Book Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913 edition. Excerpt: ... CHAPTER XII THE EXCHANGE TELLER Exchange Teller's Duties The many and varied duties of the Exchange teller may all be grouped around the fundamental duty of transferring funds from city to city for the bank's clients. The In-Mail and Transit departments perform a large amount of work in connection with the transfer of funds from city to city but their field is limited to the routine handling of a limited class of checks. The Exchange teller must arrange for the purchase and sale of exchange in large and in small amounts, the issuing of drafts on other banks, the ordering of transfers from one Exchange bank to another and the maintaining of proper balances in the various banks. The functions of the Exchange teller also include the purchase and sale of time and demand drafts on foreign banks, the issuing of travelers' and of commercial letters of credit, the cashing of drafts under letters of credit and the transferring of funds to and from other banks. The work of the Exchange teller appears complicated, not because of the complexity of any one transaction but because of the number of different kinds of transactions and because the documents handled are not all self explanatory and in most cases require some technical knowledge of exchange operations to be intelligently handled. The real complexity of the Exchange teller's work is caused by the constant fluctuations in exchange rates, making it necessary for him to keep in close touch with current economic conditions. Bank Drafts A merchant in San Francisco has a bill for $1000 to pay in New York and purchases from the Exchange teller of The First National Bank of San Francisco a bank draft. When the draft is paid, the account of The First National Bank of San Francisco is debited $1000...