With the paperless systems getting more and more prominent all around us, we have had some questions about online banking access for the MCAs: more specifically, wire transfers and bill paying online.
As you know KW highly recommends that the MCAs NOT have signatory rights on any Market Center accounts. With this in mind KW would highly encourage the Market Centers check with their individual banks and make sure that before any monies can move from the account that someone with signing authority (i.e., TL or OP) approves the transaction prior to the money being withdrawn. Any bank transaction done through the computer should have to be approved by another signing member of the account.
After all this is done, the MCA will need to print out the transactions with the confirmation codes that the bills have been paid and immediately post these items to their cash and expense accounts so the MC cash balances are up to date at all times. This is a very important step and cannot be left out of the process.
Please contact MCASupport@kw.com with any questions pertaining to this process.