Wondering how other 1 office, small banks handle the following:
Authority levels and approvals for wire transfer loan fundings -
Currently we allow the loan office on the account to sign the wire transfer request as the originator, then a second officer has to approve the wire request and enter it in the wire system, then a third officer has to verify and approve the wire in the wire system.
Is this what most of you are doing? And how do you determine youre origination/approval limits?
We're thinking they should be the same as the lenders lending authority, with incremental limits to allow two lenders to originate a draw over a single officer's limits.
We haven't been cited in any of our audits or exams, we're just trying to write down our process/procedures and make sure we're doing this right.
My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.