FAU Sigma Chi treasurer steals $18K from chapter
 

http://www.palmbeachpost.com/news/cr...7qwo0apMFfZ8K/

"Dalton became treasurer for Sigma Chi in May after the person formerly in that position stepped down, the report said. The former treasurer provided Dalton with a debit card that he was supposed to deactivate. Instead, Dalton used it and a second debit card to fraudulently withdraw $18,212.91, according to witnesses.

Dalton, a Boca Raton resident, admitted that he took the money to support his heroin addiction, but said he planned to pay it back, police said."


Heroin...so NF.

And this is why I hate debit cards.

The treasurer should be 1) bonded (if you're smart) and 2) at least not a signer on the bank account. Checks should all require the signature of the President and another designated officer. I'm sure most of our organizations have or used to have those safeguards, but even HQs are getting in the game of accepting credit/debit card payments from chapters.

Wow.

Back when I was an active, somewhere around the Mesozoic Era, GLOs didn't have debit cards. My chapter had a checking account, and all checks that the chapter cut had to be signed by both the president and the treasurer. No one could just waltz up to an ATM or a teller window and withdraw a pile of cash.

Back in the late 1980s, we had the requirement that they had to be signed by two out of three of the Chairman of the Advisory Committee, chapter President and chapter Treasurer.

^ OK, apparently I was an active in the late Mesozoic Era. Four signatures for one check?? I didn't think banks were even set up for printing checks with four signature lines. Two, yes; four, where would you fit all the signature lines on something as small as a check??

(Of course, we're in different lanes here.)

Then again, I remember the days when checks were printed with a date line that read ___________, 19__. Changes can be made.

#getoffmylawn

Which of us above mentioned four signatures? I remember marking out 19 and replacing it with 20...

When I was chapter advisor, I had access to the accounts and would peruse them at least once a week (or every two weeks) to make sure there were no shenanigans with the money.

During homecoming season, the treasurer would go to the bank and buy gift cards with amounts on them. He would give these to the float chair so that the chair would be able to buy supplies without having to come and get a check or reimbursed every other day. However, the chair still had to account for all the purchases made with the gift card.

Side note: the brother in question apparently has a serious drug problem. I do hope that he is able to get help and overcome this issue. His stealing the money from the chapter is serious, but I hope he gets the help he needs.

Maybe I misunderstood you. You said that checks "had to be signed by two out of three of the Chairman of the Advisory Committee, chapter President and chapter Treasurer." Two chairmen, one president, and one treasurer = 4 people.

I never actually had to do the "cross out 19 and write in 20 on the date line" thing. When I opened my first checking account, the checks did have 19's on the date line, but I closed that account in the late 1990s because I had moved and changed banks, so by the time the year 2000 arrived, I had checks with the current standard date line that doesn't specify a century.

Two signatures being required is pretty standard, even for other organizations I've been involved with (band boosters, scouts, Kiwanis). Debit cards are dangerous, albeit convenient when making large purchases.

Two out of the following 3 people:
-- Chairman of the Advisory Committee
-- Chapter President
-- Chapter Treasurer

NOT 2 out of 3 Chairman of the Advisory Committee, plus the others

Person A: Chairman of the Advisory Cmte
Person B: Chapter President
Person C: Chapter Treasurer.
Pick 2. But I agree it could have been read the other way.

I'm in an even goofier situation now where my bank got taken over about 3 years ago and I'm still *successfully* using the checks that I got under the old name. (my account still uses the same routing number, so no one cares. :)

It has been my experience that while we require two signatures, the banks don't care and I don't think they look for that before paying out on a check. Of course, I've also been seeing banks paying on checks that are two+ years old even though they clearly say on the checks only valid for 6 months.

Ah... I see. That makes a lot more sense. Thank you, and thank you ComradesTrue, for the clarification.