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#1263280 - 10/07/09 08:02 PM Business Account Signer change
Playin 88-Keys Offline
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Playin 88-Keys
Joined: Aug 2009
Posts: 20
Riding along the Coast
Okay, we have a retail outlet of a large clothing company banking with us. We recently received via US Mail, a request to remove the current two signers and add two more. Simple request.

However, the information we received allegedly from the corporate Headquarters includes the original Articles of Incorporation from 1972 the written instructions as what to do and the full CIP required information for the two new signers including copy of Drivers License and Insurance Cards, SSN, DOB, Home Address, etc.

Our concern(s), are that we have nothing notarized and we find it very suspicious for this information to arrive regular US Mail (not certified, Fed-Ex, UPS). The current signers on the account are not familiar with this change. We have tried to contact the headquarters but to no avail. Several messages have been left. Bank Policy and Procedures indicate the signers being removed need to sign documentation along with the newly added signers to sign the Signature Card.

Are we totally out in left field in questioning the legality of this transaction?
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Any feedback is soley based on my experience and do not reflect that of my employer.

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General Discussion
#1263313 - 10/07/09 08:31 PM Re: Business Account Signer change Playin 88-Keys
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I'm not sure why you would require the signature of the signers being removed, but that aside, you need a copy of the corp resolution authorizing this change. The resolution provides the basis you need to act on the decisions of the companies governing body (I made an assumption that this is a corp). Call and ask to speak with the Corp Secretary.

You are now on notice - you must act quickly to protect the bank. By allowing additional activity by the existing signers you could be assuming a great deal of risk. If you are unable to get anyone in corporate governance at the company, you may need to contact bank counsel.
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