Discussion regarding the Branch’s bank signing requirements
At our regular monthly luncheon, we discussed the current bank signing requirements and the benefits of being able to utilize electronic banking for the Branch’s financial operations.
• Current Cheque Signing requirements
– Currently 2 designated signing officers are required to disburse funds
• Issues
– Requirement of multiple designated signing officers results in the inability to access the Branch’s bank account information online
– Requirement of multiple designated signing officers results in the inability to use the Bank’s access card to pay for small dollar items
• Proposal
– Reduce the number of bank required signing officers to 1.
▪ This will allow the Branch to take advantage of online banking procedures.
▪ The single signing officer to be the Treasurer.
– Enhance monthly financial reporting to ensure funds are being disbursed as approved by Branch members.
– Continue with the current list of signing officers to provide future flexibility for the role of Treasurer.
It was decided at our April Luncheon that we allow our branch members time to consider the reduction of bank signing officers from two to one, and make the decision at our May 6 regular luncheon.