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January 6, 2015
Business Accounts Documentation and Procedures with Beneficial Ownership
Deborah Crawford

January 6, 2015
FFIEC Cybersecurity Initiatives and Observations from the 2014 Assessments
Susan Orr

January 15, 2015
The ABC's of IRAs - The Basic Ingredients
Patrice Konarik

January 20, 2015
B & Z Appraisal Rules - Getting Them Right
Jack Holzknecht

January 21, 2015
HMDA Soup to Nuts
David Dickinson

January 22, 2015
Navigating the Treacherous Waters of IRA Rollovers, Transfers and Beneficiary Payouts
Patrice Konarik

January 28, 2015
Mortgage Life Cycle
Part I
David Dickinson and Jerod Moyer



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#1418023 - 07/21/10 01:16 PM RIGHTS OF AUTHORIZED SIGNER
Beckster Offline
Member

Registered: 08/29/05
Posts: 64
Loc: Minnesota
I would like clarification of what rights an authorized signer has to an account. I was told the authorized signer can write checks, make deposits and make transfers. I was told that the bank cannot give balances or any information on the account to the authorized signer or the statements cannot be given to anyone but the owner(s) of the account.

Specifically I would like to know about Internet Banking access, making transfers between accounts that do not have the same owner(s).

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Deposits and Payments
#1418083 - 07/21/10 01:58 PM Re: RIGHTS OF AUTHORIZED SIGNER [Re: Beckster]
Bob The Banker Offline
Platinum Poster

Registered: 05/17/10
Posts: 958
Not sure who told you this, but at least at our institution, authorized signers have full access to the account including balances -- seems silly to allow them to write checks/withdraw money and not let them know what is in the account.

We do require the statement to go to the tax reported for owner, however, I am unsure if that is because or regulations or our policy.

Internet Banking we allow transfers as long as the person is a signer on both accounts and both accounts are enrolled in their online banking. Or, we allow what is called a cross-customer transfer, where they may transfer to any account within the bank as long as they have the account number and last name on the account.

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#1418380 - 07/22/10 08:34 AM Re: RIGHTS OF AUTHORIZED SIGNER [Re: Bob The Banker]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 51225
Loc: Galveston, TX
Any of these issues boil down to the legal agreement that is in place governing the authorized signers or your on-line banking product. What is or is not allowed should be specifically addressed in the agreements.
_________________________
The opinions expressed are my own, take them or leave them.

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#1418451 - 07/22/10 09:46 AM Re: RIGHTS OF AUTHORIZED SIGNER [Re: Beckster]
Ken_Pegasus Offline
10K Club

Registered: 08/30/01
Posts: 17577
Loc: Another trip around the sun
Only making it a duet with rlcarey...

This is an issue of 1) state law and 2) contract law. Whether the person is called an agent, authorized signer, or convenience signer, there is no universal direction saying what they can and cannot do.

In any state where I've ever done a program, there are significant differences from bank to bank about what a person with these powers can do. The smartest approach is to spell it out in the document signed by the account owner(s).

Hint: I would make the grant of authority very broad; e.g. the equivalent of a general power of attorney over a specific account, so I did not have to police it.

_________________________
"Oh God, thy sea is so great and my boat is so small." Breton fisherman's prayer in JFK's office.

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