Cash Deposits

Use one of the following options for depositing cash received on campus.

1. The Tompkins Trust Company (TTC) remote capture process, where possible.
2. Drop off your deposit using the drive-thru night drop box at the TTC main branch located at 118 E. Seneca Street, Ithaca.
   1. This is the only location that accepts deposits and only via night drop box.
   2. Please make sure the deposit is in a locked bank bag with the signed deposit slip.
3. Transport your cash deposit via Loomis Armored Car Service.
   1. If your pickup is not already scheduled, email Cash Management to request a pickup, at least 24 hours in advance.
   2. Loomis' only makes on-campus pickups on Thursdays. We encourage monthly pickups, but one-time pickups can be arranged depending upon the dollar amount.

To reduce the amount of cash on campus as much as possible, you can work with Arrow Payments to set up hosted payment pages. This option allows internal and external parties to pay using a credit card or ACH (eCheck), thereby reducing the amount of cash coming into campus. If your unit is serviced by the Shared Services Center (SSC), you can use the SSC Arrow Payments page as an option for occassional payments.

If you have any questions, contact Cash Management.

U.S. Mint officially ended penny production in November 2025

[Penny Shortage Means You Can't Get Correct Change | Banking Advice | U.S. News]

Citing high costs (about 3.7 cents per penny) and declining usefulness; existing pennies remain legal tender, but shortages are spreading as the Federal Reserve stops distributing them at many coin terminals.

After reviewing the implications, Cash Management recommends that each department consider the best approach for your operations.
Some suggested options include:

• Adjusting pricing to eliminate the need for pennies.
• Rounding transactions when necessary. This has led to rounding practices for cash transactions. Most proposals and retailer policies use “symmetric rounding”:

•  Totals ending in 1¢ or 2¢ → round down to 0¢
•  3¢ or 4¢ → round up to 5¢
•  6¢ or 7¢ → round down to 5¢
•  8¢ or 9¢ → round up to 10¢. [utefrc.org]

Please review your processes and determine what works best for your area. If you have any questions, contact Cash Management.

Locked Bags

Locked bags must be purchased through the bank so that it has a master key for the lock. Old bags probably will not work, but the bank will help you test ones you have in your supply.

Night Drops

A night drop contract must be signed with the bank if you have individuals that want to drop regularly and if you want to be able to fully open the night drop unit with a night drop key. 

The bank logs all deposits.

Sealed envelopes or safety sealed envelopes that most retail operations use (see the image below) are recommended for night drops. Envelopes will fit without the need of a key.