Posted By: Kompliance
Convenience Accounts? New to NY - 11/17/16 08:12 PM
Hello New York!
Our bank is currently in the process of opening new branches in the state of NY. Previously, we only had branches in PA and OH.
We received new Signature Cards for deposit accounts from our forms vendor that are compliant for use in NY that are different from the ones we currently use. One of the differences was that on the CONSUMER signature cards was a box for "convenience accounts". I have never heard of such a thing, so when I looked it up it appears that it is similar to an authorized signer. We do not offer "authorized signers" on consumer accounts, just business. If a consumer wants access to an account owned by another individual, we require them to obtain a Power of Attorney.
This got me thinking.. are these "convenience accounts" something we MUST offer in the state of NY? Or can we continue requiring Power of Attorney verification for this type of access to accounts?
Our bank is currently in the process of opening new branches in the state of NY. Previously, we only had branches in PA and OH.
We received new Signature Cards for deposit accounts from our forms vendor that are compliant for use in NY that are different from the ones we currently use. One of the differences was that on the CONSUMER signature cards was a box for "convenience accounts". I have never heard of such a thing, so when I looked it up it appears that it is similar to an authorized signer. We do not offer "authorized signers" on consumer accounts, just business. If a consumer wants access to an account owned by another individual, we require them to obtain a Power of Attorney.
This got me thinking.. are these "convenience accounts" something we MUST offer in the state of NY? Or can we continue requiring Power of Attorney verification for this type of access to accounts?