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#1278815 - 11/02/09 11:03 PM Cashier's Check Supply
nelskent Offline
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Joined: Jun 2006
Posts: 10
I am wondering how other bank's handle the teller supply of cashier's checks and money orders. Currently we have a working supply of both money orders and cashier's checks behind the teller line available to all tellers. When cashiers checks are taken out for issue the teller logs the date, number of the check and initials. An end of day verification is done linking the last used number to the next avaialble number in the supply. They do not verify every check nuumber in the unused supply. If someone took a check out of the middle of the supply and used it for fraudulent reasons, it would not be discovered until a later date. Is this a reasonable way to handle this or does anyone have suggestions for a better way.

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#1278837 - 11/03/09 12:18 AM Re: Cashier's Check Supply nelskent
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Living in the land of Oz
This is what we do also. The only other thing to do would be to check the entire supply at the end of each day. I guess the question you need to ask is the risk of a loss of a check worth the time and effort for someone to verify each check. If you reconcile the statement at least weekly that is another control that you have in place.

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#1279746 - 11/03/09 09:29 PM Re: Cashier's Check Supply Ready to Retire
Steeler fan Offline
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Michigan
Our main office send packages to each branch when needed and these packages are recorded on a branch log. When individual tellers need additional CC or MOs the vault teller disperses 10 CCs and/or 10 MOs to each teller who logs the 10 CC and MO numbers on individual logs, and completes the rest of the information (i.e. date of sale, dollar amount, etc.) upon the sale of the item.

The process does not take that much time and we believe it does provide adequate control of these items.

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#1281719 - 11/05/09 06:08 PM Re: Cashier's Check Supply Steeler fan
Passing storm Offline
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Here and Now
If your money orders and cashiers checks are drawn on your bank, does your reconcilement process have fraud procedures for checks cashed out of sequence?
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#1282635 - 11/06/09 05:04 PM Re: Cashier's Check Supply Passing storm
rlcarey Offline
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Galveston, TX
With the availability of the technology in today's environment, why a Bank would not go to blank stock and just print the checks as they go is beyond me. Most teller platforms already support this function. Sure beats all this inventory control.
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#1282652 - 11/06/09 05:13 PM Re: Cashier's Check Supply rlcarey
Kathleen O. Blanchard Offline

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I am glad you said that, Randy. I have been thinking that same thing. It is truly more efficient, and eliminates all of these issues. I have seen banks whose platform had this capability yet they hadn't considered it.
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#1283019 - 11/06/09 09:50 PM Re: Cashier's Check Supply Kathleen O. Blanchard
Nancyod Offline
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Joined: Nov 2008
Posts: 74
New England
I totally agree. I was horrified to find out that our core service provider does not support this function.

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#1285200 - 11/12/09 01:02 PM Re: Cashier's Check Supply rlcarey
Steeler fan Offline
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Michigan
Originally Posted By: rlcarey
With the availability of the technology in today's environment, why a Bank would not go to blank stock and just print the checks as they go is beyond me. Most teller platforms already support this function. Sure beats all this inventory control.


Randy - I agree, however the key is word in your statement is the word "most" and unfortunately the teller platform at my bank does not support this function so therefore we need to do adequate inventory control. Hopefully some day, we will not have to worry about doing all of this inventory control.

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#1328266 - 01/21/10 07:05 PM Re: Cashier's Check Supply Steeler fan
Its Just Me Offline
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Joined: Jan 2010
Posts: 73
Midwest
I have found that the two banks that I've worked for have used a laser printer but still have held on to some of the old checks incase the system goes down or printer fails. My recommendation to them was to bundle the checks in sets of 10, seal each bundle in an envelope and write what they were and the serial numbers on the outside, seal the envelope and have two people sign the seal. That way you know there can't be a check taken out of the middle.

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