Cashier Services works directly with MIT’s primary bank—Bank of America—and sets up individual groups to make deposits at local branches in the Stratton Student Center (W20), at 226 Main Street in Kendall Square or in the CambridgeSide Galleria Mall in East Cambridge. The team encourages departments to make deposits as frequently as possible and not keep cash or checks in desk drawers or in their own wallets.
This team is also responsible for handling domestic and foreign wire transfers, Automated Clearing House (ACH), and Electronic Funds Transfer (EFT) payments sent to MIT. They are sometimes called upon to perform a certain amount of detective work, tracking down unidentified payments—checks or wire transfers that arrive at MIT without sufficient documentation—and crediting the correct cost object.
Cashier Services serves the MIT community by providing advice on any issue related to safe handling of cash and checks and can find a solution to serve the unique cash handling requirements of individual DLCs.