Cash Withdrawals from Corporate Accounts

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Question:

Is there a bank regulation or statute (federal or state) that would advise against cash withdrawals on corporate accounts? The credit union I work for permits this, but I thought most banks strongly discourage this because of the aid it offers a signer for theft or fraud.

Answer:

This would all depend on the powers granted the authorized signers in the corporate resolution that was provided to the bank or credit union granting them their specific powers to act on behalf of the corporation.

First published on BankersOnline.com 9/13/10