The Federal Trade Commission, the nation’s consumer protection agency, states that counterfeit check scams are on the rise. Some fake checks look so real that bank tellers are reporting being fooled. The scammers use high quality printers and scanners to make the checks look real. Some of the checks contain authentic-looking watermarks. These counterfeit checks are printed with the names and addresses of legitimate financial institutions.  And even though the bank and account and routing numbers listed on a counterfeit check may be real, the check still can be a fake. These fakes come in many forms, from cashier’s checks and money orders to corporate and personal checks.

 

A teller must be fast, efficient, competent and well-versed in money, monetary transactions and financial instruments. The teller must be sufficiently worldly-wise to cope with the professional "paperhanger" who makes a comfortable living by defrauding financial institutions and merchants out of hundreds of millions of dollars annually. There is no substitute for experience in the teller's arsenal of defense weapons, but until that experience has been acquired and carefully developed, intelligent training methods must fill the gap.

 

$ $ $ $ $ $
The teller treats a check to be cashed or accepted for deposit
like a thermometer – the higher the amount the hotter the deal.
Practicing prudent risk management practices is essential at the teller window!
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A scammer's goal is to become your customer.   Once an accountholder, the thief can wait patiently (typically months not years) to deposit fake checks into their account and then move the money before the bank is on to them.  Once an accountholder defrauds the bank they move on so the likelihood of collection is extremely low.

 

Decision making on the teller line around checks that are acceptable to cash or take for deposit is complex.  Here are critical questions and concerns to ponder:

 

Who is this customer?

• How long have they been my customer?
• What is their average balance?
• How much is in their account?
• How have they managed the account – NSFs?
• Would the bank loan this amount of money to this customer unsecured for ten days?
• Don’t be lulled into feeling comfortable by placing a REG CC hold. Whenever the character of the presenter is unknown or questionable or when the amount exceeds the customer’s “credit history” a routine REG CC hold will not offer enough protection.   A hold is never a solution for potential or probable fraud.  Never use a hold when the amount is excessive.  Those items must be sent for collection or the presenter can take the check to the financial institution it is drawn on.

Still Learning,
Honey Shelton

Who’s Responsible for Learning Effectiveness at Your Bank?

 

We talk a lot about training but we don’t have enough emphasis on learning effectiveness. It is easy to be fooled and buy into the myth that training that is conducted in a bank or credit union is entirely dependent upon the effectiveness of the trainer. Nothing could be further from the truth.

 

Accountability for training and learning effectiveness needs to be broad and deep. To ensure the company gets the very best return on payroll, systems and products, the ownership must hold all key parties responsible for quality work. Quality work is dependent upon job know-how, training, tools, coaching, and leadership. If any piece of the quality puzzle is missing or misshapen there will be breakdowns that impact the bottom line, service delivery and satisfaction – the customers and the workers.

 

A high profile advocate at your bank needs to be a visible, vocal champion of training. The person who states the vision, purpose and expectation of learning in the culture.

The trainer needs training, support and to be accountable for their piece in the puzzle. As does everyone else. Learning must become the heartbeat of your culture.

 

Still Learning,

 

Honey

Four Essential Elements of Lead Management

A system of motivation that I am a student of is called, Choice Theory. It is the premise for understanding why all of us do what we do, when we do it.  Want to learn how to succeed at leading others?  Check out this four elements of Lead Management and join me for Supervisor Boot Camp.  Check out our calendar.

•  The leader engages the workers in a discussion of the quality of the work to be done and the time needed to do it so that they have a chance to add their input. The leader makes a constant effort to fit the job to the skills and the needs of the workers.

• The leader or a worker designated by the leader shows or models the job so that the worker who is to perform the job can see exactly what the manager expects. At the same time, the workers are continually asked for their input as to what they believe may be a better way.

• The leaders asks the workers to inspect or evaluate their own work for quality, with the understanding that the leader accepts that they know a great deal about how to produce high-quality work and will therefore listen to what they say.

• The leader is a facilitator in that he shows the workers that he has done everything possible to provide them with the best tools and workplace as well as a non-coercive, non-adversarial atmosphere in which to do the job.

Lead management is the basic reform we need to generate quality and increase productivity. It is the way to manage, coach and lead others so that the worker stays motivated. Motivation is an internal thing it comes from within. Regardless of where it comes from, supervisors are expected to lead the team to perform more efficiently and effectively.

 

Still learning,

 

Honey