ADMINISTRATIVE PROCEDURE

Closing an International Bank Account

Getting Account Balance to Zero

In order to close the account the balance in the bank account must equal zero. The department will need to spend the remaining funds in the account or arrange for a wire transfer of the remaining balance back to a University of Minnesota domestic bank account in the United States. Call the Office of Investments & Banking (OIB) to make arrangements for the wire transfer (if necessary).

Sending Notification Letter of Intent to Close Account

After confirming the account balance is zero, the department sends a notification letter to OIB requesting the account to be closed and destroy the remaining checks.

One person must destroy the checks in the presence of one witness. Both individuals are required to sign a letter attesting to the destruction of the remaining check stock. Information concerning check destruction may be included in the intent to close letter which is sent to OIB. Please include the following:

  • Bank name
  • Account number
  • Study or program name
  • Check series destroyed

Final Reconciliation and Closure of Account

The department should perform a final reconciliation of the account and submit to Accounting Services and forward a copy of the final bank statement to OIB and Accounting Services.

OIB will work with the international bank and department to close the account and notify department when account is officially closed.

Accounting Services will review final bank reconciliation.

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