Policy For Reviewing Multiple Signatures On Checks
by Andy Zavoina, BOL Guru
QUESTION: We are still reviewing multiple signatures on accounts that require two or more signatures. Since this is a tedious task, we would like to discontinue this process. Can we add a paragraph in our disclosure to state that we will no longer be responsible for reviewing checks with multiple signatures? If we can do this, can you help me with the wording for our disclosure?
ANSWER: I don't have a sample here, but we basically say that while they may choose to do that, we will be responsible for verification of only one signature. Your state's law may have other requirements.
First published on BankersOnline.com 12/3/01