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#2221862 - 09/18/19 09:02 PM SIgnature Card required to Be Signed?
Lele Offline
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Lele
Joined: Feb 2007
Posts: 817
In the Sun
The question has come up during our Bank Conversion about if the regulation requires signature cards to be signed or if this is best practice? I said as this is a contract, it should be signed.

The question came up since we will be having digital signatures and if a customer has stated he wants to take home and read before signing, the branch wants to accommodate them. Also, as an example if a customer was dyslexic and needed more time to review, could he take home and bring back signed? I countered this with it is the CSR's job to review the disclosure with the customer.

Other examples proposed:
Joint account opened and only one signer present, can documents be taken home to be signed? Currently we require them to come in before we add them to the account.

If not required at account opening, when would we say he/she must return by number of days? If the number of days are set, what would be the next steps? Close account & return deposit? Would they be allowed to use the account? Would we not issue checks or debit card until returned?


Thank you...
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#2221863 - 09/18/19 09:11 PM Re: SIgnature Card required to Be Signed? [Re: Lele]
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 5,665
Illinois
You correctly point out that this is a contract, and consequently a question for legal counsel. Without an executed agreement, whether electronically or physically signed, you do not have a contract.

As to where/how the document is signed, this is a safety and soundness decision for management. "I'll take it home and have my wife sign it..."

And when you receive a host of forged endorsement claims against the account on checks payable to my wife that she never signed and also claims she never agreed to open the joint account...the decision to make it easier at account opening may not feel like such a good idea any more.

This discussion should be held with legal counsel, not the compliance officer.
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#2222160 - 09/23/19 08:15 PM Re: SIgnature Card required to Be Signed? [Re: Lele]
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 38,772
Cape Cod
You might also include your security officer, if s/he handles check frauds and related messes.
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#2222186 - 09/24/19 01:22 PM Re: SIgnature Card required to Be Signed? [Re: Lele]
Richard Insley Online
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Richard Insley
Joined: Oct 2000
Posts: 9,819
Toano, VA
We're currently discussing missing/forged signature risks in this thread: https://www.bankersonline.com/forum/ubbthreads.php/topics/2222123/e-sign#Post2222123
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