Official Check accounts - Poll

We are restyling our bank accounts for loan official checks and I was just wondering how other banks do the signature requirements. We are going to make them have to be signed by a bank officer but just wondering if most banks require 2 signatures over certain amounts.

We require two signatures on all loan proceeds checks.

We also require two signatures on all loan proceeds checks.

We require two signatures on loan proceeds checks over a certain amount.

Ditto BlueRyedGirl

We require two signatures on all loan proceeds checks.

Two signatures over certain amounts.

At what amount do you require two signatures - speaking of Cashier's checks? And in small branches, what do you do if the officer is out of the branch? We have a branch with 3 people and there isn't always a bank officer in the bank. Would having procedures saying a teller supervisor or bank officer suffice?

Cashier's checks over 100,000 must be signed by two officers.

Under 100K,
1 Bank officer must sign
in the absence of one bank officer, any two employees can sign the check.

Our policy says that all Tellers can sign a Cashier's Check by themselves up to $2,000. Over $2,000 requires the Teller's signature along with the initials of a bank Officer. In the absense of a Bank Officer, two employees signatures are required.
This policy has worked fairly well for us. The only problem I've seen is that too often I see that two employees signed when I know a Bank Officer was available (just faster to have the person next to you sign than to follow policy and go get an officer).

It is all a matter of perspective. If there were any shaningans going on, I would just forge the initials of an officer. If you trust two people to be able to determine if the transaction is properly being processed, what really is the issue. Typically, officers get involved at a much higher amount.

At my FI, loan proceeds are issued as cashiers checks, and the rules for all cashiers checks are:
Under $5,000 - signature is printed on check by laser jet from teller software
$5,000 up to $9,999.99 - one officer must sign
$10,000 up to $99,999.99 - two officers must sign
$100,000 and over - 1 officer + 1 member of senior management must sign

Additional factors to consider:
* Risk profile of your bank/branches
* Process for verifying signatures (on all vs. over a specified amount)
* Other monitoring systems/processes in use
* Whether you utilize positive pay on the Official Check account

At my FI, official checks are all handled uniformly, whether for cashier's checks, general disbursement checks, LIP vouchers, A/P checks, drafts, etc. The maximum limits are role based & no check requires two signatures:
- Under $10,000 - signature is printed on check by teller system
- Sr. Teller or Personal Banker - $100,000
- Operations Supervisor - $250,000
- Branch Manager - $750,000
- Division Manager - $10,000,000
- Bank Operations Manager - $20,000,000