC MCA account has a $0 balance
  • Notify Cash Management and Operations team once both cash and MCA accounts are zero

The Office of the Treasurer will inactivate the ARC cash and MCA accounts once receiving the department confirmation.  Before the accounts are inactivated, the departments are required to provide monthly bank reconciliation to the Controller’s office even there are no transactions.