Skip to content
BOL Conferences Top Gun 23
Learn More - Click Here!

Thread Options
#187593 - 05/06/04 05:36 PM Deposit receipts
Platform Queen Offline
Member
Joined: Mar 2003
Posts: 61
Ormond Beach, Florida
Is a bank required to mail a receipt for a night drop or mail deposit?

Return to Top
Operations Compliance
#187594 - 05/06/04 06:12 PM Re: Deposit receipts
Rose Offline
New Poster
Joined: Apr 2004
Posts: 2
Yes Sinklebarger Yes

Return to Top
#187595 - 05/06/04 06:17 PM Re: Deposit receipts
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Rose,
Would you mind saying why you think that's the case? I'm not aware of any federal requirement and there is nothing along these lines in the model version of the UCC.
Last edited by Ken/Pegasus; 05/06/04 06:59 PM.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#187596 - 05/06/04 07:00 PM Re: Deposit receipts
Rose Offline
New Poster
Joined: Apr 2004
Posts: 2
Its good customer service for one thing Ken. I try to treat customers the way I would like to be treated. A receipt for a transaction whether done in person, night drop or mail is good customer service and beneficial to us both.

Return to Top
#187597 - 05/06/04 07:06 PM Re: Deposit receipts
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Rose,
I agree, it's good manners...
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#187598 - 05/06/04 10:06 PM Re: Deposit receipts
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,355
Galveston, TX
I don't disagree, but you also need to do a cost benefit analysis. At $.37 a pop, that's an expensive way to gather deposits. We had some customers that would nightdrop $10-15 dollars a night.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#187599 - 05/10/04 02:57 PM Re: Deposit receipts
kfh Offline
100 Club
Joined: May 2004
Posts: 149
GA
Our night drop envelopes have a box to mark if you'd like to receive a reciept. If it is checked we mail one, if it's not checked we don't. We also hold deposit receipts for customers that frequently make night drops and mail them weekly (when agreed to by the customer).

Return to Top
#187600 - 05/10/04 08:53 PM Re: Deposit receipts
mrenderman Offline
100 Club
mrenderman
Joined: May 2003
Posts: 123
Wisconsin
I think that the initial question was is it required? The simple answer I think is, NO. It is not required by a law or regulation that a receipt has to be sent. Rose's answer was strictly from a customer service standpoint and I think that the initial question was looking from a rules standpoint. Rose's answer is not wrong, it is just what that institution has chose to do. Another comment was made regarding giving the customer the choice, I think that this is definitely a bank by bank case of do we or don't we WANT to. If it helps we have return slips with the customers mailing address typed on it, if the customer includes it in the night or mail deposit, we will send a receipt.

Return to Top
#187601 - 05/10/04 09:06 PM Re: Deposit receipts
EllenA Offline
Platinum Poster
EllenA
Joined: Nov 2002
Posts: 598
Flushing, NY
My Credit Union (not my employer) no longer mails receipts for deposits. It states that you should check on line to see if your deposit has been credited. After I got over the initial shock, I realized that I check on-line anyway, so it really was a cost saving to them.
Last edited by EllenA; 05/10/04 09:07 PM.
_________________________
It really doesn't matter, no one listens to me anyway.

Return to Top
#187602 - 05/10/04 09:26 PM Re: Deposit receipts
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
I would say it is a control weakness to NOT mail a receipt for any night drop that includes cash.

Return to Top

Moderator:  Andy_Z, John Burnett