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Debit Cards for Accounts Requiring Two Signatures
by John Burnett, BOL Guru
Guru Bio
Question: We have several accounts that have two signatures required to withdraw funds. Should we issue a debit card to one of the individuals on the account? We think this is unwise because it defeats the purpose of two signatures required. If both parties sign the debit card agreement are we covered?
Answer: I think it would be wise to make sure that all of the account owners sign off on the debit card application. I'd also recommend that you make it clear to these customers that the two signature protection they have requested on their accounts goes away with regard to debit and/or ATM card transactions.
First published on BankersOnline.com 5/05/08
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