Vault Cash Verification

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Vault Cash VerificationVault Cash Verification reduces your risk of cash loss through independent reviews of cash stored with armored service providers.

Discrepancies arise from time to time—how often is your institution verifying your cash vault assets? Enlist FTSI to verify your vault cash in dual custody to provide confirmation that cash is being managed appropriately.

FTSI will conduct a physical Vault Cash Verification (VCV), in dual control of the Financial Institution’s assets either in the armored carrier’s vault or in the ATM.  The purpose of this VCV is to verify that the assets being reported by the armored carrier’s reporting match the physical assets onsite.

For financial institutions that outsource cash processing and transportation, accurate reporting of cash assets is critical. It’s not uncommon for busy community banks and credit unions to rely solely upon their armored service providers to provide accurate data regarding their assets. But, how can a financial institution be certain that it has accurate data with minimal risk of cash loss?

Independent, periodic reviews of vault cash validate the accuracy of the reported balance of cash inventory held by your armored carrier and identify potential discrepancies. Reviewing your armored vaults periodically provides confirmation that cash is being managed appropriately.

What are others saying about Vault Cash Verification?

“FTSI’s Vault Cash Verification service helped us verify that our cash assets are being properly accounted for off-site. Their procedures met my expectations and provided peace of mind. It is highly worthwhile to know our assets are being properly managed.” — Rich Madley, EFT Manager, USC Credit Union

FTSI will provide Vault Cash Verification services as follows:

  • ATM Only Cash Review:  Physical count and balancing in dual custody by FTSI of the customer’s ATM cash at each ATM.
  • Vault Verification – ATM Cash Only:  Physical count and balance in dual custody by FTSI of the customer’s ATM cash stored (including cash in transit) in the armored carrier’s vault.
  • Vault Verification – Branch Cash/Coin Only:  Physical count and balance in dual custody by FTSI of the customer’s branch cash/coin (including cash in transit) stored in the armored carrier’s vault.
  • Total Vault Verification – ATM and Branch Cash:  Physical count and balance in dual custody by FTSI of the customer’s ATM and Branch cash (including cash in transit) stored in the armored carrier’s vault.
  • All cash examinations are conducted in dual control.
  • Residual cash returned to the vault and balances on hand are counted and verified by FTSI examiners using our standard balancing forms that also include any cash that is in transit for ATM delivery.
  • Each cash review includes a multi-step process for verifying the cash balance.
  • In the event of any discrepancy between the two balance reports, the process will be repeated.
  • The final cash total inside the vault will be compared to the armored carrier’s reports for the previous business day.
  • The verification is complete when all reports balance.
  • If a cash discrepancy is identified and unable to be resolved by the verification team, the customer will be notified within two hours of discovery.
  • FTSI will work with the customer and the armored carrier to resolve the discrepancy.
  • Following the physical cash verification, FTSI will prepare a complete summary to be delivered to the customer within ten business days.
  • Vault Cash Verification Benefits

In the interest of due diligence, it is recommended that FIs perform a VCV on a regular periodic basis.  Verifying financial institutions’ cash assets provides peace of mind for all internal stakeholders. Since many FIs have conflicting priorities in regards to staff deployment, outsourcing VCV gives FIs the opportunity to have periodic verifications without shifting internal employees away from customer-facing job duties. VCV also gives FIs data regarding the security of their assets and accuracy of data sent from a third-party armored carrier.