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Compliance For Counting Coin

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When a bank accepts coin from a customer to be counted later in the day, for either counting through a coin counter or accepting it as rolled, What reg, statute, or law does this fall under? I have not been able to find anything that pertains to compliance.

My assumption is that you are looking for something that would give you the right to go back and adjust the amount of the deposit if the customer's figures turn out to be incorrect. I do not know of any federal law that would affect your practices here and I doubt that there would be anything at the state level.

Your contract; e.g., account agreement, night deposit agreement etc. is your most likely source of guidance. Language governing this issue should be common to a night deposit agreement, something to the effect that "all deposits are subject to verification." It is possible that, by not verifying the deposit at the time it is made, you accept some risk. If your contracts do not protect you, it may be important to reach a verbal understanding with the customer when such deposits are taken.

First published on 05/19/03

First published on 05/19/2003

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Filed under compliance as: 

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