Click to return to BOL home page
Banker Store Read A Reg BOL Insiders Career Connect Learning Connect Bankers Information Network



March 24, 2015
Maze of Debit Card Compliance
Brian Crow

March 25, 2015
Appraisals and Evaluations: Performing Internal Compliance Reviews
Eric Collinsworth

March 30, 2015
Cybersecurity: Third Party Resilience – What the FFIEC Wants You to Know
Susan Orr

April 2, 2015
Fair Lending Hot Topics – Don't Get Burned!!
Patricia Cashman

April 7, 2015
Building a BSA Training Program
Deborah Crawford

April 8, 2015
Advertising Compliance
David Dickinson



Topic Options
#780575 - 07/23/07 09:22 AM Night Drop Bags
GSB Training Offline
100 Club

Registered: 08/22/05
Posts: 112
We currently require two employees to work our night drop bag deposits. This dual control feature causes a problem on Monday mornings when we have so many bags. We often do not get them open and worked before the lobby opens. Does everyone else require dual control or do you have something written in your night drop contract that allows for a single teller to work the bag? Thanks in advance for everyone's comments.

Top
Deposits and Payments
#780600 - 07/23/07 09:54 AM Re: Night Drop Bags [Re: GSB Training]
Granny P Offline
Junior Member

Registered: 01/10/07
Posts: 32
Loc: Illinois
Dual control protects the Bank and the staff, please don't consider not requiring dual control. Look at staffing first. Maybe on Monday a.m. your bank needs to have additional staff open to get the bags done. Another way we resolved the dual control issue was by using other employees from other departments, even officers, during a crunch time. Dual control is two employees, not two tellers. It's all really based on how your bank is set up and controls you have in place plus size. If you have 8 employees versus 88 employees, I can understand your struggle. Good luck with it.

Top
#780605 - 07/23/07 10:05 AM Re: Night Drop Bags [Re: Granny P]
Skittles Online
10K Club

Registered: 09/10/02
Posts: 12181
Loc: KY
At a previous employer we had a customer contact us and state that the cash that they received credit for in their deposits was always less than they had put in the bag. This cause the audit department to make an early morning cash count on the entire branch. Nothing was discovered; however the head teller was not following the dual control procedures (she was the suspect) and she was let go. Be careful dropping dual control for night drop bags.
_________________________
The price of discipline is always less than the pain of regret. –Nido Qubein

Top
#780663 - 07/23/07 10:55 AM Re: Night Drop Bags [Re: Skittles]
#Just Jay Online
10K Club

Registered: 10/26/06
Posts: 13767
Loc: Cheeseheadland
I know the feelingyou are working with.

I used to have a branch that had a customer who owned 10 fast food restaurants, and each would drop 2-4 bags a day. Thus on Monday mornings, we had 30-50 cash bags from Sat-Sun in our night drop, each bag containing between 2-6k in cash, besides the bags we were taing for that day. Since these were urban/inner city stores and they themselves admitting they had shrinkage issues, dual control procedures could not be comprimised on our end.

We ended up having to get a cash counter that could read and count the value of the bill and cull and sort the cash too. It was like $4k, but a HUGE time and labor saver in the long run
_________________________
You are offended by the things I say? Just imagine what I hold back...

Top
#781541 - 07/24/07 12:07 PM Re: Night Drop Bags [Re: #Just Jay]
Andy Z Online


10K Club

Registered: 10/27/00
Posts: 25386
Loc: On the Net
Quote:
We ended up having to get a cash counter that could read and count the value of the bill and cull and sort the cash too. It was like $4k, but a HUGE time and labor saver in the long run


Increase staffing, send them in earlier, recognize they'll be doing this longer in the day, or invest in some technology. Dismissing dual controls could impact you much more than these costs. If you have access to the private threads look in the Security forum for a story posted today about a head teller who stole nearly $200K. It happens.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Top

Moderator:  John Burnett, Ken_Pegasus