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Dual Control & Dormant Account Signature Cards
by John Burnett, BOL Guru
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Question: Is there a law or regulation that requires signature cards attached to dormant accounts to be maintained under dual control and separate from all other signature cards?

Answer: It's unlikely, but there may be a state law that addresses this question.

Traditionally, records for dormant accounts were maintained under dual control to prevent a bank insider from "messing around" with the accounts without conspiring with someone else.

I believe this is an internal control issue rather than a legal or regulatory one.

First published on BankersOnline.com 07/21/03



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