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#1943130 - 07/18/14 07:29 PM Affiliates
BSAAnonymous Offline
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Joined: Feb 2012
Posts: 165
Out of curiousity, any banks out there allow "affiliates" (individual not authorized on the account but affiliated to the business) to conduct wire transfers? Thank you!

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#1943237 - 07/18/14 08:54 PM Re: Affiliates BSAAnonymous
MagicCity Offline

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MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
No. I would be surprised if any do...

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#1943252 - 07/18/14 09:06 PM Re: Affiliates BSAAnonymous
Xian Ngyuen Offline
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Joined: Aug 2013
Posts: 221
When you rephrase the question, it answers itself;

"...any banks out there allow individuals not authorized on the account to conduct wire transfers? "

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#1943292 - 07/19/14 11:27 AM Re: Affiliates BSAAnonymous
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
BSABSA,

If your client is an entity, it has a right to authorize different people to do different things; e.g. sign on the account, send wire transfers, borrow money, open safe deposit boxes, etc. If you are thinking that only account signatories should also be authorized to send wires, you are making suggestions about a customer's corporate governance and internal controls that are not your bank's to make.

For example, the owner of a corporation is entitled to allow Tom, Dick, and Harry to sign on the checking account, but via the resolutions approved by the board, reserve the right to authorize wire transfers to herself. There is simply no connection between being able to sign checks and any of the other authorities mentioned.

As an aside, I suggest that "affiliates" has the meaning you attribute to it only within your institution. As used here, it is misleading. Most likely these people are just employees or owners of the entity, just not the same ones who sign on the checking account.
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#1943360 - 07/21/14 02:44 PM Re: Affiliates BSAAnonymous
BSAAnonymous Offline
100 Club
Joined: Feb 2012
Posts: 165
Thanks, Ken. We define "Affiliates" as someone "not" authorized to sign on the account.

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