Financial institutions ordinarily want a formal written notification for changes of addresses on commercial accounts, coming from a primary contact at the company - someone authorized to transact business with the financial institution. There could be a need for updates to UCC lien filings, etc. The bank needs to know where to find its commercial borrowers.
Change of Address on a Commercial Loan
Are there any compliance issues with regards to a change of address on a commercial loan. i.e authorized signers on change of address form, verbally submit a change with no written signature obtained?
First published on 11/29/2015