Bank Vault Operations and Dual Control Checklist

This comprehensive bank vault operations and dual control checklist ensures regulatory compliance with FDIC, OCC, Federal Reserve, Bank Protection Act, 12 CFR Part 208. Daily vault operations inspection covering dual control procedures, cash counting accuracy, opening/closing procedures, safe deposit box operations, and compliance with OCC and FDIC bank examination expectations for vault security and cash management. Vault dual control violations are among the most common bank examination findin

  • Industry: Financial Services & Banking
  • Frequency: Monthly / Quarterly
  • Estimated Time: 30 minutes
  • Role: Compliance Officer / Branch Manager
  • Total Items: 19
  • Compliance: FDIC, OCC, Federal Reserve, Bank Protection Act, 12 CFR Part 208

Vault Opening and Closing Procedures

Verify dual control for vault access.

  • Are vault opening and closing operations requiring two employees present per dual control policy?
  • Are vault combination components known only to authorized personnel with no single person knowing all components?
  • Is time-lock function tested per maintenance schedule to ensure it engages after closing?
  • Is vault alarm armed upon closing with confirmation from alarm monitoring company?
  • Is vault access log maintained with date, time, employee IDs for each opening event?

Cash Verification and Dual Control

Verify cash handling dual control procedures.

  • Is all cash counted by two persons with each counting independently and reconciling per dual control policy?
  • Are cash differences greater than threshold immediately investigated with branch manager notification?
  • Do tellers balance their individual cash drawers at end of shift before pooling to vault?
  • Is currency strapping machine used with correct denomination bands and no manually-banded mis-counted packs?
  • Is coin verified by weight or count before acceptance from teller drawers?

Safe Deposit Box Operations

Verify safe deposit box access and control.

  • Is dual key control (customer key + bank guard key) required for all safe deposit box access?
  • Is access log signed by renter for each visit with employee witness signature?
  • Is renter's identity verified against signature card on each access per bank policy?
  • Are delinquent rental accounts processed per state unclaimed property law drill and notification requirements?
  • Is vault door locked when no bank employee is in safe deposit area with customers?

Armored Car and Cash Shipment

Verify cash-in-transit procedures.

  • Is armored carrier an approved vendor with verified insurance and bonding?
  • Is cash shipment preparation under dual control with sealed bag log signed by two employees?
  • Are shipment contents verified against manifest before release to armored car crew?
  • Are armored car receipts reconciled with Fed or correspondent bank confirmation within 1 business day?

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Why Use This Bank Vault Operations and Dual Control Checklist?

This bank vault operations and dual control checklist helps financial services & banking teams maintain compliance and operational excellence. Designed for compliance officer / branch manager professionals, this checklist covers 19 critical inspection points across 4 sections. Recommended frequency: monthly / quarterly.

Ensures compliance with FDIC, OCC, Federal Reserve, Bank Protection Act, 12 CFR Part 208. Regulatory-aligned for audit readiness and inspection documentation.

Frequently Asked Questions

What does the Bank Vault Operations and Dual Control Checklist cover?

This checklist covers 19 inspection items across 4 sections: Vault Opening and Closing Procedures, Cash Verification and Dual Control, Safe Deposit Box Operations, Armored Car and Cash Shipment. It is designed for financial services & banking operations and compliance.

How often should this checklist be completed?

This checklist should be completed monthly / quarterly. Each completion takes approximately 30 minutes.

Who should use this Bank Vault Operations and Dual Control Checklist?

This checklist is designed for Compliance Officer / Branch Manager professionals in the financial services & banking industry. It can be used for self-assessments, team audits, and regulatory compliance documentation.

Can I download this checklist as a PDF?

Yes, this checklist is available as a free PDF download. You can also use it digitally in the POPProbe mobile app for real-time data capture, photo documentation, and automatic reporting.

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