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Termination of Bank of America Prepaid Card Program

 

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To: Department Business Managers and Research Administrators Lists
From: Brett Kenney, University Cash Manager, Accounting Services, Finance and Operations; David Paul, Assistant Vice Chancellor for Research, Office of Sponsored Programs

Bank of America (BoA) has notified the University (UNC) that the prepaid card program and the prepaid administration tool (PAT) serviced by BoA will terminate effective June 30, 2023. UNC Finance and Operations (Finance) and the Office of Sponsored Programs (OSP) are evaluating new platforms to continue the prepaid card program. Once a new prepaid platform has been determined, the prepaid card program website will be updated with instructions on how to utilize the new program and platform.

Requesting Cash Advances in the Interim

In lieu of the prepaid card program, departments can obtain cash advances to purchase gift cards to provide to study subjects. To ensure continuity of research activities, please plan accordingly and submit cash advance requests with adequate time for processing and taking into consideration fiscal year-end timelines.

Departments do not need to immediately begin the reconsent process through the UNC Institutional Review Board (IRB) to allow study subjects to accept gift cards purchased using cash advances. Reconsent should be planned during modifications or renewal periods.

Closure of BoA Prepaid Card Program

As a result of the closure of the BoA prepaid card program, departments should take notice of the following:

Effective immediately

  • Accounting Services will not add any new locations in the PAT.
  • Only existing departments or projects in the PAT can continue to use the prepaid card program.
  • Departments should also begin downloading all card load activity reports from the entire span of their department or project’s use of the PAT as supporting documentation that prepaid cards were loaded and distributed to study subjects prior to June 30, 2023.

Friday, April 21

  • Last day to submit Prepaid Card Requests to prepaidcards@unc.edu for additional funds to projects in the PAT.
  • Departments should only request amounts that can be reconciled before the end of the fiscal year.

Wednesday, May 31

  • Last day for users in the PAT to issue remaining prepaid cards to study subjects.
  • Departments should shred their inventory of unloaded prepaid cards.
  • After this day, all user access will convert to reporting only in the PAT.
  • Departments can continue to download and retain all card load activity reports from the entire span of their use of the BoA prepaid card program.

Friday, June 30

  • Prepaids card reconciliations must be fully completed and posted in ConnectCarolina.
  • All user access and functionality to the PAT ends.
  • BoA prepaid card program terminates.
  • Prepaid cards issued to study subjects continue to be valid for three years from the date of issuance.

Funds must be reconciled per the current prepaid card process. In addition, all prepaid card loads must be reconciled to the appropriate expense ledger account by the end of this fiscal year (FY). The date for department-approved journal entries for FY23 closing deadlines is unknown; however, all reconciliations of BoA prepaid cards must be posted before June 30, 2023.

  • To reconcile prepaid cards funded on non-sponsored project sources, use Form 307.2.3f
  • To reconcile prepaid cards funded on sponsored projects, use Form 307.2.4f

Departments can run InfoPorte or ledger inquiry reports to determine their balances on general ledger accounts 119200 or 559520. Refer to the Quick Reference Guide to Finance Reports for additional information. If assistance is needed, please reach out to the Cash Management at Cash_Management@unc.edu for support through this process.

For questions regarding the existing prepaid card program or the PAT, please contact prepaidcards@unc.edu.

For broad questions on cash advances, please contact Cash_Management@unc.edu.

For specific questions on prepaid cards or cash advances funded on sponsored projects, please contact SponsoredPrograms@unc.edu.

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