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#157320 - 02/05/04 08:15 PM vault procedure
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,092
South
We are revisiting our vault access procedures. Currently, anytime someone enters the vault, it is to be under dual control and registering in the vault log is required. We are considering scaling back to only requiring the log to be utilized when opening or closing or not using it at all. What are other banks doing in this regard?

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#157321 - 02/05/04 09:01 PM Re: vault procedure
Uncle_Milty Offline
Gold Star
Joined: Jun 2002
Posts: 434
New Jersey
We log opening and closing activity, which is performed in dual control. We have never had any reason to refer to the log and have never had an auditor or examiner request it. We have separate tracking of safe deposit box access, which of course involves vault access. We do not log each time the vault teller enters the vault during the day, nor would such a log have ever been of use.

Of course, now that I have said that, one of the BOL gurus will surely have a great reason why our procedures should be updated.

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#157322 - 02/05/04 10:11 PM Re: vault procedure
Countess Kiwi Offline
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Joined: Jun 2002
Posts: 1,815
Minnesota
The vault log is reviewed for opening and closing intials during our branch audits to make sure everything is being done under dual control, but logging access during the day would be a nightmare.
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Do what you can, with what you have, where you are.
~Theodore Roosevelt~

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#157323 - 02/06/04 12:24 PM Re: vault procedure
P*Q Offline

Power Poster
P*Q
Joined: May 2001
Posts: 8,458
Somewhere
Quote:

The vault log is reviewed for opening and closing intials during our branch audits to make sure everything is being done under dual control, but logging access during the day would be a nightmare.



I agree, our vault log is only for opening and closing both are required to be under dual control as is all daytime access to the vault but I think it would be overkill to do so each time employees entered during the day.

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#157324 - 02/06/04 02:45 PM Re: vault procedure
Reg Wrecker Offline
Platinum Poster
Reg Wrecker
Joined: Dec 2003
Posts: 543
Kentucky
In addition to opening and closing logs, we have kept a log of currency/coin placed in or taken out of the vault each time it is accessed. This is done under dual control and initialed for the amounts and the employees entering. We were asked by our auditors to see this log but I believe it was only because we said we had one. They complimented us on it. Additionally, it was helpful in reviewing cash outages as we could see if there was a missing ticket but and entry in the log or vice versa.
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Not even close to being legal advice....I have a bridge for sale too!

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#157325 - 02/06/04 06:57 PM Re: vault procedure
OkieOps Offline
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OkieOps
Joined: May 2001
Posts: 752
OK
We initial a log every time we enter the vault. Part of the log is the reason for entry, such as money for teller # XX. I agree that it can be helpful when looking for offages. I have never had an auditor ask to look at it.

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#157326 - 02/13/04 05:35 PM Re: vault procedure
Anonymous
Unregistered

We have installed a biometric program, called VaultQ, from US Biometrics. www.usbiometrics.net It logs who goes in and out...emplyees and clients, times, dates and billing reports. It also frees up my money manager from looking up signature cards. It has saved us time, money and the headache of running around everytime someone wants to get into the box area...

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