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#2025165 - 07/03/15 06:30 PM Two Signature Required Accounts and ACH Transactio
Tryin2Comply Offline
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Joined: Aug 2014
Posts: 76
My bank allows Two Signature Required Accounts. Specifically, our Signature Card states that two signatures will be required if the customers opt for a two signature required account. This requirement is not addressed in our agreement however. We do not allow debit cards on two signature required accounts and we do check to make sure two signatures appear on checks. But what about ACH debits? Is the bank responsible for allowing ACH debits on two signature required accounts? Thanks in advance for your help!

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#2025207 - 07/03/15 08:15 PM Re: Two Signature Required Accounts and ACH Transactio Tryin2Comply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,228
Galveston, TX
You are asking a question that should be leveled at your legal counsel. Without access to your agreements/contracts, who is to say.
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#2025212 - 07/03/15 08:26 PM Re: Two Signature Required Accounts and ACH Transactio Tryin2Comply
Tryin2Comply Offline
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Joined: Aug 2014
Posts: 76
Are there any NACHA rules regarding this and authorization?

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#2025244 - 07/04/15 01:48 PM Re: Two Signature Required Accounts and ACH Transactio Tryin2Comply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,228
Galveston, TX
It is contractual issue.
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#2025323 - 07/06/15 04:00 PM Re: Two Signature Required Accounts and ACH Transactio Tryin2Comply
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Originally Posted By Tryin2Comply
Are there any NACHA rules regarding this and authorization?
NACHA says nothing about "2 signatures required" accounts and ACH authorizations.

If your bank is going to continue allowing customers to open such accounts, you should be covering yourselves in your contract. Spend the money to get some legal advice, and ask the attorney about ACH and other sorts of electronic transactions. Don't forget to include in that discussion bill payment or account transfers using online banking.

Once you start this discussion, you may come to the conclusion that you don't want to continue managing such accounts, because there are so many holes in the sieve. In the meantime, I hope the bank is getting enough fee income for the added monitoring these accounts require.
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