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#1612222 - 10/04/11 05:29 PM Conducting transactions for family members.
pitterpat Offline
Junior Member
Joined: May 2007
Posts: 29
Does anyone have a written policy or procedure for Employees conducting transactions for family members? It has been an unwritten understanding that it should not take place, but I guess what is understood for the goose, is not taken well by the gander, so now I need to put it in writing.

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Operations Compliance
#1612252 - 10/04/11 05:53 PM Re: Conducting transactions for family members. pitterpat
EmilyAnn Offline
Gold Star
Joined: Jul 2007
Posts: 273
Our policy is informal and unwritten. We've sent instruction out via email - but I could see formalizing it in our Personnel Policy, which includes our company Code of Ethics.

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#1612375 - 10/04/11 07:14 PM Re: Conducting transactions for family members. EmilyAnn
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Our written policy says you cannot process transactions for immediate family, or anyone living at the same address as the employee.
_________________________
My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.

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#1615021 - 10/12/11 09:25 PM Re: Conducting transactions for family members. RBanker
Jennifer Offline
Member
Joined: Jul 2009
Posts: 79
Pacific Northwest
We have this very clearly addressed in our Employee Handbook as follows:

For our purposes, “relatives” include, but are not limited to, these relationships: spouse, child, parent, brother, sister, brother-in-law, sister-in-law, son-in-law, daughter-in-law, mother-in-law, father-in-law, aunt, uncle, niece, nephew, stepparent and stepchild. “Friends” include domestic partners, persons living in the same household and employees who are involved in an intimate relationship.

Can I Process Transactions For A Family Member, Relative Or Close Friend?
Employees are not to process any transaction that involves themselves, family, relatives or friends (as defined above). This includes any financial transactions; file maintenance, account openings or account closings.


What About Transactions on My Own Accounts?
Do not process any transaction on your own accounts. Cashing checks out of your own cash drawer, making withdrawals from your account for money orders, transferring of funds between accounts, reimbursement for office expenses, etc., must be processed by another employee.
_________________________
The opinions expressed are mine and do not necessarily reflect those of my employer.

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#1618948 - 10/23/11 08:31 AM Re: Conducting transactions for family members. Jennifer
glickstr Offline
Member
Joined: Jan 2005
Posts: 55
Our system allows us to restrict the ability for employees to change their own accounts (or up to two portfolios) we specify. We have also restricted payroll accounts through the system so only certain employees have access.

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#1618959 - 10/24/11 12:25 PM Re: Conducting transactions for family members. glickstr
Retired DQ Offline
10K Club
Retired DQ
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
It is part of the "self dealing" section in our code of conduct.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

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