Night Depository Contracts

Posted By: Higgy1

Night Depository Contracts - 11/29/05 04:29 PM

During our night depository audits, we routinely find that our contracts are incorrect as the authorized signers no longer work for the business. Does anybody have a clause in their night depositor contract that allows for any person to pick up the bag?
Posted By: Jokerman

Re: Night Depository Contracts - 11/29/05 04:38 PM

Are you holding the bag and allowing them to come into your branch to open it and work up the deposit?

Or are you opening the bag, working up the deposit, and then allowing them to pick up the bag.

If the second (more common), I've never understood why it mattered who picked up the bag. Any ideas from anyone?

If the first (less common), then you would definitely want strict controls over who is authorized to obtain the bag.
Posted By: Higgy1

Re: Night Depository Contracts - 11/29/05 04:43 PM

We open the bag, work the deposit and then allow someone (suppose to be an authorized signer) from the company to pick up the bag.
Posted By: Countess Kiwi

Re: Night Depository Contracts - 11/29/05 05:00 PM

Our contract states those individuals are acting as agents for the company.

We have converted most of our depositors to plastic bags, write or wrong it eliminates the issue of picking up bags. We document the bag number and the customer keeps the portion they tear off.

I would tend to agree with Jokerman. My issue would be having the signed contract and the information is no longer accurate, if there is a lot of turnover with the individuals picking up the bags they may want to just provide you with notification when something changes so that it can be filed with the contract.