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#175595 - 04/01/04 04:37 PM Agts/Signers - Reg v Policy
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Help - I am so confused - Is there a reg that limits the number of signers/agents on a personal account, and if so which Reg is that - I used the Alphabet Soup link, which is very helpful and couldn't find anything.
I really feel this is probably bank policy, sadly it's not in our Policy manual, and embarrassingly (is that a word) the bank's trainer (ME!!! ) doesn't know the answer to this.

Thanks in advance for your help!
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#175596 - 04/01/04 04:41 PM Re: Agts/Signers - Reg v Policy
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,684
Cape Cod
This is strictly a question for bank policy.
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#175597 - 04/01/04 04:42 PM Re: Agts/Signers - Reg v Policy
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
There is no federal limitation on the number of convenience signers you can have on an account. There is no Texas limitation on the number of convenience signers you can have on an account.

It is largely a function of your patience and the space available on your signature card. You could make some good arguments for limiting the number as a matter of policy, but if it is not there now I would not consider it a deficiency.
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#175598 - 04/01/04 05:16 PM Re: Agts/Signers - Reg v Policy
QuestionQuest Offline
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Joined: Jul 2003
Posts: 234
I would agree with everything said above. One instance where this has come up with us is in the BSA area, dealing with Int'l accounts. In that specific area, a concern arises as to whether you are, de facto, creating payable through accounts. Neither that reg nor that type of account are mentioned, so I would think that this is irrelevant information for you. Out of an abundance of caution, though, I thought I would mention it.

My information should not be taken as legal advice and I do not speak for my employer.

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#175599 - 04/01/04 05:33 PM Re: Agts/Signers - Reg v Policy
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Thanks guys - I appreciate it the input. Now it's just a matter of updating our Policy Manual. Whee!!
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My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.

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