Hello everyone,
In the pursuit of effeciency, we have some internal interest in adjusting our controls pertaining to the transfer or sale of one dollar bills from an individual branch employee to the vault. We currently piece count all bills sold to the vault in dual control. Of course, the transaction is documented in dual control on a two-part form and we also have controls around the electronic transfer of those funds within our core system. The number of ones a teller receives throughout the day can be so large that they have to sell them back to the vault during busy times of the day for physical storage reasons. The vault generally then holds them for a couple of days until they can be sold to our cash vendor, but there is a rare occasion where they could be sold to another emplolyee in need of ones..
The change in controls being proposed is that we discontinue the requirement of piece counting one dollar bills when they're sold from the employee to the vault and that we simply count the straps instead. The transaction would still be performed and documented in dual control. The value of the proposed change is the time saved by not having two people dedicated to the count and the supporting argument is the minimal loss we would see in situations where a strap is short. I wanted to post the issue on this forum to see if anyone has gone down this path before, and also to seek feedback in general from those that have an opinion.
Thanks for your help!
Greg
