Internal Controls for Bank Activities (Accounting) - Explained
What are Internal Controls for Bank Activities?
Written by Jason Gordon
Updated at April 7th, 2022
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
-
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
- Courses
What are Internal Controls for Bank Activities?
Internal controls for banking activities include the following:
- Limit access to account information
- Make all persons authorized to write checks sign a signature authorization card (to assist the bank in preventing forgery),
- Each bank deposit must be supported by a bank deposit ticket (which is pre-numbered).
Electronic Banking Controls
Electronic fund transfers or EFTs are communication transfers of cash from one party to the next or to another. Transferring cash electronically requires the following controls:
- Keeping up with your passwords
- Making sure it can't be hacked into or broken into,
Related Topics
- What are Internal Controls?– Financial Accounting
- Internal Controls when Accounting for Inventory – Financial Accounting
- Internal Controls when Accounting for Cash – Financial Accounting
- What is Liquidity, Cash, and Cash Equivalents? – Financial Accounting
- What is Cash Management? – Financial Accounting
- Internal Controls for Cash Receipts? – Financial Accounting
- Internal Controls for Cash Disbursements – Financial Accounting
- Internal Controls for Bank Activities – Financial Accounting
- Bank Reconciliation - Explained?
