Coinage Accounts

UBC departments and retail entities (e.g. Bookstore, Food Services) that require cash registers, change floats are used.

A coinage account (bank account) at HSBC is required to replenish the change floats with the required change/currencies. If your department needs change on a regular basis, you should establish a coinage account.

Establishing a Coinage Account

  • Contact the Manager of Revenue Accounting via email.
  • Specify the purpose of requiring ongoing change floats.
  • Once the request is reviewed and approved, a coinage account will be coordinated for the department through HSBC.
  • Revenue Accounting will inform Treasury to provide the department instructions on how to open the account.
  • This coinage account is managed and reconciled by the department.

Depositing to a Coinage Account

  • A coinage account must never be in an overdraft position. Therefore, it is mandatory to deposit fund in advance of withdrawing change (“making change”).
  • The department deposits its own fund from operations either from petty cash or cash register floats.
  • New coinage deposit forms can be ordered through HSBC or photocopied deposit forms are acceptable by HSBC.
  • Contact the Manager of Revenue Accounting to request deposit forms and to confirm current costs for ordering deposit slips from HSBC.

Withdrawing from a Coinage Account (“making change”)

To order change, the following options are available:

  • Via fax
  • Via telephone banking
  • Ensure there is a balance in the coinage account.
  • Complete the Coin Request Form.
  • Fax the request to HSBC branch. Fax details are provided on the form.
  • Ensure there is a balance in the coinage account.
  • Refer to Telephone Banking Instructions for specific instructions.

Change floats delivery options:

For departments that make regular change, a charge will apply. Contact the Manager of Revenue Accounting to confirm current rates.

Reconciling a Coinage Account

  • Each department is responsible for reconciling its own coinage account.
  • HSBC will provide the department with a monthly bank statement to complete the reconciliation process.