Protection against EE's stealing from clients bank

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#1
FLCPA  
Posts:
174
Joined:
2-May-2014 8:09am
Location:
Jacksonville, Florida
We are starting to get a lot of access to client bank accounts in order to download bank transactions and as we hire more I can't keep handle on all this.

I was curious how other firms are handling the potential that staff may create dummy vendors or figure out a way to steal. We do background checks and hire great staff, but you never know. I am looking into EE Theft Client Crime Coverage.

I would love to put in engagement that the client is responsible for this bonding but probably not going to happen.

Any thoughts would be greatly appreciated.

Thanks so much!
 

#2
Posts:
99
Joined:
14-May-2019 3:57pm
Location:
Idaho
Many banks can set you up with a "read only" login that doesn't have permission to make transfers but can still view and download the bank activity.

Also is a good idea to have the client reviewing the bank statements monthly. Most have a good idea of where their money should be going.
 

#3
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2887
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21-May-2018 7:50am
Location:
Northern MI and Coastal SC
TheAnswerMan wrote:Also is a good idea to have the client reviewing the bank statements monthly. Most have a good idea of where their money should be going.


And my experience is very few ever do look at their bank statements.

Read-only access is the best approach for employees that do not need ability to set up payments to complete transfers. Another option is something like Bill.com where you can set up all or certain bill payments to be approved by a second party.
 

#4
FLCPA  
Posts:
174
Joined:
2-May-2014 8:09am
Location:
Jacksonville, Florida
Thank you very much for your input Answerman and Cornerstone!
 


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