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Collection Clerk

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Summary

Receive and process collection items presented to bank by customers.

What does a Collection Clerk do?

Receives and processes collection items, such as checks, drafts, and coupons presented to bank by customers or corresponding banks: Reads letter of instructions accompanying negotiable instruments to determine disposition of items. Debits bank account and credits customer’s account to liquidate outstanding collections. Computes interest on bills of exchange, using adding machine or computer terminal, and lists debits and credits on liability sheet, or enters information into computer system, to record customer’s outstanding balance. Examines, calculates interest on, endorses, records, and issues receipts, and mails outgoing collections for payment. Traces unpaid items to determine reasons for nonpayment and notifies customer of disposition. May prove and balance daily transactions. May act as agent for collections payable in United States and possessions and be designated Out-of-Town Collection Clerk. May process collection items drawn on local bond and securities exchanges or transfers within a locality and be designated Local Collection Clerk. May collect foreign bills of exchange and be designated Foreign-Collection Clerk. May process matured bonds and coupons and be designated Coupon-and-Bond-Collection Clerk; Coupon-Collection Clerk.