We are in the process of reevaluating some of our branch procedures. Currently, our night deposits are opened under dual control where two employees verify the contents of the envelope when cash is involved. One employee performs a count of the cash. A second employee performs a separate count of the cash. Both employees agree on the amount and denomination. The denomination(s) are written on the depository envelope and both employees initial.
How do you handle opening night deposits? Do you use dual verification? Where and how do you record/document the denomination/amount counted (envelope, log, one versus two employees, etc.)? Have you ever had a member come back and dispute the amount of a deposit?
Thanks for your help.
Dan Elston
Internal Audit Manager
BayPort Credit Union
