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.
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.
Forms
Teller Cash Exchange Ticket
Procedure
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.
Cashiers / Tellers must exercise judgment and care in handling cash. Discretion must be exercised to limit the amount of cash in view as well as discussions relating to cash. When a teller receives cash, he/she should verify the amount before placing it in the cash drawer. Rolled coin may be verified at the time it is used. Cash received or disbursed should be counted three times: once as the teller counts the cash out of the drawer, once as the teller counts by denomination on the calculator tape and once as it is disbursed to the client. Negotiated checks must be maintained in a locking cash drawer in transaction order.
Cash drawers must remain locked any time a teller is away from the window. Tellers are responsible for their keys.
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.
Counting 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.
Forms
Cashier / teller Exchange Ticket
Procedure
Deposits
Customer / clients may make deposits to their accounts in person, via mobile money (LIST ALL WAYS A DEPOSIT MAY BE MADE). The customer / client 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 / client.
Forms
Transaction Receipt
Procedure
Withdrawals
Customer / clients may withdraw funds in the form of check or cash, Customer / clients requesting withdrawals must present a valid photo ID with a signature. The identification requirement may be waived if the customer / client is well known by the cashier / teller. Joint owners may also withdraw funds after presenting proper identification
Forms
Transaction Receipt
Procedure
Customer / cleints 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 / client is wishing to pay more than one loan. If not, post the full amount to the loan, unless the customer / client has provided specific instructions to the contrary. If a significant difference exists, call the customer / client to request instructions. If the customer / client cannot be contacted, post the full amount to the loan and make a note in the on line account comment area.
If a loan payment is late, post the payment as usual, unless the account is flagged by Collections. If this is the case, contact Collections immediately for instructions.
Forms
Transaction Receipt
Procedure
Transfers
Customer / clients 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.
Forms
Receipt
Procedure
WHFCU will cash checks for customer / clients only. Checks must be made payable to the customer / client. Third-party checks are not normally accepted. Consult a supervisor before accepting a third-party check.
Non-customer / clients presenting a customer / client's check (share draft) may cash the check with proper ID.
On a case-by-case basis, we may cash a check for non-customer / clients as a courtesy. This may include a visitor to the complex with a local check payable or endorsed to the customer / client sponsor. In such cases, Customer / client Service representatives must obtain approval from the Branch Manager.
Procedure
Accept check(s) for which cash has been requested from the customer / client.
Determine whether the check can be cashed or must be deposited. Verify that the account is in good standing.
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. If the check is drawn on other than a U.S. bank, forward it to the Head Cashier / teller for collection. No cash or credit will be given to the customer / client until the check is collected. Stamp the back of all checks with the organization endorsement stamp. Write the customer / client's account number and suffix on the back of the check within the top 1½" allotted space. Stamp with cashier / teller stamp.
Verify the customer / client's identification. If the individual is a non-customer / client cashing a customer / client's share draft, write the ID number and expiration date on the front of the check.
Post the transaction to the system. If the check is drawn on WHFCU, enter the check number into the system, clear the check and stamp the back of the check.
Disburse the funds to the customer / client and verify the total against the transaction receipt and calculator tape.
Place the check and transaction slip in the designated location for balancing at the end of day.
Currency will be received from customer / clients, which is considered mutilated. As these funds are received, they are to be sold to the vault. The Senior Customer / Client Service Rep. will accumulate these funds and return them with excess coin to the Federal Reserve.
Forms
Cashier / teller Cash Exchange Ticket
Procedure
Upon receipt of mutilated currency, complete a Cashier / teller Cash Exchange Ticket.
Follow the excess cash procedures to sell money back to the vault.
The Senior Customer / Client Service Rep. will sell the mutilated funds from the vault to the Federal Reserve.
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.
Procedure
Run one tape on all checks received and verify the number of checks and the dollar amount to the system.
Count all cash and coin in the cash drawer and verify the totals against the system totals.
Once you determine your checks and your cash are in balance, microfilm your checks in preparation for delivery to the Courier Service.
Run a tape on all traveler‘s checks and money orders sold and verify the total to the system totals.
If in balance, place the daily work in the designated area. If not in balance, count cash and run tapes again. If an out-of-balance situation remains, contact the Branch Manager immediately for instructions.
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.
A transaction incorrectly keyed into a customer / client’s account must be corrected.
Same Day Error Corrections
If the error is discovered on the same day it occurs, a VOID transaction code can be performed on the customer / client's account. It provides the ability to reverse a transaction that was posted on the same day.
To VOID a transaction, input the customer / clients account number. In the transaction area, type VO. A screen will appear showing transactions done on the account. Highlight the transaction to be voided, and follow the on-screen directions. Transfers and ON US drafts have two transactions to be voided. If both sides of the transactions are not voided, an out of balance condition will occur. Once the transaction is voided, input it correctly
Previous Day Error Corrections
Refer to Symitar Online Publications for instructions on these corrections. There are two ways to do previous day corrections.
Double click the SFW Online Publications Icon on your desktop. Click on the Search tab. Type in the word adjustment. The 1st title will be Adjustment Z. Double click in the highlighted area and follow the instructions that will come up.
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.
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.
Forms
Cash Difference Checklist
Procedure
When a cashier / teller is out of balance, first verify the cash in drawer and review the check calculator tape to ensure that those figures are correct.
If the error is not found, obtain a copy of the Cash Difference Checklist. Go through all the steps listed on the checklist to find the error.
If the cashier / teller is still out of balance, post the proper adjustment to the system. Inform the Branch Manager.
If the difference is more than $100, forward a copy of the checklist to the CEO.
If a pattern is established for a recurring error, plan a training program and other appropriate action to rectify the situation.
File the copy in the designated area.
CASH DIFFERENCE CHECKLIST | ||
Cashier / teller Name: | Number: | Date: |
Amount of Difference: $ | ||
| CHECKED BY | RECHECKED BY |
1. Establish exact amount of difference: Over or short. |
|
|
2. Verify all cash turn-in & buy tickets to ascertain that all items are properly debited or credited. |
|
|
3. Fine count strapped, mutilated, and bait currency, and bulk coin in drawer. |
|
|
4. Re-run checks received and verify total to cashier / teller sheet and system totals. |
|
|
5. Examine cash breakdown for all transactions. |
|
|
6. Check addition on deposit and withdrawal receipts and all notations made including bill denominations. |
|
|
7. Compare check run to deposit receipts. |
|
|
8. Verify whether another cashier / teller has an offsetting difference or one of a similar amount. |
|
|
9. Verify transfers of funds from one account to another. |
|
|
10. Verify money order transactions to system totals and receipt of funds for payment. |
|
|
13. Check any other miscellaneous receipts and disbursements. |
|
|
14. Check for missing documents under cashier / teller machines and in garbage. |
|
|
15. Bag & retain cashier / teller area garbage until difference is found. |
|
|
Check (√) and complete all that apply:
Difference found and corrected on______________ (date) by ________________________ (sigstandarenature).
Copy of Cash Difference Checklist to the Manager on ______________ (date) by _______________________ (signature) if difference is [ENTER AMOUNT HERE] or more and not found.
Vault Cashier Procedures
The vault cashier is responsible for ensuring that there is enough cash on hand for the organization to properly supply the customers / clients. This position is also responsible to ensure that excess cash is returned back to the [ENTER CORRESPONDENT BANK NAME HERE]. There should be no more than (ENTER AMOUNT) on hand on any given day. The vault must be opened under dual control.
Forms
Cashier / teller Exchange Ticket
Procedure
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 client’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 client is receiving cash back, they must sign the receipt. Provide the client 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 client 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 Client Service Rep. This figure was your opening cash figure for the day. Add any cash received from the vault and the clients. Subtract any cash you sold to the vault and cash given to the clients. 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.