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#1708013 - 06/07/12 04:26 PM Signing Cashier Checks
Tessie Offline
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Is there a Reg or compliance rule regarding signing a cashier check? We have had two teller signatures on a check if it is over $5,000. Now they are saying it should be a teller and an officer. We have one officer in our bank and having to interupt him to sign a check does not seem like a good idea. Also, what is the purpose of having two signatures? Seems to me all the second person is doing is signing his name, not verifying any info regarding the transaction.

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#1708027 - 06/07/12 04:35 PM Re: Signing Cashier Checks Tessie
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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The second signature is supposed to be ensuring legitimacy of the transaction, accuracy etc not just signing their name. If you truly have only one officer do you have some managers that officer could name for the higher level signing authority?

Who signs usually goes up the chain as the check amount increases.
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#1708033 - 06/07/12 04:42 PM Re: Signing Cashier Checks Tessie
John Burnett Offline
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Tasha -- Who are "they" in your post? Is this a decision made by management or a recommendation from an auditor or, perhaps, a requirement of your bank's bonding company? This is ultimately a policy decision of the bank's management and/or directors, which may be influenced by bonding company or audit concerns.

I agree that there needs to be a "Plan B" in the policy for when that scarce officer isn't around. You can't easily tell a customer to come back next Tuesday when Clyde comes back from his Vegas vacation!

I'll second Kate's comment that the second signature really ought to be more than sticking the check under the verifier's nose. If it's loan proceeds, there ought to be a check that the loan's been duly approved, etc.; if it's a customer withdrawal, someone should check to ensure the withdrawal document's signed, the balance was checked or whatever other controls need to be verified.
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#1708164 - 06/07/12 07:35 PM Re: Signing Cashier Checks John Burnett
Tessie Offline
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Joined: Jan 2006
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"They" is our head office. They said it was a Board decision so not sure if bonding company or an auditor "suggested" doing this. Just wondering if most Banks require two signatures on a cashiers check.

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#1708168 - 06/07/12 07:37 PM Re: Signing Cashier Checks Tessie
John Burnett Offline
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Two signatures on cashier's checks is a very common policy, particularly for larger amounts ($1000 or more)
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#1708230 - 06/07/12 08:56 PM Re: Signing Cashier Checks Tessie
HappyGilmore Offline
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Pulling people out of the ditc...
we require 2 signatures on all cashiers check, with escalaiting levels of sogners required as the amount escalates...
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#1708233 - 06/07/12 09:02 PM Re: Signing Cashier Checks Tessie
Kathleen O. Blanchard Offline

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In situations where it is physically difficult to actually get the second signature on the check itself banks will get a fax or email approval and retain it with the record of the check. This comes up in small banks especially with vacations.
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#1708764 - 06/09/12 10:22 AM Re: Signing Cashier Checks Tessie
Elwood P. Dowd Offline
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Elwood P. Dowd
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Next to Harvey
Quote:
Is there a Reg or compliance rule regarding signing a cashier check?


No. It's purely a matter of bank policy. If the people at the top of the pyramid in your bank say that's the way it is, then that's the way it is. While the difficulties it imposes should be apparent to anyone, someone has made a decision that it is worthwhile. In all three of the banks where I have worked anyone providing the countersignature was fully responsible for knowledge of the underlying transaction - that's the point.
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#1709447 - 06/12/12 06:39 PM Re: Signing Cashier Checks Tessie
Tessie Offline
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Joined: Jan 2006
Posts: 155
No offense, but maybe the people at the top of the pyramid should come to the bottom of the pyramid and see if their idea really works before they tell us that's the way it is.

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#1711276 - 06/18/12 03:13 PM Re: Signing Cashier Checks Tessie
BFrame Offline
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BFrame
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At my financial institution, I find that nearly everyone at the "top of the pyramid" actually has been at the "bottom of the pyramid" at some point & they completely understand the difficulties the front-line team members face.
Unfortunately, doing what's best isn't always easy and, as others have stated, having a "plan B" is necessary... and sometimes, "plan C."
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