Can anyone tell me where I can find rules on SC signature cards? We are new to the state of SC and I am unfamiliar with SC Code. We use a Harland product and our signature cards appear to require that the depositor initial next to the chosen ownership type (single, joint, LLC, etc). The CSRs are complaining about this so I am trying to determine if it is a state requirement or just a "good to have". We hare in 4 states and SC is the only state that seems to require this.

See SC Code of Laws Title 62. Sections 62-6-101 through 62-6-104.

Once again reaffirming my love for BOL - this is exactly what I was looking for too!

If you are operating in Texas - it is required here too.

Randy, do you know how banks work through this when it comes to electronic signatures? Such as, if someone is opening an account online and has agreed to electronic signatures, would an electronic initial next to that designation be sufficient? We're having the hardest time getting it to work with our electronic signature vendor since there are so many checkboxes on our card.

Could we ask these questions during the application process instead?

Bump

In Texas, it would have to be actually signed or initialed by the customer. The Texas law requires: "Select one of the following accounts by placing your initials next to the account selected:" You cannot just ask them and do it for them. Not sure about SC.

Do others have each individual initial or is one sufficient? We have a forms vendor giving some pushback when we're trying to have this set up for each account owner to initial on a joint account. It doesn't specifically say each needs to initial in the code, but that is the way we've interpreted it... so far.

From the code:
SECTION 62-6-104. Short forms for single- and multiple-party accounts.

(a) A contract of deposit that contains provisions in substantially the following form establishes the type of account provided, and the account is governed by the provisions of this subpart applicable to an account of that type:

UNIFORM SINGLE-OR MULTIPLE-PARTY ACCOUNT FORM

PARTIES [Name One or More Parties]:



OWNERSHIP [Select One And Initial]:

__SINGLE-PARTY ACCOUNT

__MULTIPLE-PARTY ACCOUNT

Parties own account in proportion to net contributions unless there is clear and convincing evidence of a different intent.

RIGHTS AT DEATH [Select One And Initial]:

If Single-Party Account is chosen above, choose one of following:

__SINGLE-PARTY ACCOUNT

At death of party, ownership passes as part of party's estate.

__SINGLE-PARTY ACCOUNT WITH POD (PAY ON DEATH) DESIGNATION

[Name One Or More Beneficiaries]:

Bump