Check Limits

Posted By: one auditor

Check Limits - 01/11/11 10:42 PM

I am examining the limits of authorized check signers and have discovered some have unlimited approval authority. This concerns me as no employee, in my opinion, should have unlimited authority. I would be interested in what others think on this and how to place limits, i.e, controls for secondary approvals, on employees such as the CEO, and others who have this blanket authority. Thank you.
Posted By: MTW75

Re: Check Limits - 04/26/11 05:05 PM

My preference is to require dual signatures. You will get some resistence to this from locations with limited staff, so threshholds are sometimes necessary (dual signatures required on all checks greater than $10,000, for example).
Posted By: RBanker

Re: Check Limits - 04/26/11 05:57 PM

No one here has unlimited authority - if the check amount exceeds the highest limit option, it requires two officers of the bank to sign.
Posted By: Happy Drugs

Re: Check Limits - 04/26/11 08:32 PM

We have certain officers who are authorized to sign, then once it hits 25,000.00 or great it requires to officers signatures. We do not allow our loan officers or loan assistants who may have an officer title authorization because they produce so many checks for loan customers!! Our president cannot sign because he is also a loan officer. We keep it pretty tight on them.