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#1835104 - 07/22/13 04:13 PM Cash Transfers by employees between branches
creditunionmass Offline
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Joined: Apr 2013
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While cash transfers from one branch to another (2 employees take $ in their personal vehicle, unarmed) is of course very dangerous and should not be done under any circumstances, are there any regulations (NCUA) or otherwise that specifically address and/or prohibit this?

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#1835153 - 07/22/13 05:51 PM Re: Cash Transfers by employees between branches creditunionmass
Matt_B Offline
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A CU, Where Regs Don't Apply
I think your best guidance might come from your insurance company. If something happens, I'd be willing to bet they wouldn't reimburse you for losses.

I don't think there's anything else that would address this, aside from common sense frown
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#1835324 - 07/22/13 09:36 PM Re: Cash Transfers by employees between branches creditunionmass
osucpa Offline
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They are performing credit union business in their personal vehicle. Good luck with the lawsuit.

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#1835382 - 07/23/13 03:07 AM Re: Cash Transfers by employees between branches creditunionmass
rlcarey Offline
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Yeah, especially if wrongful death is involved.
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#1839261 - 08/05/13 12:54 AM Re: Cash Transfers by employees between branches creditunionmass
#Just Jay Offline
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My how time and thought processes change... My first job at a credit union and I was transporting thousands in cash in my hoopty between branches quite regularly and never thought about the risk involved in doing so... When I was 16!

Never would I condone this today, even if the branch is just on the other side of town.
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#1839263 - 08/05/13 01:27 AM Re: Cash Transfers by employees between branches creditunionmass
Kathleen O. Blanchard Offline

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First time I personally became aware of this was at a bank and they were moving about $50 to $100,000 in a van with bank name on it! Facilities staff was transporting. It stopped that day. No one outside of branches and facilities knew it was happening. I forget how I found out.
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#1839279 - 08/05/13 01:32 PM Re: Cash Transfers by employees between branches #Just Jay
edAudit Offline
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Originally Posted By: #Just Jay
My how time and thought processes change... My first job at a credit union and I was transporting thousands in cash in my hoopty between branches quite regularly and never thought about the risk involved in doing so... When I was 16!

Never would I condone this today, even if the branch is just on the other side of town.


I remember those days; my favorite was when I had to park far away in a large mall (Holiday time) and was walking through the mall and parking lot with $100,000 in cash in my pockets so not one would see it. Never again.
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#1840247 - 08/07/13 05:49 PM Re: Cash Transfers by employees between branches creditunionmass
rlcarey Offline
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Galveston, TX
I closed a branch one Friday afternoon after an FDIC failed bank purchase and me and another gentleman had to transport the remaining cash to a branch about 40 minutes away and then catch the last airplane out of town that night which was another hour away.

We screwed up the timer on the vault and had to wait another 20 minutes to try again. We were driving to other branch at about 100 MPH with about $125,000 stacked on the dashboard so he could fine count it before we dropped it at the other branch. If the sheriff would have stopped us, I'm really not sure how that conversation would have started or ended smile
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#1841791 - 08/12/13 08:36 PM Re: Cash Transfers by employees between branches creditunionmass
John Burnett Offline
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The wild life of Randy Carey!
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