RE: Banks - Fed Shipments

[Terry McEachern]

One employee bundle counts the money before the armored courier leaves.  The money is then assigned to vaults or tellers.  Tellers bill count all currency they replenish.    We used to bill count money from the Fed and then bill count again when disbursing to tellers.  The Fed is very rarely off, and then for minimal amounts.  The upshot is that we were spending over $9,000 in teller resources to look for less than $20 in discrepancies.  Needless to say, it was an easy sell to change to a bundle count.     -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of Jessica Wilhoite Sent: Tuesday, August 13, 2002 2:48 PM To: Audit-L Listserve Subject: Banks - Fed Shipments Hello All,       I'm throwing this question out there to get a consensus of what other banks are doing.    What is the most common procedure for a branch to follow after receiving a fed shipment?  Procedure meaning is the money counted by hand or with a cash counter?  How many people are involved in counting the money from fed?  After being counted is the money re-strapped and initialled by two individuals?  What other procedures are there?  I'm looking at this from an efficiency point of view.  What is the best practice for fed shipments?   Thanks.   Jessica R. Wilhoite Audit Specialist First Columbia Bank & Trust Co. 11 West Main St. Bloomsburg, PA 17815 Phone:   (570) 387-4610 Email:     [EMAIL PROTECTED] Website: www.firstcolumbiabank.com