Inventory Policy

Millington Savings Bank’s inventory system is the total currency at each branch location as well as American Express products sold which are gift cards, gift checks, and traveler’s checks. Each branch location has a specific amount of currency, both cash and coin, which must be held in the main vault. The cash on hand at Millington Savings Bank includes the main vault for cash and coin, all the teller cashboxes, the automatic teller machines (ATM), and also the coin bank; which is a free coin counting machine allocated at each branch.

Unlike commercial banks, Millington Savings reviews all the inventory of currency every Tuesday morning; the head teller of each branch does this procedure. After reviewing what is needed for the following week, the head teller places a cash order on Tuesday so that the currency will arrive on Wednesday. Millington Savings Bank receives its money from Wachovia and is brought to the each branch by the Brinks truck every Wednesday morning. It is extremely important to have enough of every denomination of currency available at hand when needed.

The American Express products are reviewed once a month. Each branch has a certain amount of packages per each denomination available for the products. Once the inventory starts getting low then it is the job of one of the managers to place an order for more. Again because Millington Savings is a smaller bank, not too many of the American Express products are being sold; which means not too often are there orders being made for these products.

Millington Savings Bank’s inventory system is classified as a periodic review system. Millington Savings reviews its currency inventory position at fixed intervals, meaning that every Tuesday a cash order is being placed, and every Wednesday the cash arrives this occurs once a week. Every time the inventory is being reviewed there will be an order being placed. The amount ordered depends on what is needed to bring each branch up to a target point; which is the amount allocated to each branch location due to the total cash on hand allowed. The periodic review system also tells us that multiple items are ordered from the same supplier, in reference to the bank every denomination of currency whether it is cash or coin comes from one specific supplier. This also applies to the American Express products that are sold throughout the bank.


For more information about Millington Savings Bank please go to: http://www.millingtonsb.com/

About Us

Since 1911, Millington Savings Bank has been focused strongly on serving the community with quality service. MSB currently operates five branches within the Somerset and Morris counties of New Jersey. The bank offers a variety of financial services and products which include personal checking, savings accounts, business checking accounts, and all types of home loans. For the convenience of its customers, American Express products such as gift cards and Traveler's Checks are offered in addition to free coin counting machines at every branch.

The bank is a growing small-town bank that offers a friendly atmosphere and prides itself on its customer support. They have recently won a prestigious award for being one of the best financial institutions in Central Jersey in 2010.