Ensure Security and Safety Precautions Are Followed

Ensure security and safety precautions are followed

Contents

Introduction

Security measures to remember

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Introduction

You need to follow the organisation’s procedures for cash security when transporting money to the bank. One way to avoid risk is to minimise the on-foot travel from the office to the bank.

Security measures to remember

Risks to avoid

• Try to bank at least once a day if your company is a small one. If it is a larger business, bank several times a day.
• Ensure that the cash and cheques on the premises are kept to a minimum.
• Remove cash and cheques from the till every hour; for example if you are operating a service station, drop cash and cheques into a time-locked safe whenever you get to a certain amount (eg $200).

When taking cash and cheques to the bank

• Vary the time of banking.
• Complete all banking details on documents (ie deposit slips etc) before leaving the office.
• During busy times, make several bank deposits.
• The manager needs to make sure that the person taking the money to the bank is a trusted employee.
• Cultivate a good working relationship with the bank tellers.
• Check bank statements to verify that deposits have been correctly entered.
• Make the person doing the bank deposits accountable for all money and cheques.

Night safe

Most businesses close between 5pm and 6pm—but the bank would have closed by then. To ensure that there is not too much cash on the premises over-night, takings can be deposited into a night safe at the bank.

This is how a night safe operates. Businesses are provided with a lockable pouch. The person preparing the pouch must make sure that all the cash and cheques are counted and the details entered on a deposit slip. The money is placed into the lockable pouch which is then deposited into the bank’s night safe.

The next day the bank teller will collect that pouch and deposit the money into the business’s bank account. The (empty) pouch is collected by the business on the next visit to the bank.

Some businesses now do their banking online (through the Internet).

Research the following:

• What services are offered by online banking?
• What are the security measures should people take when using online banking?

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With online banking, you may be able to:

• access bank statements
• pay bills electronically
• transfer money from your account to another customer’s account
• apply for loans
• make repayments on your loans.

Here are some security measures:

• Check the security server certificateof your bank.
• Do not tell anyone what your password or Internet access number is.
• Protect your computer system from viruses.
• Do not download software that remembers access details.
• Always remember to log out of Internet banking.
• Double-check your statements.

Ensure security and safety precautions are followed1

© NSW DET 2006 2006/053/12/2006 LRR 4660