Many Market Centers are using on-line banking to pay bills and make/receive wire transfers. KWRI highly recommends that the MCA not have signatory rights on any Market Center accounts. With this in mind KW would highly encourage the Market Centers to check with their individual banks to ensure that before any monies can move from the account online that someone with signing authority (i.e., TL or OP) approves the transaction prior to the money being withdrawn.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.
When this is done, the MCA will need to print out the transactions completed online with the confirmation codes that the bills have been paid and immediately post these items to their cash and expense accounts. The Market Center’s cash balances should be up to date at all times. This is a very important step and cannot be left out of the process.