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Signature Policy for Opening Accounts Online

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Question: 
We are getting ready to open accounts online. Do we require the signature card printed, signed, and returned to bank? Many banks do not. What are the legal concerns if we do not have a signature on file?
Answer: 

Without a signature you cannot process checks and defend your bank against alleged forgeries. Electronic transactions would still require logon or other credentials to "identify" the user.

For new customers, a signature may be required via email attachment, snail mail or possibly fax. Be aware of the risks.

First published on BankersOnline.com 10/10/11

First published on 10/10/2011

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