BOUNCED CHECK FLOAT

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Definitions

all income is banked into the Finance Office No. 1 Account and all counter checks and bounced checks are handled by this account. A bounced check float is kept in the FO No. 1 Account as a cushion against bounced checks. The float is accumulated from: (a) unused allocations returned by the org to the FBO, (b) any billings the FBO has collected from the org for overspending, (c) 1% of the CGI may be retained temporarily by the FBO for the bounced check float until the float reaches the equivalent of the average amount of one week's GI. (BPL 6 Jul 75 III)