Agmt16 Wells Fargo Bank - Laserfiche WebLink

Browse Search

instructed Bank to pay such Paper Item and given Bank the number of that Paper Item. If Bank opens a new account for Company and Company has authorized a third party to sutomatically make regulaz deposits to or withdrawals from Company's Account (such as wire or ACH tru�sfers), Bank . shall have no liability to Company ifCompany does not receive any regularly scheduled deposit or if a regularly scheduled payment is not made for Company due to Company's failure to notify that third pariy in a timely fashion of the number of Company's new Account. Preventing Misuse of Company's Account Company agrees to take reasonable steps to ensure the integrity of Company's intemal procedures with respect to Company's Account and Items drawn on Company's Account or deposited to it.To help prevent embezzlement and protect Company's business assets, Bank recommends Company: �Assi� responsibilities for Company's Account to multiple individuals. Those who reconcile statements for Company's Account should be different from those who issue Items drawn on Company's Account. •Reconcile statements for Company's Account as received and notify Bank immediately of any problem. • Contact Bank inunediately if Cornpany does not receive the statement for Company's Account when Company would normally expect to. •Watch for Paper Items cashed out of sequence or made out to cash. These are classic red flags for embezzlement. � Secure Company's supply of Paper Items at all times, Stolen Paper Items are a common method of embealemen� � Periodically reassign accounting duties such as reconciling Company's Account or making a deposit. • Review transaction activity on Company's Account for unexpected fluctuations. For example,compare the percentage of cash deposits to total deposit size.Most businesses will maintain a constant average.A large fluctuation might indicate embezzlement. •Destroy arry Paper Item that Company dces not intend to use. • Use ta.mper-resistant Paper Items at all times. •Notify Bank inunediately when an AuthoriDed Signer's airthoriry ends so that his/her name can be t�emoved from all signahuE cards and Online Banking access,and any Catds that Bank has issued to him/her can be cancelled. 15 ATTY/AGR/2016.186/WELLS FARGO BANKING AGREEMENT