Saint Mary's College of California



Declining Balance Visa CardWhat is it?A Declining Balance Card is a pre-funded Visa card issued to an individual, who is not currently a P cardholder, for a specific business purpose and is reconciled to only one GL account. A business trip is a good example.How does it work?Based on an approved Declining Balance Request, the Visa card is preloaded with a specific dollar amount. The card remains active until the funds are exhausted or a specific deadline date is reached.Why would I want one?A Declining Balance card can be issued in place of, or in addition to, a cash advance or the employee using personal funds and submitting an expense report.Who can get one?Any approved employee or individual who is conducting business on behalf of SMC.How do I get one?By submitting a Declining Balance Card Request at least 7 business days prior to date card is needed.Then what happens?Once the Request has been approved, a Visa card will be ordered from Bank of America in the user’s name.Note: It takes a minimum of 3 business days to receive the credit card, once it has been ordered. When the card has been received the user will be notified to pick their Visa card up and to sign the Declining Balance Visa Card Agreement.How are Declining Balance transactions reconciled?The user is not required to use the Bank of America Works application to reconcile their Visa transactions. Their posted transactions will only be reconciled to the one (1) GL listed on the DB Request form. The user will be emailed a statement with the posted transactions to their Declining Balance card. The user then has fifteen (15) business days to review the statement, attach original receipts, obtain their Manager’s signature on statement and submit the statement with receipts, along with their Visa card to the Business Office. What if all the funds that were preloaded onto a Declining Balance card where not spent?Any unused funds are released back to the GL that was approved via the Declining Balance Card Request.What happens if the Visa statement with receipts is not turned in by the due date?Failure to submit an approved statement with receipts will authorize Payroll to withhold the funded Visa card amount from employee’s paycheck.What happens if the Visa card is not returned to the Business Office?Failure to return the Visa card will preclude the employee from being issued a Declining Balance card in the future.What happens to my Visa card when I’m finished with it?Declining Balance Visa cards will be held in the Business Office vault. Cards can be reissued to the employee at a future date based on a newly approved Declining Balance Request. ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download