THE FOREIGN TELLERS' DEPARTMENT General Functions and Organization The more important duties of the foreign tellers' depart ment are as follows: r. To receive deposits for foreign account.
2. To receive payments to cover "sold" contracts.
3. To sell drafts on the bank's foreign correspondents.
4. To sell cable transfers.
5. To make letter payments in foreign countries for domes tic clients.
6. To make payments in this country for foreign clients, by book transfer, check, or telegram.
7. To make payments to cover "bought" contracts.
8. To cash checks drawn on the bank by foreign depositors.
9. To buy and sell foreign specie.
It will be noted that in performing the first four duties funds are flowing into the bank, and in performing the last five duties funds are flowing from the bank. This distinction becomes the logical line of division as the department grows in size and may ultimately separate it into a receiving and a paying department. Accessory to these main lines are clerks whose duty it is to make investigations and to handle the incoming mail of the department.
Distribution of the Incoming Mail and Cables The main duty of the mail clerk is to receive all incoming mail and cables and distribute them according to the transactions in volved. The cables are received from the cable department; the mail clerk signs for and numbers them, and the foreign tellers are responsible for the execution of the business pertaining thereto. The mail clerk makes it his business to follow up each cable re ceived and see that it is receiving proper attention. He follows up in the same way the mail received. After the transactions called for by the cables and letters received during the day have been effected by the various departments concerned, the original instructions sometimes revert to the mail clerk, who carefully examines them to see that they have been properly executed. He initials those he approves and sends them to the files, but those in error may be referred to the department head or to the department in which the mistake has originated. This scrutiny of the mail clerk, being the last check on a given transaction, carries weight and heavy responsibility.
The Foreign Receiving Teller The foreign receiving teller receives and acknowledges all deposits made for the credit of foreign accounts. His work is analo
gous to that of the receiving teller of the domestic division, but it is more complicated with irregularities and varieties of items.
To protect itself, the rules of the bank may provide that only certain kinds of items are to be accepted by the teller. The rule may be, for example, that the acceptable items must be cash items; that no out-of-town check or voucher check be accepted, except in special instances; that checks must be drawn to the order of the bank or bear an indorsement well known to it; that all checks over $5oo must be certified; etc.
In case an individual desires to make a deposit, he is requested to note all information pertinent thereto on a form which reads: This form serves as the original instructions in connection with the deposit. In case the deposit is made by a bank, its memorandum serves as the original instructions, for usually such memorandum is full and complete.
When a deposit is made, the teller makes out a credit ticket. If the ticket covers a deposit of money, it is stamped "Debit cash" and turned over to the clerk running the journal. The re ceiving teller does not hold cash any length of time and never over night. At intervals during the day he turns over his receipts to the paying teller of the domestic division against the latter's receipt. The journal clerk proves his total at the end of the day against the amount deposited with the first teller.
If the credit ticket is made out for the deposit of a check against the bank, the teller issues a "hold" against the account drawn on and sends the check, with the original instructions, to the bookkeeper to initial if the instrument is good. If the check is drawn against another local bank and must be certified, the credit ticket is put on a spindle and the check is sent by messen ger for certification. When it is returned certified, the check and respective ticket are sent together to the journal clerk. If the check does not have to be certified, it and its credit ticket are forwarded immediately to the journal clerk.