Closing Procedures

Closing Procedures

One of the most vulnerable times for a money services business is closing time. You need to think through your procedures for closing the business down safely for the day and document them, just like with your opening procedures. Doing so will help to protect you and your employees from harm, protect the business’ assets, and help protect the business from liability in the event something bad happens.

Procedures may vary somewhat depending upon the business but the following guidelines will help you prepare something appropriate to your business. Generally, a minimum of two employees should always be involved in closing. Just as with opening procedures, the buddy system helps keep your employees safe from harm.

  1. At closing time, determine that all customers have left the premises and lock the doors.
  2. Then, inspect the premises to ensure that everyone has left and no unauthorized persons are waiting behind, e.g. in a public restroom.
  3. Balance out cash drawers and prepare bank deposits. Inspect work areas to confirm that all valuables have been secured and lock all valuables and cash drawers in the safe or vault.
  4. Once all work has been completed in the secured site and the two final employees are ready to leave, look out the windows to make certain there is nothing unusual or suspicious outside within the field of view.
  5. Then, one employee will leave the building and wait inside their locked car.
  6. The employee remaining behind watches until the first person is safely in his or her car then sets the alarm, exits and locks the door, and proceeds to his/her car.
  7. At this point both employees are safely in their cars and should leave together.

When leaving, employees should also be alert to maintenance issues that impact their safety upon closing for the day. Some issues such as burnt out lighting may not be apparent to those opening the business. If parking lot lights or exterior lighting needs replaced, be sure to make note of it and get it fixed promptly.

Finally, discuss and review these procedures periodically during staff meetings. People become complacent over time and will begin to assume that nothing bad can or will happen to them. Periodic reminders of the importance of closing and opening the business safely cost very little and will help to protect you and your business so be sure to do that too.