Download ARMAGH CREDIT UNION LTD Cheque Signatories Policy This

ARMAGH CREDIT UNION LTD
Cheque Signatories Policy
This policy was adopted by the Board of Directors of Armagh Credit
Union Limited.
Signed:-
Position________________
Position
________________
Date:
Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925:
Version Dec2015
ARMAGH CREDIT UNION LTD
The purpose of this policy is to ensure that ALL cheques are covered
by two signatures and to ensure that new Bank Mandates are
completed each year indicating the approved signatories for the
forthcoming year.
At the first meeting of the new Board of Directors following the Annual
General Meeting the Board must approve cheque signatories.
Bank Mandates:
Bank mandates for the Bank of Ireland and First Trust must be completed.
Each authorised signatory must supply:
a) Signature
b) All information required by law (eg. Photographic proof of identity, etc.)
Authorised Signatories:
Authorised signatories are:
a) The following Board Officers can sign cheques; President, Vice-President,
Treasurer, Secretary
b) Manager
c) Assistant Manager
d) All nominated Tellers
Signing Instructions:
ALL cheques require TWO signatures. Before countering-signing, a check on the
details must be made to ensure procedures/checks are followed.
Internal Cheques:
Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925:
Version Dec2015
ARMAGH CREDIT UNION LTD
Any two members of staff who are Authorised Signatories, by the Board, may co-sign an
internal cheque to £ 5,000, anything above £ 5,000 should be referred to Manager/
Assistant Manager.
Cheque Limits: Individual cheque signing limits are as contained within the Loans
Policy.
Individual Staff Loan Limits
Name
Max Loan Limit
Manager
Shares + £12000
Assistant Manager Shares + £10000
Grainne Graham
Shares + £5000
AnneMarie Kelly
Shares + £5000
Kiera McCormack Shares + £5000
Celene Garvey
Shares + £5000
Joanne Smith
Shares + £5000
Maria Periera
Up to Share Holding
Maeve Guy
Up to Share Holding
Megan McKenna
Up to Share Holding
Lisa Ryan
Up to Share Holding
Other cheques:
1. Staff salaries; MUST be signed by President/Treasurer or his/her nominee and
Manager/Assistant Manager/ nominated Board Member
Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925:
Version Dec2015
ARMAGH CREDIT UNION LTD
2. Cheques to Staff; All cheques to a fellow staff member MUST be counter-signed
by the Manager/Assistant Manager/nominated Board Member.
3. National Insurance; MUST be signed by President/Treasurer or his/her nominee
and Manager/Assistant Manager/ Board Member
4. Pension; MUST be signed by President/Treasurer or his/her nominee and
Manager/Assistant Manager/ Board Member
5. HM Revenue & Customs; MUST be signed by President/Treasurer or his/her
nominee and Manager/Assistant Manager/ Board Member
6. Payment of Credit Union Bills (up to value of £100); MUST be signed by
Manager/Assistant Manager and member of staff who is an Authorised Signatory
7. Payment of Credit Union Bills (above £100.01); MUST be signed by
President/Treasurer or his/her nominee and Manager/Assistant Manager/ Board
Member
8. Loans/Share withdrawals (within Teller’s loan limit); Teller issuing
loan/withdrawal and Manager/Assistant Manager/Another Teller (providing the
cheque is not above the co-signing Teller’s loan limit and that co-signing Teller
checks loan application
9. Loans/Share withdrawals (above individual’s loan limit); Manager/Assistant
Manager/Board Member - any two of these or one of these and Teller.
Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925:
Version Dec2015