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#28261 - 08/16/02 11:51 PM Employee Checking Accounts
banksconsultus Offline
New Poster
Joined: May 2002
Posts: 15
Los Angeles, California
I would be interested to learn how other bankers handle employee checking accounts. Specifically, your policy regarding overdrafts, NSF, etc. At what point do you warn an employee or officer? At what point do you force the employee or officer to terminate the account?

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General Discussion
#28262 - 08/17/02 12:51 PM Re: Employee Checking Accounts
Neytiri Offline
Platinum Poster
Joined: Jul 2002
Posts: 645
We allow our employees 3 NSF items per calendar year; anything over that and they must close the account. We allow no overdrafts. Employee acounts are also monitored for unusual transactions, possible kiting, etc.

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#28263 - 08/17/02 12:56 PM Re: Employee Checking Accounts
A D Virr Offline
Gold Star
Joined: Oct 2000
Posts: 398
Derry, NH
We hold employees to the same standards as for any other customer of the bank. No exceptions, no favors, no waiver of charges. As for the terms of the account, we pay to employees checking/NOW accounts. Those accounts are not service charged and free basic checks are provided.
Allan D. Virr, CRCM,CRP
Compliance Audit Solutions, LLC

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