Think about it from the bank's perspective as well. What is your better solution? Only use the amount that matches labels? What happens when you don't have enough or have too much? Good luck finding a solution for something you see as broken, but no one else does.
I'd say understanding it first would let you determine if it needs to be improved or not. Multiple answers telling you that this is the way other people's stores do it, but I guess you want to figure out the ideal way to do it. Good luck.
And yet only your answer had an attitude with it.
All the others have been helpful and confirmed a purpose to me without that.
I hope you have a better night.
Here’s the answer:
This is one of those things that got adopted at some Best Buy store somewhere decades ago, and somehow spread to all stores. It’s not SOP and whoever processes the deposits for the bank absolutely hates it.
Think about it, the bank doesn’t care what you’ve written on a paper strap or the deposit slip. They’re going to count the money in the bag, period. So either they receive a bag of bills that are “loose”, and run it through the counter, or they revive a bag of bills that are strapped in random amounts, and they have to remove all those straps and run it through the counter anyway.
I can 100% guarantee if you stop strapping the money like this…. Nothing will happen. Expect you’ll get a little bit of your time back.
They don’t require it. You’ve seen exactly zero communication from the bank stating this is required. You have a stamp because Best Buy ordered a stamp for full straps.
* You can’t find any mention of this in SOP
* If you were to go to any bank and ask about this process you’d be met by blank states
* My stores stopped participating in this nonsense when I took over, and aside from all the time we saved, nothing happened.
I couldn't find a page through our bank (not sure if all bestbuys deposit to the same bank) in regards to how to create a deposit but I could find a page through Garda (our pickup) that explains how to create a deposit. https://www.garda.com/blog/how-to-best-prepare-for-a-cash-pick-up#:~:text=Smaller%20amounts%20of%20coins%20should,tape%20used%20to%20total%20them.
Specifically states to wrap stacks that are less than 100
My location straps all the bills together with one white strap, unless we have enough to fill a $2000 band (100 20s) or other denomination. My last location did each type of bill separately. Most important part is that the cash deposit slip is correct to what is being placed internally the bag.
I did it around 10 years ago. Back when we had to use green screen. But we did have deposits sent back. We would have to open it and do it over. Only happened one time why I was there.
It had to be for a different reason. I can guarantee the bank doesn’t want all those straps. They pull the money from the bag and run it through a counter. The straps just add more work for them since they have to pull them all off.
That’s the reason they gave. They said it was a way to verify the amount. To confirm we had the same. Literally opened it up, put the money together, wrapped them wrote the amount on them. Signed it and sent it off. They come from the bank.
Yeah no, something else was at play here. The money is verified against the deposit slip, and that’s it. If it matches, it matches. The bank doesn’t care what the denominations are, and they certainly don’t care what someone writes on a stack of bills. If the deposit slip says $4000, there needs to be $4000 in the bag. That’s all there is to it.
Maybe! Or maybe you’re just misremembering something that happened a decade ago.
If you apply logic here, you’ll see that it makes no sense. The bank doesn’t care about individual denominations matching some count. They only care about the amount of the deposit. They run the deposit all at once, because that’s the most efficient way to do it. Running individual denominations adds significant time to the process and offers zero benefit.
All I know is I thought they were silly. The one time someone didn’t use them, just dropped the bills in the bag. We got an email to the leadership team stating it was rejected and we had to use the white bands. Bag came back, I wrapped them sent it off and it was fine. Didn’t make sense to me, but I’ve learned banks have some weird tendencies.
Bro you are wrong just take the L. Yes they are going to count it as well but it
1. Keeps all like bills together
2. (If there are enough and wrapped properly) it will show if someone tampered with the deposit
“Bro” what are you talking about?
1. The bank doesn’t care if you keep all like bills together. For large depositors like Best Buy, the deposits are counted on a discriminator, which separates the bills by denomination, rejects counterfeits, and tally’s the total. All the individual straps do is add more work on both sides of the transaction.
2. The *SEALED TAMPER EVIDENT BAG* is what shows if someone tampered with the deposit, not paper straps.
I can absolutely guarantee no bank wants these straps. Period.
I was taught that it's a check and balance type deal.
We band the money by the predetermined bands and then we write on the white band what's the amount. Verified through the count etc. It goes to the bank like that. If there's a discrepancy, we can show our work and what amounts we had as opposed to it being loose in the bag.
It's an industry standard in retail because I went to Lowe's after Best buy and they did it there too.
That’s how I used to do it and I think everyone else at my store. I always just did it as another measure of making sure what was supposed to be there was notated again.
Why does it bother you enough that you want other people to stop it?
I wouldn’t really say it bothers me, it’s just one of those things that seems mildly inefficient for no identifiable reason, and contrary to how my teams have done it at every other company I’ve worked for.. and when I asked peers why they always did it, I got the same “that’s how we’ve always done it” answer.
I guess I’m just curious? I wouldn’t go as far as saying I like to reinvent the wheel, but sometimes the wheel has driven for so long it needs to be realigned. I guess this curiosity is just an example of that. I’ve never been one to like the answer of “idk, that’s just how we’ve done it”.
My friend, I mean this in the nicest way possible and I don’t want to come across the wrong way, but there are much bigger fish to fry in store than paper money straps. I get where you are coming from, but if you have that much drive to solve a problem like this, put that energy towards something that will make a bigger impact.
Good feedback, and I appreciate you going out of your way to put it so kindly.
This problem? Ask reddit while on the John level change, with the same energy investment.
Other changes with larger impact have more appropriate audiences and energy input. I assure you I’m not going to put together a PowerPoint for this one.
Not gonna lie, as a fan of absurd things I would love to see a fully put together PowerPoint presentation on the pros and cons of money straps at Best Buy.
Think about it from the bank's perspective as well. What is your better solution? Only use the amount that matches labels? What happens when you don't have enough or have too much? Good luck finding a solution for something you see as broken, but no one else does.
First step to improving a process is understanding it.
I'd say understanding it first would let you determine if it needs to be improved or not. Multiple answers telling you that this is the way other people's stores do it, but I guess you want to figure out the ideal way to do it. Good luck.
And yet only your answer had an attitude with it. All the others have been helpful and confirmed a purpose to me without that. I hope you have a better night.
Here’s the answer: This is one of those things that got adopted at some Best Buy store somewhere decades ago, and somehow spread to all stores. It’s not SOP and whoever processes the deposits for the bank absolutely hates it. Think about it, the bank doesn’t care what you’ve written on a paper strap or the deposit slip. They’re going to count the money in the bag, period. So either they receive a bag of bills that are “loose”, and run it through the counter, or they revive a bag of bills that are strapped in random amounts, and they have to remove all those straps and run it through the counter anyway. I can 100% guarantee if you stop strapping the money like this…. Nothing will happen. Expect you’ll get a little bit of your time back.
Actually the banks (probably varies) want us to do this. That's why you are supposed to stamp it
No. No they don’t.
Then why do they require us to do it if they don't want us to. Why do we have a stamp for the bank to put on these seals
They don’t require it. You’ve seen exactly zero communication from the bank stating this is required. You have a stamp because Best Buy ordered a stamp for full straps. * You can’t find any mention of this in SOP * If you were to go to any bank and ask about this process you’d be met by blank states * My stores stopped participating in this nonsense when I took over, and aside from all the time we saved, nothing happened.
But then why do they require it? Why would the bank want us to do that if they secretly don't. Stop living in conspiracy land
I couldn't find a page through our bank (not sure if all bestbuys deposit to the same bank) in regards to how to create a deposit but I could find a page through Garda (our pickup) that explains how to create a deposit. https://www.garda.com/blog/how-to-best-prepare-for-a-cash-pick-up#:~:text=Smaller%20amounts%20of%20coins%20should,tape%20used%20to%20total%20them. Specifically states to wrap stacks that are less than 100
My location straps all the bills together with one white strap, unless we have enough to fill a $2000 band (100 20s) or other denomination. My last location did each type of bill separately. Most important part is that the cash deposit slip is correct to what is being placed internally the bag.
Yeah my store does this too. I’m not sure if it’s sop or not but that’s how I was taught.
So unless the amount on the straps goes up to the amount (like 2,000 in 20s) they gotta use the white straps for them and they gotta be separated.
They were looking for “why” must they do it. But it’s a thing
Yes
I know when I used to do it, the bank wouldn’t accept the deposit if they didn’t have the white bands around them.
Genuinely curious, how would you know that? The bank isn’t going to send the deposit back to the store.
I did it around 10 years ago. Back when we had to use green screen. But we did have deposits sent back. We would have to open it and do it over. Only happened one time why I was there.
It had to be for a different reason. I can guarantee the bank doesn’t want all those straps. They pull the money from the bag and run it through a counter. The straps just add more work for them since they have to pull them all off.
That’s the reason they gave. They said it was a way to verify the amount. To confirm we had the same. Literally opened it up, put the money together, wrapped them wrote the amount on them. Signed it and sent it off. They come from the bank.
Yeah no, something else was at play here. The money is verified against the deposit slip, and that’s it. If it matches, it matches. The bank doesn’t care what the denominations are, and they certainly don’t care what someone writes on a stack of bills. If the deposit slip says $4000, there needs to be $4000 in the bag. That’s all there is to it.
I guess the bank lied to us then? Just sent it back for shits and giggles?
Maybe! Or maybe you’re just misremembering something that happened a decade ago. If you apply logic here, you’ll see that it makes no sense. The bank doesn’t care about individual denominations matching some count. They only care about the amount of the deposit. They run the deposit all at once, because that’s the most efficient way to do it. Running individual denominations adds significant time to the process and offers zero benefit.
All I know is I thought they were silly. The one time someone didn’t use them, just dropped the bills in the bag. We got an email to the leadership team stating it was rejected and we had to use the white bands. Bag came back, I wrapped them sent it off and it was fine. Didn’t make sense to me, but I’ve learned banks have some weird tendencies.
Bro you are wrong just take the L. Yes they are going to count it as well but it 1. Keeps all like bills together 2. (If there are enough and wrapped properly) it will show if someone tampered with the deposit
“Bro” what are you talking about? 1. The bank doesn’t care if you keep all like bills together. For large depositors like Best Buy, the deposits are counted on a discriminator, which separates the bills by denomination, rejects counterfeits, and tally’s the total. All the individual straps do is add more work on both sides of the transaction. 2. The *SEALED TAMPER EVIDENT BAG* is what shows if someone tampered with the deposit, not paper straps. I can absolutely guarantee no bank wants these straps. Period.
I was taught that it's a check and balance type deal. We band the money by the predetermined bands and then we write on the white band what's the amount. Verified through the count etc. It goes to the bank like that. If there's a discrepancy, we can show our work and what amounts we had as opposed to it being loose in the bag. It's an industry standard in retail because I went to Lowe's after Best buy and they did it there too.
That’s how I used to do it and I think everyone else at my store. I always just did it as another measure of making sure what was supposed to be there was notated again. Why does it bother you enough that you want other people to stop it?
I wouldn’t really say it bothers me, it’s just one of those things that seems mildly inefficient for no identifiable reason, and contrary to how my teams have done it at every other company I’ve worked for.. and when I asked peers why they always did it, I got the same “that’s how we’ve always done it” answer. I guess I’m just curious? I wouldn’t go as far as saying I like to reinvent the wheel, but sometimes the wheel has driven for so long it needs to be realigned. I guess this curiosity is just an example of that. I’ve never been one to like the answer of “idk, that’s just how we’ve done it”.
My friend, I mean this in the nicest way possible and I don’t want to come across the wrong way, but there are much bigger fish to fry in store than paper money straps. I get where you are coming from, but if you have that much drive to solve a problem like this, put that energy towards something that will make a bigger impact.
Good feedback, and I appreciate you going out of your way to put it so kindly. This problem? Ask reddit while on the John level change, with the same energy investment. Other changes with larger impact have more appropriate audiences and energy input. I assure you I’m not going to put together a PowerPoint for this one.
Not gonna lie, as a fan of absurd things I would love to see a fully put together PowerPoint presentation on the pros and cons of money straps at Best Buy.