Hello,
Does your credit union require that wire transfers over a certain dollar amount have to be approved by a member of Executive Managment (CEO, CEO, COO)? If so, how does your credit union ensure that appropriate approvals are obtained? Is this an automated control (i.e. the system will prevent the wire from transferring until approriate approvals are obtained) or a manual control (i.e. a person needs to notify Executive Management that their approval is needed)? We currently require Executive Management to approve wires over a certain dollar amount but we utilize WireXchange and have been told that a limit cannot be implemented to automate this control so this control is being performed manually.
Any feedback is appreciated.
Thank you!
Karen
