The following document provides standard operating procedure for the cash handling job of the organization. This was developed to be used as a base for you to edit and develop an internal, end user Policy and Procedure Manual for your organziation.
TELLER / CASHIER SAMPLE PROCEDURES
USE THE FOLLOWING TO CUSTOMIZE WRITTEN PROCEDURES FOR YOUR UNIQUE ORGANIZATION
Office Opening
The Office Manager or designated employee is responsible for opening and closing the branch on a daily basis and for assigning individual cashier stations. Cashiers much be ready to work by ENTER TIME.
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- Prior to opening the doors to customers / members, verify:
- The lobby is orderly.
- Brochures and transaction forms are well stocked.
- Under dual control, the vault is opened.
- Each individual cashier must obtain his or her cash drawer (or bag) from the vault. The daily working cash should not exceed (ENTER MAXIMUM CASH LIMIT HERE) at any time.
- If a cash order is placed, the funds will be obtained from the vault teller and verified before signing for the cash and placing it in the working drawer.
- Stock necessary supplies at the cashier station and be prepared to open to the customers (members) at the designated opening time.
Cash Drawer Maintenance
Cashiers / Tellers are assigned individual cash drawers that must not be used by another employee. The total amount of cash maintained in any one drawer may not exceed (ENTER CASH LIMIT HERE) on any given day. If cash needs exceed this limit, tellers must sell cash back to the vault at any time during the day.
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Cash drawers must remain locked any time a teller is away from the window. Tellers are responsible for their keys.
Cash Handling/Counting
Cashier / tellers and others who handle cash have an important responsibility to safeguard the assets of the organization by counting, disbursing, and receiving cash accurately and safely. Cash is the organization’s most liquid asset and therefore is most susceptible to loss or misuse. For this reason, extreme care must be taken to safeguard the asset. Those employees who handle money must make this responsibility a priority.
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- Count from your hand to the counter.
- Never count loudly while receiving or disbursing cash.
- Count money starting with large denominations down to small denominations.
- When accepting cash from the customer / member, always count it in front of the customer / member the first time.
- Count coin starting with large denominations down to small denominations.
- Never put any cash received into the drawer until it has been verified.
- Concentrate while counting. Don’t try to talk and count at the same time.
- Don’t interrupt your count. Once you start to count, don’t let anything interrupt you.
- Be consistent in how you count out cash to customer / members. When counting back, key into the calculator the customer / member’s account number first then press the #sign. Count each denomination and enter into the calculator and total. Then count the total cash to the customer / member.
- Be consistent in the order in which you do things. For example: make a habit of giving cash back as the very last step in the transaction, after handling the deposit, answering questions, etc.
- If you are making change for a bill or exchanging several bills for other denominations, leave the original bill on the counter in your view until the transaction is complete. This way, the customer / member can’t say “I gave you a fifty” when it was actually another denomination. It’s in plain view.
- If a customer / member deposits an uncounted amount of cash, ask him/her to count it. If they do not want to take the time, get them to initial the deposit ticket to indicate he/she agrees with your count. Have the Branch Manager or Senior Customer / member Service Rep verify this cash before posting it to the customer / member’s account.
- When counting large amounts, pause slightly after each hundred.
- Put everything away after each transaction before starting the next one.
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Excess Cash
Cashier / teller cash drawers are limited to no more than $20,000 ($30,000 on paydays) at any time. The cashier / tellers should attempt to end each day with as little cash as possible in their cash drawer. If the drawer limit is exceeded during the day, the excess cash should be sold to the vault during business hours to comply with the established guidelines. All cash sold to the vault must be banded in the appropriate dollar amounts.
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- Complete a cash order slip, listing denominations and total amount of cash being sold back to the vault.
- Make the following entry in the Mifos system (DBH – NOTE INSERT TELLER CASH PROCEDURE HERE)
- Submit the completed form to the Senior Customer / member Service Rep who will accept the form and the cash being returned.
- The Senior Customer / member Service Rep will verify the amount of cash received and, under dual control, will place the currency in the vault and make the appropriate entry under the vault cashier / teller number. (DBH – NOTE INSERT TELLER CASH PROCEDURE HERE)
- One copy of the cashier / teller exchange ticket stays with the cashier / teller’s daily work. The second copy stays with the Senior Customer / member Service Rep.
Deposits
Customer / members may make deposits to their accounts in person, via mobile money (LIST ALL WAYS A DEPOSIT MAY BE MADE). The customer / member must provide their account number and deposit instructions. Checks received for deposit are subject to the Check Hold Policy. Cash back is permitted on deposits and must be signed for by the customer / member.
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- Verbally review the transaction request provided by the customer / member to ensure the instructions are understood.
- Verify the customer / member's identification. Enter the customer / member's account number and cross-verify to the customer / member's name. Also compare the photograph in the system with the person standing before you.
- Verify the amount requested is available for withdrawal.
- Verify that there is no loan past due amount due.
- Click on the account for the withdrawal. You will see a blue action bar to make, deposit, withdraw, calculate interest and more. Select, èWithdraw
- Enter the transaction date. This will usually be today’s date, however, the system does allow a transaction to be backdated if necessary.
- Enter the transaction amount.
- Enter the payment type – Cash, check, (ENTER THE PAYMENT TYPES ACCEPTED BY YOUR ORGANIZATION).
- Additional details are available (IF YOUR ORGANIZATION USES ADDITIONAL DETAILS, COMPLETE THE INSTRUCTIONS FOR ACOUNT#, CHEQUE#, ROUTING CODE, RECEIPT # AND BANK#
- Following cash handling procedures, give the customer / member the cash requested.
- Give the customer / member a copy of the receipt. Place the other copy in the designated location for balancing at the end of day.
Loan Payments/Payoffs
Customer / members may make loan payments over the counter, by regular account transfer or mobile money. (LIST THE METHOD OF PAYMENT AVAILABLE IN YOUR ORGANIZATION). Loans may be paid ahead with no penalty (VERIFY THIS FOR YOUR ORGANIZATION). If a loan payment is received for more than the amount due, check to see if the customer / member is wishing to pay more than one loan. If not, post the full amount to the loan, unless the customer / member has provided specific instructions to the contrary. If a significant difference exists, call the customer / member to request instructions. If the customer / member cannot be contacted, post the full amount to the loan and make a note in the on line account comment area.
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- Verbally review the completed transaction with the customer / member to ensure the instructions are understood.
- Accept the funds and place them in a safe area while processing the transaction. Do not place funds in the cashier / teller drawer until the transaction is posted to the system.
- (IF YOUR ORGANIZATION ACCEPTS CHECKS) Examine all checks presented for: payee, proper date, written amount agrees with numeric amount, signature, routing and transit number, necessary endorsements and if subject to checks holds. Stamp the back of all checks with the organization endorsement stamp. Write the customer / member's account number and suffix on the back of the check within the top 1½" allotted space.
- Verify the customer / member's identification. Enter the customer / member's account number and cross-verify to the customer / member's name. Also compare the photograph in the system with the person standing before you.
- Select the loan account to be paid from the list on the screen. The loan detail page will appear. In the blue navigation bar, you will see Add loan Charge, Prepay Loan, Make Repayment, Undo Disbursal and More. Select $Make Repayment.
- Verify the Transaction date. Enter the correct date as necessary.
- Enter the Transaction Amount
- Use the drop down options to select the Payment Type.
- If your organization uses the Show Payment Details, enter the listed information.
- Enter a note in the system if required.
- Review the on screen information, if correct, press Submit.
- Give the customer / member receipt.
Transfers
Customer / members may transfer funds from any account in which they are an owner to any other account within the organization. Transfers may be requested in person, in writing, via mobile.
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- Verbally review the transaction request with the customer / member to ensure the instructions are understood.
- Complete the transfer request according to the customer / member's instructions. Have the customer / member sign the transaction slip.
- Give the customer / member a copy of the transaction receipts. Only give the customer / member receipts for accounts on which they are an owner or joint owner, or place the receipt in a sealed envelope.
- Place the documents in the designated area for balancing at the end of day.
Check Cashing
WHFCU will cash checks for customer / members only. Checks must be made payable to the customer / member. Third-party checks are not normally accepted. Consult a supervisor before accepting a third-party check.
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Place the check and transaction slip in the designated location for balancing at the end of day.
Mutilated Money
Currency will be received from customer / members, which is considered mutilated. As these funds are received, they are to be sold to the vault. The Senior Customer / member Service Rep. will accumulate these funds and return them with excess coin to the Federal Reserve.
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The Senior Customer / member Service Rep. will sell the mutilated funds from the vault to the Federal Reserve.
Cashier / Teller Balancing
Each cashier / teller must verify that the system transaction totals and cash on hand are in balance at the end of each day. Excessive differences will be grounds for disciplinary action, up to and including dismissal.
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After the individual work is balanced and filmed, assist with any necessary office closing work that is outstanding. This may include assisting a cashier / teller find an out of balance situation, filming daily work and check deposits to FED Reserve, balancing MO & Traveler’s checks sold or putting supplies away.
Error Corrections
A transaction incorrectly keyed into a customer / member’s account must be corrected.
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The second method of correction is Recast. Type in recast. You will have two selections. RL is used to recast a loan. RS is used to recast a share account.
Cash Over and Short.
Ideally, all cashier / tellers should balance to the penny on a daily basis. This, however, is not always possible. If the difference is in excess of $10 the cash difference checklist is to be completed and a copy submitted to the Branch Manager if the difference is not found. If a difference is in excess of $100 and not found, a copy of the cash difference checklist must be forwarded to the CEO.
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- Under dual control, open the vault for the day.
- Fill the cashier / teller cash requests for the day and remove any checks or other secured items required for the business day.
- Post the transaction into the system (DBH – COMPLETE THIS PROCEDURE AFTER NEW RELEASE)
- Have each individual cashier / teller approach the workstation to receive their funds.
- Each individual is to verify the order before leaving the workstation.
- Close the vault until the end of day, or until a cashier requires additional working cash in their drawer.
- End of day, balance the vault cash in the same manner that the cashier / teller balances their drawer.
Off Line Balancing
In the event that the Mifos system goes out of service we will still need to provide financial services to the membership.
Forms
Receipt
Procedure
Record the member’s name, account number and a daytime phone number at the top of the receipt. Indicate whether you received cash and/or checks and the amounts. Record the savings or loan account be deposited to or paid. If the member is receiving cash back, they must sign the receipt. Provide the member a duplicate of the receipt. Keep the checks clipped to your copy of the receipt and separated from any transactions you may have already done.
When the system comes back up, key in the transaction, paper clip your hand written receipt to the printed Mifos receipt. E-mail the member their copy of the receipt if they so requested.
If the system does not come back up you will need to balance your cash and checks manually.
To balance your cash, obtain your ending cash figure from the previous day from the Senior Member Service Rep. This figure was your opening cash figure for the day. Add any cash received from the vault and the members. Subtract any cash you sold to the vault and cash given to the members. The resulting figure is your ending cash for the day. This should match the cash you have in your drawer.
Add the checks that were input before the system went offline as one check bundle. Verify that the check amount on the receipt matches the actual check. Add these checks separately as a second check bundle. List the off-line check bundles on a separate cash letter.
Total your disbursed checks and money orders.