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If you work in the retail, hospitality, or law enforcement industries, chances are that banks don’t keep the same hours that you do. Many types of businesses use security deposit bags to deposit checks after normal banking hours. But it’s important to have a secure procedure in place for night deposits and understand when they are most useful.
Here are a few things that businesses should know about how night deposits work, their pros and cons of night deposit bags, and security measures to practice.
Some banks offer their business customers access to an overnight deposit box so that they can conveniently make deposits at any time of the day. The deposits can be in the form of cash, coins, checks, or credit card slips. Special bags are required to properly document the deposit contents, and there may be a fee for deposit box access. You may receive a key to open the secured deposit box on the outside of the bank building to drop off deposits after business hours.
There is a safe on the other side of the bank deposit box, and when the bank opens the next day, a teller will open the safe and put the deposit into your account. In many instances, the money you deposit at night will be available the next business day. However, certain checks could take longer to clear.
One of the biggest benefits to using night deposit bags is that you don’t have to store money at your business location overnight and risk the chance of theft. This is more convenient for many small business owners who don’t have time to get to the bank during the day.
Night deposit boxes are often recommended instead of depositing large sums of cash or many checks into an ATM. This could draw unwanted attention from criminals watching ATM customers, and some ATMS have limits as to how many bills or checks you can deposit at one time. Using an overnight deposit box also eliminates extra fees from by bank limits on ATM transactions, and you can deposit coins in a night deposit box as well.
However, business owners must be able to fully trust employees tasked with doing night deposits to eliminate the possibility of theft or labeling mistakes. The bank account number, deposit amount, and other pertinent information must be written clearly on the security bag. Another consideration for business owners is that overnight deposit privileges often come with a fee, which is an added expense to manage money.
There are many circumstances when it is especially important to have a secure and well-labeled envelope or bag for using a bank’s night depository box. This includes times when you are depositing large amounts of money, engaged in confidential matters, or working in an unsafe location.
Superior Bag offers a variety of Cash In Transit Bags that are specially designed and labeled for night deposits. Contact us if you have any questions about security bags to use for night deposits, or try our Cash In Transit Sample Packet to decide which one is best for your business needs.
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