Has anyone heard of (or is using) a "Master Signature Card"? I am being asked to find any information I can on this. Retail doesn't understand why a customer has to sign a new signature card every time they open a new account. If we already have it on file, why do we need another one?

My first response was because that signature is proof that the customer is who he is, and that he is agreeing to the terms and agreement of that product.

Any direction to a reg or citation????

Try searching under "Universal Signature Card"

Al

We implemented one about 6 months ago. Each customer on the account signs a separate form and we scan it to the CI level. With the old signature card it covered the account. The wording on the new one covers the customer and any accounts they open in the future.

Does the Master Sig Card require that all accounts be opened with the same ownership, i.e. Multiple Party w/ ROS? If not, how do you certify the ownership type? I would assume you have a form they sign saying what they want...but that seems to defeat the purpse of having a master signature card.

The way ours works is that the master signature card is covering the customer. They may open other accounts with other owners and each of those customers would have their own "master signature card" on file and those customers could have accounts w/ other etc. Unlike our old signature cards that we tied to a specific account and persons our new one has no account numbers and is tied to the individulas CIF - generally a SS#.

How does that work for tellers pulling a signature to verify a check? Do they have to pull four different master sig cards to see all the signers on a business account?

Thank you all for your direction and ideas.

But I am curious of the answer to Milby's last question regarding tellers verifying signatures????

Does anyone have an example they could share of a master/universal signature card?

They are more common in credit unions if you have a buddy who works in one.

So how would you apply to an account where there was a different customer on an account, but they didn't have signing authority/transaction? For example a beneficiary to an escrow account.