Always hold cash and cheques securely (i.e. out of sight and locked in a secure safe) until you can pay them into the bank or Post Office. Do not let other people have access to cash for which you are responsible.
Bank cash and cheques promptly: at least once a week for low-volumes, and as frequently as necessary for high volumes.
In general, do not:
- hold more than £100 overnight in a locked drawer or cabinet
- hold more than £500 in a freestanding safe
- hold more than £1,500 in a safe embedded in concrete or built into a wall
- ask or allow any member of staff to carry more than £500 in cash.
Any exceptions to this must be agreed with the finance business partner for schools.
You’ll need to consider the level of cash holding you are insured for, your safe facilities, as well as employee safety, in deciding how often to bank. Please note: school sites are insured for the loss of cash (up to £500, although additional cover can be purchased) under the council’s insurance arrangements. For further information, please contact the insurance team at firstname.lastname@example.org.
Employee and public safety are paramount when taking money to the bank. For high volumes and values, arrange for a secure collection service.
If you take money to the bank, you should:
- conceal cash so that it’s not obvious that you’re carrying it
- vary the time you go and the route you take to the bank
- rotate the person who takes the cash to the bank
- not resist if anyone tries to take the money - your safety is more important.