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Two Signatures Required on Checking/Savings Account
Answer by Randy Carey, BOL Guru
Guru Bio

Question:  If I have a checking/savings account that requires two signatures and a teller allows a withdrawal with only one signature, what can I do?

Answer from Randy:  If your depositor's contract indicates that the bank will be liable if two signature are not present, then the bank may owe the customer money. If the contract indicates that they will not be responsible to check that two signatures are present, there isn't much that could be done.

Answer from Andy:  Look for language similar to this:

We do not establish any accounts that require two (2) or more signatures on any items drawn on the Account. If, for example, you state “requires two signatures if greater than $1,000,” you acknowledge that such provision is solely for your personal or internal control purposes. You shall indemnify and hold us harmless for losses due to paying any item bearing at least one authorized signature.

Banks often allow multiple signatures for the benefit of the customers dual control requirements. But having to verify multiple signatures only increases the processing work. Additional fees would be necessary to justify this and for that reason this is a requirement imposed on the bank less and less.

First published on 6/01/09

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