Concentration Banking and Custody Account Card Program

Transcription

1 PLANNING CALCULATING MANAGING Concentration Banking and Custody Account Card Program Futuristic Solutions for IEEE Entities to Assist in Handling Today s Expenditure Process COMMERCIAL CARD

2 Table of Contents What is the Concentration Banking (CB) Card? 1 Who can use the CB Card? 2 What are the benefits to IEEE Units? 2 Can I use the CB Card at a local ATM (Automatic Teller Machine) to get local currency? 3 Other Benefits 3 Declining Balance Cards 3 Canadian Currency Cards 4 What are the benefits to suppliers? 4 Who can request/approve CB Cards? 4 How are spending limits determined? 4 How is the CB Card tied to Concentration Banking? 5 How do I apply for a CB Card? 5 IEEE Concentration Banking Card Program Application 6 IEEE Concentration Banking Card Program Agreement 7 Preferred Supplier Discounts and Incentives 8-9

3 What is the Concentration Banking (CB) Card? A credit card with debit card features that can be used by IEEE Units that have a Concentration Banking (CB) Account or an IEEE Custody Account for IEEE related business activities. The card is a MasterCard issued by JPMorganChase and can be used internationally wherever MasterCard is accepted. The purpose of the card is to create a more efficient solution to the current traditional method of purchasing goods & services. Cards will be automatically issued in the name of the Chair and/or the Treasurer and will also list the IEEE Unit name. Expiration of the card account will occur every 3 years or when the Officer s term expires, whichever comes first. Individuals will be able to view their card transactions daily via PaymentNet (website provided by JPMorganChase to enable real time access to transactions) and their monthly financial CB or Custody summary report. In addition individuals have access to the CBRS (Concentration Banking Reporting System) which allows them to view account information online. Card restrictions: Personal use Cash refunds for returned card purchases 1

4 Who can use the CB Card? Any IEEE Unit with a CB or Custody account. If you do not have a CB or Custody account, we can open one for you by your ing your request to [email protected]. Additional cards if needed can be issued to other individuals as approved by the Unit Chair or Treasurer. What are the benefits to IEEE Units? No fee international card. Provides cash access to local currency in hundreds of countries. IEEE Units will have access to IEEE Headquarters negotiated Preferred Supplier discounts and incentives. Some examples of Preferred Suppliers are Dell, PC Mall, Staples, Flowers, Federal Express and Consumer Graphics, with more to come. Will decrease the need to issue petty cash and will lessen the need to reimburse individuals who used personal funds for business related expenses. Can be used to obtain cash through a bank cash machine. Reduces the number of checks that need to be written. Enhanced expense management and reporting tools by providing reports that can be generated by Excel. Significantly reduces cycle time between ordering and receiving goods and services. Cardholders can order items over the phone or via the web. Greater access to expense items for reporting purposes and can download data to Excel. 2

5 Can I use the CB Card at a local ATM (Automatic Teller Machine) to get local currency? Yes, but the account holder must request a Personal Identification Number (PIN) from the Card Program Administrator to access the funds. The request should be sent to [email protected] To find a listing of participating ATMs please visit Other Benefits - some of which are listed below MasterRental Primary Insurance Coverage Purchase Assurance Extended Warranty Travel Assistance Services MasterCard VAT Reclaim Service New Program - Declining Balance Cards & Canadian Currency Cards Declining Balance Cards Cards can be pre-set with a balance that will be reduced down to zero Possible Applications Cards can be used to reimburse students (or members) for attendance at conferences. The cards can be used at bank card machine to obtain local currency which eliminates currency exchange losses that attendees have incurred in the past Cards can be issued to Student Branches pre-set with the amount of the branches annual budget. Details of transactions will be captured by the bank card system which is downloadable into Excel for reporting purposes Dozens of other possible applications 3

6 Canadian Currency Cards Used in conjunction with a local currency CB Account issued through JPMorganChase Toronto Deposits can be made at any Bank of Montreal branches Same high interest rate and benefits as the US Dollar CB Account What are the benefits to suppliers? Improved cash flow; supplier may receive payment from bank card company within 24 hours. Reduced cost of managing accounts receivable activity. Opportunity for IEEE Preferred Suppliers to promote specials to cardholders. Who can request/approve additional CB Cards? Additional cards can be issued at the request of the Unit Chair or Treasurer How are spending limits determined? The Unit can suggest a spending limit adjustment or increase to satisfy the needs of his Unit. Most cards are issued with a default level of $5,000 spending limit. Spending limit will be confirmed to the cardholder when the card is provided. Temporary or permanent limit increases can be requested via phone or to handle expenses in excess of limit. Please your requests to [email protected] or call

7 How is the CB Card tied to Concentration Banking? Transaction information is posted to the CB account daily, based on the transaction post date. Transaction information will appear in the same fashion that a check will but with additional detail including: Transaction and Post Date Supplier Name, City, State Transaction Amount Line item details if supplier provides Level III (expanded level detail). The MasterCard statement will be paid by the IEEE Procurement Department and allocated to the applicable Concentration Banking account. How do I apply for a CB Card? Please visit for additional applications. Cardholder and designated approver completes the application and agreement. Executed documents should be forwarded to the IEEE Procurement Department. They can be a scanned or faxed copy. Once the Card Program Administrator receives the completed documents and obtains the required approvals, the CB Card will be requested from the card company and your instruction guide will be distributed with your card. Your unit can have more than one card. 5

8 Request for IEEE Concentration Banking Card Program Application US $ CB Card CAN $ CB Card Unit & Cardholder Information Geographic Unit/Conference Account Name Last Name First Name MI Birth Month Preferred Mailing Address Mother s Maiden Name or Preferred Password Street City State/Province Postal Code Country Work Telephone # Emergency (home or cell) Telephone # IEEE Member Number Authorization Parameters Requested Monthly Credit Limit $ Approvals IEEE Unit Cardholder: Print Name IEEE Unit Position Held Office End Date Signature Date IEEE Unit Approver: Print Name IEEE Unit Position Held Office End Date Signature Date IEEE Headquarters Use Only Treasury Approval: Signature Date OU Approval: Signature Date Card Approval: Signature Date HOP #: Notes 6

9 IEEE Concentration Banking Card Program Agreement You are being entrusted with an IEEE Concentration Banking Card. The card is provided to you based on your need to purchase materials and services on behalf of your IEEE Unit. 1. I understand that I will be making financial commitments on behalf of IEEE and will strive to obtain the best value for IEEE. 2. The Concentration Banking Card may be used for authorized business expenses only and not for personal use, as defined in the Concentration Banking Card Program Procedures Guide. 3. The Concentration Banking Card is issued, on behalf of my IEEE Unit, in my name and I should not allow any other person to use the card or account number. Additional cards for your unit can be requested. 4. If the card is lost or stolen, I will immediately notify JPMorganChase by telephone (outside the U.S. call collect to ) and the Card Program Administrator at or [email protected]. 5. I agree to review and verify my Concentration Banking Card transactions on a regular basis. I will immediately report any unauthorized purchases on my account to JPMorganChase at (outside the U.S. call collect to ). I will notify JPMorganChase of any incorrect charges on my account within 60 days of the statement date if I am unable to resolve the charge with the supplier. 6. I agree to destroy the Concentration Banking Card immediately upon expiration of the IEEE Unit position (or term of office) for which I have received this card to be used. IEEE Unit Cardholder: Print Name Signature Date Questions? us at [email protected] 7

10 Preferred Supplier Discounts and Incentives SAVE 2% to 12% off any personal desktop or notebook computer. This discount is in addition to generally advertised prices and promotions. With the business partnership IEEE and Dell have formed, Dell is passing on a volume discount to IEEE CB Cardholders. Please proceed to referencing our member identification number (PS ) for information on system configurations and discounted pricing. You can configure your own system or purchase one of Dell s pre-configured systems. While you can order your system on line, we recommend contacting Dell at for any specials or incentives not noted on the above referenced web page. Technology Solutions for Tomorrow. SAVE 6% to 8% Over 120,000 Products! $1.8 Billion in Available Inventory! Dedicated Account Executive Open Accounts and Leasing! Custom Configurations! Volume Discounts! If you want to join the program, please create your own account by logging on to: username: ieee password: cbcard IEEE & Staples Business Advantage are pleased to announce that we have negotiated a National Agreement allowing IEEE s Concentration Banking and Custody CB Cardholders to take advantage of IEEE s leveraged purchasing power. Under this program you will be able to purchase office supplies, technology supplies (toner, ink, printers, scanners and copiers), digital copy services and furniture from Staples. All of these can be ordered directly from your computer by logging onto the website set up by Staples for IEEE - If you would like to join the program please us at [email protected]. Once your account is set up we will you with log on information and you will receive a Welcome Kit from Staples with information regarding this program. All purchases under this program must be paid for using your IEEE CB Card. A $ minimum order is required for all purchases made online. Please contact us at [email protected] if you have any questions. 8

11 Preferred Supplier Discounts and Incentives IEEE CB Cardholders SAVE 15% On all of your purchases when you use Promotion Code: IEEE at Check Out To place an order, all you have to do is call (in the U.S.) FLOWERS ( ) or visit them on the web at and use Promotion Code: IEEE. Should you have any questions or need assistance with anything, please contact the IEEE Relationship Manager, Claudia Dixon at or Sign up for an account with a 15% Discount! Shipping online saves time and money! Save 15% on each FedEx Express shipment when you use FedEx Ship Manager at fedex.com to prepare your shipping labels. To open an account please follow the instructions on: FedEx service marks used by permission. IEEE CB Cardholders SAVE 20% off your first order and 10% off all future orders with special pricing only for CB Cardholders Consumer Graphics has been providing graphic design and printing services to IEEE organizational units and departments for more than 17 years. Our years of experience in the printing industry allows us to offer solutions to save you time and money. We have a dedicated representative who works exclusively with IEEE accounts. To discuss your printing needs or ot obtain a quote, please call Mark Herzog at or [email protected]. Our facility is located within a 15 minute drive of IEEE s Headquarters in Piscataway, NJ and we provide daily pick up and delivery there. 9

12 Contact Information For questions about the CB Card: Contact the Card Administrator in the IEEE Procurement Department Phone: or Fax: For questions about Concentration Banking: Contact the IEEE Treasury Department Phone: To report your card lost or stolen: Immediately contact the Card Administrator Phone: or or and JPMorganChase Phone: (outside U.S. call collect ) For after hours assistance regarding your CB Card account: Contact JPMorganChase Phone: (outside U.S. call collect For specific tax exemption assistance: Contact the IEEE Tax Compliance and Administration Department Phone: IEEE PROCUREMENT DEPARTMENT 445 HOES LANE PISCATAWAY, NJ USA