Bank
Bank Administration—shareholders And Directors The Management Of A Bank With The Exception Of Certain Private Banks, Banks In General Are Corporate Institutions And As Such Have A Representative Form Of Government. The Source Of Authority And Control Is The Owners —the Shareholders; They Elect A Board Of Directors To Conduct ...
Clearing Houses
Clearing Houses Definition Of Clearing House Terms The Term "clearing House" Is Used To Denote Either An Asso Ciation Of Banks And Financial Houses Which Clear Their Mutual Claims, Or The Place Where This Clearing Is Done. In The Latter Sense It Is Simply A Central Office Where Messengers From ...
Country Collections
Country Collections Transits And Collections Defined In Foregoing Chapters Has Been Treated The Handling Of : R. Items Drawn On Or Payable At The Bank Itself, By The Tellers And The Check Desk Department. 2. Clearing House Items, By The Tellers And Assembly Rack Department And The Clearing House. 3. ...
Minimum Rates Of New
Minimum Rates Of New York Clearing House Members For Checks And Drafts * Discretionary. All Notes Or Other Time Obligations Purchased By Member Or Non-member Institutions Payable Elsewhere Than In New York City Shall Be Subject To A Charge Of Not Less Than 1/ Io Of 1%, Except That In ...
Special Service Departments
Special Service Departments Gratuitous Services By Banks A Bank, In Its Competitive Effort To Get And Retain Business And Good-will, Will Perform Many Lines Of Service For Which It Charges No Commission Or Fee And Which Are Gratuitous In The Sense That They Are Not Done On A Direct Quid ...
The Auditing Department
The Auditing Department Qualifications Of Bank Auditor An Auditor Is A Person Or Firm Appointed And Authorized To Audit Or Examine An Account Or Accounts, Compare The Charges With The Vouchers, Examine The Parties And Witnesses, Allow Or Reject Charges, And State The Balance. The Audit May Be Made By ...
The Check Desk Department
The Check Desk Department General Functions And Organization Of Check Desk Department The Functions Of The Check Desk Department Vary Consider Ably Among Banks, Since They Are Combined In Different Degrees With Those Of The General Bookkeeper's Department. The Check Desk Department Handles All The Accounts Of Customers And Cor ...
The Federal Reserve Collection
The Federal Reserve Collection System Growth Of The System The Federal Reserve Collection System Is In One Sense Volun Tary And In Another Compulsory. No Member Bank Is Required To Use The Collection System, Nor Are Any Formalities Or Resolu Tions Required Before It May Be Used. A Member Bank ...
The General Bookkeepers Department
The General Bookkeeper's Department Importance Of Bank Bookkeeping In No Other Line Of Business Is Exact And Comprehensive Book Keeping So Absolutely Indispensable As In Banking. Accuracy Is Enforced By Business Necessity And By Government Or Voluntary Regulation, And The Necessity Is Intensified As The Size And Scope And Number ...
The Mail Teller
The Mail Teller General Duties And Organization Of Mail Teller's Department In Modern Business A Large Part Of The Cash Deposits In Banks Is Made, Not Over The Receiving Teller's Counter But By Mail Through The Mail Teller. The Mail Teller Is Called The "fourth" Teller. His Department Varies In ...
The Note Teller And
The Note Teller And City Collections Classification Of Items For Collection Purposes A Bank Receives A Great Variety Of Items Which Are Claims Against Other Parties And Which It Proceeds To Collect From These Debtors. For The Purpose Of Collection The Items Are Divided Into Classes According To Three Principles: ...
The Paying Teller
The Paying Teller General Duties And Qualifications The Paying Teller Is Ranked As "first" Teller Of A Bank. This Rank Is Due To The High Responsibilities Devolving Upon His Office. His Prime Duties Are To Keep The Bank's Cash And Pay It Out Over The Counter, But There Are Many ...
The Receiving Teller
The Receiving Teller General Duties And Organization Of Receiving Teller's Depart Ment The Receiving Teller Is Known As The "second" Teller. In Very Small Banks His Work Is Combined With That Of The Paying Teller; But The First Line Of Specialization In A Bank Is The Separation Of These Two ...
The Transit Department
The Transit Department General Functions And Organization Of The Transit Department The Department Which Handles The Operations Incident To Collecting Country Items Is Commonly Called The "correspond Ence," Or "transit," Department. The Work Of This Department Naturally Divides Into Four Parts: I. The Collection Of Cash Items. 2. The Collection ...
Travelers Checks And Letter
Travelers' Checks And Letter Of Credit Department General Duties And Organization Of The Department A Travelers' Letter Of Credit Is A Credit Instrument Issued Principally By Banks And Used By Travelers As A Medium Through Which Their Funds Arc Made Available. It Is Also Called A "circu Lar Letter Of ...