Departments should check that by the fourth working day of month end any accounts with monies on deposit are not overdrawn at source of funds level.
If overdrawn departments should take money off deposit to ensure that by the close of business on that day the account is no longer overdrawn. If this does not happen an overdrawn account will:
- Where the source of funds has a single cost centre
Be subject to an enforced deposit movement to bring the account into a positive balance.
- Where the source of funds has several cost centres holding deposits
The relevant part of the interest due will be withheld and the department contacted by Treasury & Investments to resolve the matter.
In the latter situation an immediate response is required if the interest is to be credited in the relevant month.