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#1459407 - 10/26/10 01:58 PM Official Check accounts - Poll
COMPLIcated Offline
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Joined: Mar 2003
Posts: 1,035
OK
We are restyling our bank accounts for loan official checks and I was just wondering how other banks do the signature requirements. We are going to make them have to be signed by a bank officer but just wondering if most banks require 2 signatures over certain amounts.

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#1459879 - 10/27/10 12:36 PM Re: Official Check accounts - Poll COMPLIcated
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
We require two signatures on all loan proceeds checks.
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#1459880 - 10/27/10 12:38 PM Re: Official Check accounts - Poll Skittles
KYAuditor Offline
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KYAuditor
Joined: Jan 2003
Posts: 138
Kentucky
We also require two signatures on all loan proceeds checks.
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#1460068 - 10/27/10 03:41 PM Re: Official Check accounts - Poll KYAuditor
BlueEyedGirl Offline
Member
BlueEyedGirl
Joined: May 2006
Posts: 50
somewhere between here and the...
We require two signatures on loan proceeds checks over a certain amount.

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#1460296 - 10/27/10 07:03 PM Re: Official Check accounts - Poll BlueEyedGirl
Georgia Plum
Unregistered

Ditto BlueRyedGirl

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#1460726 - 10/28/10 03:42 PM Re: Official Check accounts - Poll
Allformyfamily Offline
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Allformyfamily
Joined: Jun 2010
Posts: 150
We require two signatures on all loan proceeds checks.
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#1462210 - 11/01/10 08:45 PM Re: Official Check accounts - Poll Allformyfamily
Southern gal Offline
Platinum Poster
Joined: Mar 2008
Posts: 504
TN
Two signatures over certain amounts.

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#1659043 - 02/01/12 04:09 PM Re: Official Check accounts - Poll COMPLIcated
Queen Mum Offline
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Queen Mum
Joined: Mar 2001
Posts: 3,920
OK
At what amount do you require two signatures - speaking of Cashier's checks? And in small branches, what do you do if the officer is out of the branch? We have a branch with 3 people and there isn't always a bank officer in the bank. Would having procedures saying a teller supervisor or bank officer suffice?

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#1659087 - 02/01/12 04:39 PM Re: Official Check accounts - Poll COMPLIcated
BFrame Offline
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BFrame
Joined: Nov 2011
Posts: 401
USA
Cashier's checks over 100,000 must be signed by two officers.

Under 100K,
1 Bank officer must sign
in the absence of one bank officer, any two employees can sign the check.
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#1660046 - 02/02/12 08:43 PM Re: Official Check accounts - Poll COMPLIcated
CindyS Offline
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Joined: Sep 2005
Posts: 132
Illinois
Our policy says that all Tellers can sign a Cashier's Check by themselves up to $2,000. Over $2,000 requires the Teller's signature along with the initials of a bank Officer. In the absense of a Bank Officer, two employees signatures are required.
This policy has worked fairly well for us. The only problem I've seen is that too often I see that two employees signed when I know a Bank Officer was available (just faster to have the person next to you sign than to follow policy and go get an officer).

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#1660048 - 02/02/12 08:59 PM Re: Official Check accounts - Poll COMPLIcated
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,323
Galveston, TX
It is all a matter of perspective. If there were any shaningans going on, I would just forge the initials of an officer. If you trust two people to be able to determine if the transaction is properly being processed, what really is the issue. Typically, officers get involved at a much higher amount.
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#1660138 - 02/02/12 11:41 PM Re: Official Check accounts - Poll COMPLIcated
BurntSienna Offline
Diamond Poster
Joined: Aug 2006
Posts: 2,407
Midwest
At my FI, loan proceeds are issued as cashiers checks, and the rules for all cashiers checks are:
Under $5,000 - signature is printed on check by laser jet from teller software
$5,000 up to $9,999.99 - one officer must sign
$10,000 up to $99,999.99 - two officers must sign
$100,000 and over - 1 officer + 1 member of senior management must sign
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#1699249 - 05/14/12 06:18 PM Re: Official Check accounts - Poll COMPLIcated
Jennifer Offline
Member
Joined: Jul 2009
Posts: 79
Pacific Northwest
Additional factors to consider:
* Risk profile of your bank/branches
* Process for verifying signatures (on all vs. over a specified amount)
* Other monitoring systems/processes in use
* Whether you utilize positive pay on the Official Check account

At my FI, official checks are all handled uniformly, whether for cashier's checks, general disbursement checks, LIP vouchers, A/P checks, drafts, etc. The maximum limits are role based & no check requires two signatures:
- Under $10,000 - signature is printed on check by teller system
- Sr. Teller or Personal Banker - $100,000
- Operations Supervisor - $250,000
- Branch Manager - $750,000
- Division Manager - $10,000,000
- Bank Operations Manager - $20,000,000
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