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Can banks track money?

paymentsjournal.com - How Banks Keep Track of and Manage Money - PaymentsJournal

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Each day, banks perform dozens of transactions for customers. And while more people are relying on credit and debit cards, cash is still important. Because of this, banks need tools and processes to help manage the money that flows through the branch each day.

Deposit Slips and Receipts

One of the ways banks track and manage money that comes in and goes out is with deposit slips and receipts. Whenever you deposit cash to your bank, you may need to fill out a deposit slip. Some banks use digital slips that you can sign, while others will require a paper form. As the bank teller performs your transaction, they will keep a copy of that deposit slip, and they will give you a receipt. Throughout the day, the tellers will send digital copies of the deposit slips to the main branch, which will pass that information to the Federal Reserve. If a deposit involves a check from another bank, the Federal Reserve will collect on that check and will send the money to the bank where the check was deposited.

Buys and Sells

Within the banking system, tellers use a system called buying and selling to track and manage money. If a teller takes in a large cash deposit, for example, the branch may not want to hold onto that money. Each branch typically has one person that manages the bulk of the cash for that location. So the other employees can “sell” cash out of their drawer to the main vault, which will “buy” the cash. Every so often, the teller in charge of the bulk of the money will “buy” and “sell” from or to other branches or to the Federal Reserve. That way, the branch can have the bills they need without having more money than necessary.

Vaults and Vault Tellers

The vault and vault teller is where most money is in a bank branch. In most cases, you can’t determine who is in charge of the vault by looking at the line of bank tellers. Also, most of the money isn’t with the vault teller on the teller line. Instead, the teller will keep it in a locked vault, and that vault is probably in a separate, more secure room in the bank. That helps protect most of the bank’s money even if the tellers get robbed.

Drawer Audits

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Another way bank branches track and manage money is with regular drawer audits. Depending on the bank, the manager or another employee will count the money in each teller drawer. The teller working that drawer will watch to make sure that no bills are missed or counted twice, but the manager is there to make sure an employee doesn’t lie. That can help the bank keep employees from stealing money, and randomizing audits can keep tellers on their toes since they won’t know when the audit will happen.

Management Software

When it comes to system-wide money tracking, banks can use bank management software to track new and existing accounts, loan applications and more. The right program can help banks reduce costs and get rid of unnecessary paperwork. A bank can use software to perform and manage customer transactions, and employees can use it to give balances to customers or to print account statements.

Transaction Reports

When a lot of money comes into or goes out of a bank branch, the employees will typically use a Currency Transaction Report (CTR) to track it. The report shows who brought or took the money and the amount. It requires the customer’s ID and personal information. If something goes wrong after the transaction, the bank will know who had or got the money, and when the transaction occurred. Banks can use these reports to prevent fraudulent activity now and in the future. Running a bank involves a lot of work with money, and employees need to be able to track and manage the money that comes in and goes out. Keep these tools in mind when determining how to run your branch.

paymentsjournal.com - How Banks Keep Track of and Manage Money - PaymentsJournal

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