8047 - OVERDRAFTS
(Revised 8/71)
Agencies will make every effort to prevent overdrafts in their centralized State Treasury System accounts, both with respect to agency bank balances and Office of the State Controller balances.
Observance of the following principles should help prevent overdrafts:
- Deposit collections promptly. (See SAM Section 8030.)
- Send duplicate and triplicate copies of the Reports of Deposits form, STD. 441 and 442, to the State Treasurer's Office and the Office of the State Controller respectively on the dates of the deposits. Agency accounts receive their credits from these copies rather than from records of the State Treasurer's depository banks, which maintain only consolidated Active Trust Accounts.
- Do not draw checks against cash received but not yet deposited.
- Schedule claims for reimbursement of office revolving funds promptly.
