Dual Control & Dormant Account Signature Cards
by John Burnett, BOL Guru
BIO AND CONTACT INFO
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
Home | Compliance | Lending | Operations | Security | Marketing | Technology | eBanking
BankersOnline is a free service made possible by the generous support of our
advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all
banking professionals. Support our advertisers and sponsors by clicking
through to learn more about their products and services.