Important notice regarding the closure of the BoA Prepaid card program as of 6/30/2023.
Erika Hanami, CCRC
Project Manager
黑料网 Dermatology and Skin Cancer Center
Chair,
410 Market St, Suite 400
Chapel Hill, NC 27516
984-974-3669
Erika_Hanami@med.unc.edu
From: Office of Sponsored Programs – Communications <OSPCommunications@unc.edu>
Sent: Monday, March 13, 2023 1:29 PM
To: Office of Sponsored Programs <res_info@listserv.unc.edu>
Subject: [res_info] Closure of Bank of America Prepaid Card Program
University of North Carolina at Chapel Hill
Office of Sponsored Programs |
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Closure of Bank of America Prepaid Card Program
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| Bank of America (BoA) has notified the University that the and the prepaid administration tool (PAT) serviced by BoA will terminate effective June 30, 2023. 黑料网 聽and the (OSP) are evaluating new platforms to continue the prepaid card program. Once a new platform has been determined, the聽聽will be updated with instructions on how to utilize the new program and platform.
Guidance regarding this closure of the BoA prepaid card program was announced in the .聽Below are specifics pertaining to sponsored programs. |
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Requesting Cash Advances in the Interim
Departments can obtain cash advances to purchase gift cards to provide to study subjects. To ensure continuity of research activities, please聽submit cash advance requests with adequate time for processing and taking into consideration fiscal year-end deadlines.聽
- Advances funded on sponsored projects, follow OSP and and use the forms located on the webpage.
Departments do not immediately need to聽begin the reconsent process through the (IRB) to allow study subjects to accept gift cards purchased using cash advances.聽Reconsent should be planned during modifications or renewals of IRB protocols. |
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Timeline for Closure of BoA Prepaid Card Program
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.
Friday, April 21
- Last day to submit 聽to add funds to projects in the聽PAT.
- Departments should only request amounts that can be reconciled before the end of the fiscal year.
Wednesday, May 31
- Last day to聽issue remaining prepaid cards to study subjects in the PAT.
- Departments should shred their inventory of unloaded prepaid cards.
Friday, June 30
- Reconciliations must be fully completed and posted in ConnectCarolina.
- Prepaid cards issued to study subjects continue to be valid for three years from the date of issuance.
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Reconciling Prepaid Cards
Funds must be reconciled per the current prepaid card . Prepaid cards funded on sponsored projects must be reconciled using聽. Importantly,聽all prepaid card loads must be reconciled to the appropriate expense ledger account by the end of this fiscal year, June 30, 2023.
Departments can run InfoPorte or ledger inquiry reports to determine their balances on general ledger accounts on 559520. Refer to the 聽or for additional assistance, contact Cash_Management@unc.edu. |
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