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#1361323 - 03/19/10 09:35 PM Rotating Currency
Fallgirl Offline
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Fallgirl
Joined: Mar 2005
Posts: 432
Wisconsin
I'm having a disagreement with management over teller procedures. What is the purpose of rotating currency? Is there a benefit?

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#1361369 - 03/20/10 12:00 PM Re: Rotating Currency Fallgirl
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,935
Galveston, TX
Many banks no longer fine count all denominations of currency for balancing and auditing purposes (just the larger $$)- rotating ensures that someone isn't slipping a bunch of $5s and $10s out undetected.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1530409 - 04/01/11 04:20 PM Re: Rotating Currency rlcarey
Southern gal Offline
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Joined: Mar 2008
Posts: 504
TN
I'm having a similiar situation in our bank. Procedures state, vault currency is to be rotated on a 'first in first out" basis. During one branch audit, two bundles of fives with strap dates older than 6 months were found. IMO, this is stale dated currency,which also indicates currency is not being rotated according to procedure. Manager is debating that if head teller ordered 5's when she got down to $1K, (trigger threshold to order)and assuming she hasn't used any bundles of 5's since she ordered in November then she would still have old bundles left. Audit was done in March, dates on straps were August 2010. My stance is had the older bundles been placed in front they would have been used first. Manager is suggesting a revision to procedure, to provide a guideline for a definition of "stale date." I think all of the head tellers are experienced enough to maintain vault currency according to curent procedures, and certainly don't want to be changing procedures just to avoid having exceptions. Suggestions? Would like to know what other banks do.

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#1530414 - 04/01/11 04:22 PM Re: Rotating Currency Southern gal
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,935
Galveston, TX
Would like to know what other banks do.

Fire the non-compliant head teller? smile
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1530467 - 04/01/11 04:46 PM Re: Rotating Currency rlcarey
Southern gal Offline
Platinum Poster
Joined: Mar 2008
Posts: 504
TN
Love your answer.

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