Carte blanche to an Authorized Signer

Answered by:

Question:

What are your thoughts on allowing customers to give an authorized signer access to their online banking and/or approving them to have a debit card? Would it make a difference if there is a form signed by the customer providing authroization and acceptance of liability for the transactions the signer conducts?

Answer:

My thoughts are that your online banking agreement and debit card agreement should address what you will allow your customer to do and not do with their access devices and also identify when they are liable for granting authority to third parties to access their account. You should ask your legal counsel to review applicable state law and the agreements to ensure the institution is protected, however you choose to approach these requests.