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#1415219 - 07/15/10 01:29 PM Dual control on deposit drop offs
Midnight Offline
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Midnight
Joined: Jun 2008
Posts: 69
Upper Mid West
We have some business customers that drop off their deposits at several of our offices. They don't stay to wait for the teller to count the cash and just come back the next day to pick up their receipts. They do not use our night drop.

How many of you that have this happening require dual control over counting the cash in these deposits? Do you ever allow just one teller to do the deposit when the customer is not present?

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Audit
#1415541 - 07/15/10 06:45 PM Re: Dual control on deposit drop offs Midnight
Ready to Retire Offline
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Joined: Aug 2005
Posts: 2,313
Living in the land of Oz
We do have a few customers that do this and we allow one teller to count it, right or wrong. The customer does this with the understanding that what we count is what they get credit for. If there is a discrepancy another teller will count the cash.

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#1415558 - 07/15/10 06:51 PM Re: Dual control on deposit drop offs Ready to Retire
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,971
Galveston, TX
1. An "understanding" not in writing is a useless agreement if there is a shortfall.

2. Do you want to subject a teller to the perception that he/she stole the money if there is a shortfall and the customer does not agree.

3. Do you want to put a teller in the position to take the money and claim it wasn't there, subjecting the customer and the bank to the forthcoming ramifications.

4. Bad idea all around.
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#1415773 - 07/15/10 10:35 PM Re: Dual control on deposit drop offs rlcarey
JustMe! Offline
Gold Star
Joined: Oct 2005
Posts: 428
wishful thinking ...
The tellers here are required to process the bags under dual control. We also have a log that is required to be filled out.
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If you don't have time to do it right, when will you have time to do it over?

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#1419295 - 07/23/10 03:40 PM Re: Dual control on deposit drop offs JustMe!
Butterfly010 Offline
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Butterfly010
Joined: Jul 2010
Posts: 3
Georgia
We have a number of branches that have customers dropping transactions by. Since personnel is limited at some locations, we tried to set some procedures in place.

We require a signed night depository agreement that stipulates our findings are conclusive and binding. In addition, our discrepancy procedures require a second person verify the findings of the first teller. Finally, we have the customer provide a settlement account which gives us the authority to balance the deposit should it be out of balance.

It is not a practice that we advocate but we tried to take precautions since it appeared to be unavoidable.

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#1427231 - 08/11/10 02:57 PM Re: Dual control on deposit drop offs Butterfly010
Auditjg Offline
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Auditjg
Joined: Sep 2004
Posts: 67
Yeah, we have a "day drop" log that is recorded under dual control.

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#1427700 - 08/11/10 08:33 PM Re: Dual control on deposit drop offs Auditjg
DerrickAuditor Offline
Member
Joined: Mar 2008
Posts: 91
USA
We don't count dropped off deposits under dual control. We also do not count ATM deposits or night depository under dual control.

For dropped off deposits, we "encourage" the customer to stay and if they do not, then the deposit is what it is. If the teller counts a different amount than what's listed on the deposit ticket, they are supposed to have another teller count it to verify. If they both agree the amounts differ, they reduce the deposit amount and both initial the deposit ticket.

I disagree with this practice as it has put our employees and customers in uneasy situations as mentioned above and it's not fun for either party. The customer doesn't know if their employee stole from them, if their employee cannot count, or someone from the branch stole from them. This is not good for anyone.

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