Logging Incoming Mail

We log all the incoming mail that comes to our main office - bill payments, loan payments, etc. Does anyone have another method of tracking incoming mail or you don't track it? Thanks.

Don't track.

We track all incoming payments (checks, cash) and returned mail. Our examiners check it to make sure dual control is in place. We are a small state chartered CU. I think it is an outdated practice, but we will continue as long as the examiners keep asking.

Don't track It's just not a reasonable practice or any way to do this in an efficient manner. I'd question why would you do this, other than some auditor once said "what if you get cash in the mail".

Same here.

What purpose does it serve?

Incoming no.
Returned yes.

We've had it noted in two audits (we had to buy a special lock box for returned mail last year) and examiners always ask for our log. Yes, the reason is someone might send cash, and on the returned mail, for the "dual" control to shred the statements. It's a dumb thing, but if it keeps them occupied, I won't upset the apple cart. These are the same people that require we do a "Verification of Accounts" which is even more pointless since so many members have e-statements, and/or have ability to view accounts online. Verifications are expensive and time consuming and their usefulness has passed.

Until the members that don't avail themselves of online access or view their statements are targeted by a dishonest employee. I have a feeling that on the whole, CU members are probably more "tuned in" to online access and probably a better percentage of members use it than the percentage of bank consumer customers, but there are always those who just don't give a hoot about following their accounts responsibly. So I don't see verifications going away anytime soon.

I agree 100% John. I realize that verifications and mail logs are probably going to remain in my future, so we do both the best we can:-)