dfsXZ Financial Services, Loyola University Chicago

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Deposit procedures for cash & checks to armored car service

Standard Methods for Preparing Deposits

For deposits with currency and coin:  All currency must be face-up and sorted by denomination.

Strap Color

To create a Fed-Standard strap, place the appropriate strap around 100 notes of the same denomination as follows:

  • Hundreds (Gold Strap) $10,000
  • Fifties (Brown Strap) $5,000
  • Twenties (Purple Strap) $2,000
  • Tens (Yellow Strap) $1,000
  • Fives (Red Strap) $500
  • Twos (Green Strap) $200
  • Ones (Blue Strap) $100

If you do not have enough notes for a standard strap, combine the denominations under one reversed strap, sorted from the smallest to the largest denomination. Use one partial strap for currency, and place it around the currency with the strap reversed (the color/printed side down). Write the total dollar amount on the strap.

Preparing Envelope Deposits

To prepare an envelope deposit:  Bundle as many Fed-Standard Straps as possible with a single nonstandard strap containing all remaining notes.  The person preparing the straps (all straps, including Fed-Standard and partial) should legibly write or stamp on each strap:

  • Company name
  • Location LSC, WTC, LUMC
  • Current date
  • Preparer’s initials
  • Sort the envelope contents by denomination.  Order the dominations from smallest to largest denomination and place in the envelope.  Legibly write or stamp on the outside of the envelope:
  • Company name
  • Location LSC, WTC, LUMC
  • Current date
  • Amount contained in the envelope
  • Preparer’s initials

At the end of the deposit day, the envelopes are added and a deposit ticket is created for the total amount.

Preparing Coin Deposits

For small amounts of coin, under $5.00 place in envelope write or stamp the following:

  • Company name
  • Location LSC, WTC, LUMC
  • Current date
  • Amount contained in the envelope
  • Preparer’s initials

Place all of the loose coin inside the envelope and seal the envelope.

Multi-denomination, loose coin

Multi-denomination, loose coin should be bagged and sealed in disposable plastic coin bags weighing no more than 50 pounds. In the place indicated on the bag, write:

  • Company name
  • Current date
  • Preparer’s initials
  • Amount contained in bag
  • “Mixed Coin”

Preparing Check Deposits

To prepare check deposits:  Stack all checks, face-up in the same direction.  Attach a calculator tape showing the sum of the checks in the deposit. Note: Checks must appear on the calculator tape in the same order as they are in the stack.

Completing Deposit Tickets

Required Deposit Ticket must be pre-printed with LUC’s name, and account number, and should include the following:

  • Current date
  • Preparer’s initials
  • Unique deposit bag number
  • Dollar amount

Currency and Coin

A separate deposit ticket for currency and coin is REQUIRED.  The deposit ticket should list a breakdown by denomination of currency. The deposit ticket should list the total amount of coin.  The deposit ticket must be in a tamper-resistant bag.

Checks

A separate deposit ticket for checks is REQUIRED.

 

Preparing Deposits for Shipment

To prepare your deposits for shipment:

1.  Always use dual-pouch, tamper-resistant depository bags. To order these bags, contact Cash Management Services by sending an e-mail to CashMgmt@luc.edu.

2. Write the deposit information in the space provided on the outside of the depository bag.

Customer Name:          Loyola University of Chicago

Date:                            Date of Deposit

Account Number:         Chase bank account number

Store Number or Location Code:         WTC    1

                                                             LSC     2

                                                             LUMC  3

Total Cash

Total Checks

Grand Total

If more than one bag is needed, number the bags #1 of 2, #2 of 2 and so forth, and write “DEPOSIT TICKED ENCLOSED” on the bags containing the deposit tickets.

3. On the deposit ticket, record the unique bag number that is preprinted on the depository bag. Retain a copy of the deposit ticket for your records.

4. Place currency, and coin, in the tamper-resistant pouch. Place checks and deposit tickets in the resealable pouch.

5. Seal the depository bag, following the instructions printed on the outside of the bag. Your deposits are now ready for delivery to the Bank.

 

Procedures for Giving Armored Car Cash and Checks

If the total check deposit exceeds $2,000,000.00 or the cash deposit exceeds $25,000.00, please inform the Driver that the one day liability must be increased for that day’s deposit.

Complete the columns of the Redbook, in ink as follows:

1.  Enter Bag Number in the column marked “Bag Number”.

2.  Enter description of shipment:  Cash and Checks

3.  Enter in column marked “Amount” the dollar amount of deposit.

4.  Enter in column next to Amount the total number of bags given to Armored Car.  This number is extremely important and is the number Armored Car personnel will verify and sign.

5.  The four columns to the right are for Armored Car personnel to sign and enter the time and date of the pick-up, the barcode number and the barcode label.  The guard will also write in script the number of sealed bags received from the location. Please verify the number of bags is correct.

Armored Car Service implemented a bar code package scanning system.  The bar code scanning procedures will be in addition to the current “red receipt book” procedures. Location and Authorization cards were delivered to the Bursar locations.

When the Guard arrives for pick up

1.  Verify the Guard’s AVS Identification badge. 

  • The guard will scan your location card with the D-Trak device.  Your Location Card should be adhered to the front of your “Red Book”.
  • The guard will verify your package(s) and sign your “Red Book”.
  • The guard will scan the bard code on each of your packages and will enter your bag number (if any) and each declared value.

2.  Enter the package quantity being shipped and scan your Authorization Card into the D-Trak device.  Do not give your Authorization Card to the Guard.

3.  Sign the D-Trak screen

Please note:

Make sure you double check the bag is sealed properly.  Armored Car personnel sign only for sealed bags and not for a specific dollar amount.  If the bag is not sealed properly, Armored Car is not responsible for any shortage claimed with respect to the contents of the bag.

All entries in the Red book must be ink.  To make any corrections simply draw a line through the entire mistaken line and re-enter the information on the next line.

Armored Car Service is required to complete the red portion of the page as follows:

  1. The guard must fill out the “Number of Packages” column using a written numerical value.
  2. The guard must sign his/her full signature.
  3. The guard must also record the time and date the bag was received.
  4. The guard must draw a line below each day’s entries to separate daily activity.

Order Red Book

To order a new Red Book, please call Armored Car Service Dispatch at 773-276-6700 and tell them the company name and location and the driver will bring you a new red book on their next pickup.

Cancel a Pick Up

If you need to cancel a pick up, please call Armored Car Service Dispatch at 773-276-6700 and let them know you don’t have anything to pickup and also send an e-mail to CashMgmt@luc.edu to let them know service has been canceled.

Ordering Currency and Coin

Call Armored Car Service and place an order for currency and coin required before 11 am for the next business day delivery.

Coin and Currency Orders

Armored Car Service accepts standard orders of currency and coin or a custom order. Standard order amounts are listed below.  A custom order is when only a portion of the standard order amount is required. The smallest increment for ordering coin is by the roll in whole dollars only.

Standard Units for Orders

Currency should be ordered in increments equal to a standard strap amount. A standard strap consists of 100 notes of the same denomination as follows

  • Ones $100
  • Twos $200
  • Fives $500
  • Tens $1,000
  • Twenties $2,000
  • Fifties $5,000
  • Hundreds $10,000

Coin should be ordered in increments of a full box (for rolled coin). A full box consists of 50 rolls of the same denomination as follows:

  • Pennies Roll = $1.00, Box = $25
  • Nickels Roll = $2.00, Box = $100
  • Dimes Roll= $5.00, Box=$250
  • Quarters Roll = $10.00, Box = $500

Verifying Order Shipments

All shipments, regardless of how they are ordered, should be verified immediately before Armored Car Service leaves the premises. Inspecting the Shipment Shipping bags should be inspected prior to acceptance from Armored Car Service to ensure no tampering has occurred. No bag should be signed for if there is any evidence of tampering. Currency straps should be counted by note. If a discrepancy is detected, keep the strap in question for return to the Armored Car Service. Rolled/boxed coin should be counted by roll. If a discrepancy is detected, keep the shipping tag or box (empty) in question for return to the Armored Car Service. Report any discrepancies, over or short, to Cash Management Services immediately. For every shipment that has a discrepancy, Armored Car Service requires return of the currency straps, shipping tags, shipping bags, or boxes used for the shipment.

 

Updated: March 17, 2009