Law Summary
Authorized Transactions and Financial Procedures
- Postmasters may buy or exchange cash for checks payable to themselves.
- Fees for purchasing these checks are payable from postmasters' collections.
- Postmasters must endorse these checks by signing their printed name followed by the post office name and city/town location.
- Endorsed checks are to be deposited with the Land Bank in accordance with the guidelines of Circular No. 92-34.
Handling of Fees and Reimbursements
- Receipts for check purchase fees are retained as cash items until redeemed by the Regional Office.
- At month-end, Postmasters submit vouchers for fee reimbursement to the Regional Office.
- Regional Offices treat these reimbursements as budgetary expenses and issue checks to Postmasters accordingly.
Authority and Implementation
- Regional Directors have the power to issue implementing orders to enforce this provision alongside Circular No. 92-34.
- They are tasked to distribute copies of the circular and this advisory to all relevant parties, including postmasters and auditors.
Summary of Key Legal Concepts
- Emphasizes proper financial protocols and security measures in postal fund handling.
- Clarifies responsibilities for endorsement, deposit, and accounting of cashier's or manager's checks.
- Establishes a clear reimbursement process for fees incurred by Postmasters.
- Ensures administrative oversight and communication through Regional Directors.