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Just like the thread title says, I'm just curious about how the cash-in-transit industry works. I work as an Operations Manager in the transportation industry now, but I have a pretty solid security background through the military. I'm kind of interested in cash-in-transit as a possible direction for my career, but I'd kind of like to get a better feel for the industry and its specifics. I'm sure a lot of things are simple once you see them, but I can't even wrap my head around some of the basics right now. For instance, how do you give/get receipts for what you pick up and drop off? I worked in a cash room when I was younger, and counting through even $20000 bucks was a long process. I can't imagine that guards are expected to count through whatever they receive, issue a receipt, and still have more than a dozen stops on their route in a day. How does this process even work? I've also read that most companies never let the driver get out of the truck on a route. Why? Why doesn't the driver serve as an additional guard while the other guard is engaged doing things like servicing ATMs? That seems strange to me. What does the hopper do if he needs to take a poo poo? How do drivers even take their federally mandated lunch and two 10 minute breaks if they can't stop? If anyone has any experience with the industry, I'd love to hear about it, regardless of whether you were a guard, dispatcher, or even just in customer service.
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Nov 25, 2014 03:14
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adorai posted:The driver doesn't count, he takes a sealed bag which is counted elsewhere. And it's not like it's counted by hand, there are machines that count it extremely fast. Cash logistics relies heavily on trust: each party trusts that the other is representing themselves accurately in person. Counting is primarily to avoid mistakes, not fraud. Almost all large currency transactions are going to be under dual control by both parties. Do folks just receive receipts for sealed bags and trust that the count will be done accurately on the tail end? quote:As for the guard, if you think the loving driver of an armored truck is willing to lay down his life for some rich dudes cash, you are extremely naive. His primary job is to avoid any confrontation, which is mostly just being aware of his surroundings and being able to spot any monkey business before it has the chance to escalate. Nog fucked around with this message at 07:16 on Nov 25, 2014 |
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Nov 25, 2014 06:49
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Sappo569 posted:Chiming in with my experience at both a small (4-5 ppl on the road) and medium (20-25 ppl on the road) sized companies How did your smaller company function? Two trucks, two routes, two people per truck, and a backup in the yard? How big was the support structure behind you? Just a dispatcher and a GM/operations manager, or are there other essential functions to a CIT business that even small companies need?
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Nov 28, 2014 16:20
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Sappo569 posted:Office end of the operation is hard to define, as most smaller companies are operating 2 business out of the same office. CIT is NOT profitable all by its lonesome. If CIT isn't profitable on its own, and cash management (I'm assuming) is where the money, then how do small CIT operations survive considering that you just said your company got its cash from one of the larger operations? Did you rent out time-lock vaults and such?
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Nov 29, 2014 16:11
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Okay, that all makes sense. I appreciate everyone's answers. Do CIT businesses operate under any different compliance standards for FDIC insurance versus banks? Juggling OSHA compliance, DoT compliance, union bargaining agreements, etc. is already a big enough nightmare for most operations managers. I can't imagine having to toss in banking regulations on top of that. Are things simplified on that end, or is the cash management end generally separate from operations? Speaking of unions: how much of a union presence is there in the CIT industry? I know that uniformed security is generally non-union stuff, but with all the driving you do, I'd be surprised if the Teamsters weren't involved in some capacity.
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Dec 3, 2014 03:29
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