Take Precautions When Banking Cash

Take Precautions When Banking Cash

Over recent years, banks have adopted enhanced security measures to foil robbers. Owners of retail stores in New York may need to look at procedures for handling cash to ensure that their employees do not become the target of thieves, particularly when carrying cash to banks. Being attacked by a robber might result in injury or death, and is likely to cause serious psychological distress even if no physical harm has been done.

New York employers are required to carry workers’ compensation to provide coverage for employees who suffer a work-related injury, including as a result of an assault or robbery in the course of their duties. Although workers’ comp insurance may provide financial protection for your workers, it’s important to work proactively to protect your employees from the attention of people who may be keen to get their hands on your hard-earned money.

• Avoid keeping more cash in your store than is necessary

• Bank cash regularly, but avoid having a set routine. Vary the routes and times that cash is taken to the bank, and rotate the task of banking between different employees.

• When carrying cash to the bank, avoid using a bank bag. Use a plain bag, so that it is less conspicuous.

• Remind staff to be cautious and alert to their surroundings when they carry cash to the bank.

Practical precautions like these may help to protect the personal security of your staff. You may wish to consider engaging the services of a professional cash collection agency if your business has large amounts of cash to be banked and find out about insurance coverage for cash in transit.

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