Credit unions need to avoid cash handling mistakes and cut down on operating costs associated with cash handling in order to refocus time and energy on customer service. Automate your cash management processes to save money, increase profitability, and improve customer service. We've come up with a list of five cash handling mistakes for credit unions to avoid.
1. Your employees lack experience.
You need to make sure your staff is properly trained in all cash handling procedures. They are responsible for counting, verifying, and protecting cash assets of the credit union. When it comes to cash handling, they must demonstrate concentration, consistency, organization, and accuracy. Make sure your employees are trained properly and that they each one understands their responsibilities regarding cash handling. Employees are responsible for their own cash drawers. They should not allow any other employees to access to their cash drawers. Employees should never leave cash unsecured or unattended. Review your current cash handling procedures, update as needed, and review again. Having employees sign off on training is always a good practice to ensure accountability.
2. You are not enforcing cash handling rules.
You need to continually enforce cash handling procedures and policies. Set teller drawer limits and ensure consistency. Cash on hand should never exceed the established limit. Excess cash must be separated and stored properly. Spot checks help.
3. Your employees are inconsistent.
Select a method of counting currency and stick with it. Whether your employees are counting hand to counter or hand to hand, currency should always be counted at least three times. Bills should be counted by denomination. All employees need to keep their cash drawers organized correctly. This will allow them to complete transactions efficiently and accurately.
4. Your employees are not checking for counterfeit bills.
Each and every bill that comes through the credit union must be examined scrupulously. Modern technology is making it easier for criminals to counterfeit bills and making it harder for staff to identify counterfeits with the naked eye. Analyze each bill, check the security features, and if possible, use a counterfeit bill detector to verify authenticity. If counterfeit bills are accepted at your credit union, you lose money.
5. Your cash management system is outdated.
Are your employees still using calculators to process change? Are they examining bills for authenticity with the naked eye? Do they manually count coins and bills? If you answered yes to any of these questions, you need to update your cash management processes. Large volumes of cash come through your credit union location. Eliminate the risks associated with poor cash management. You need to automate your cash management system. Invest in currency counters, cheque scanners, currency recyclers, and counterfeit bill detectors. You will see a return on your investment in no time. This will save your business time and money and reduce the risk of cash handling mistakes.
It is important for credit unions to avoid cash handling mistakes in order to achieve growth and profitability. Are you making any of these five cash handling mistakes? It's time to update your cash management processes and start saving time and money so you can refocus energies on customer service.