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Who can close a deposit account?

Question: 
Can a non-owner authorized signer on an account close the account?
Answer: 

Section 4-403 of the Uniform Commercial Code gives any signer on an account the authority to close the account (check your state’s version of that section to verify that authority). Your bank’s deposit contract may have a provision that prevents a non-owner of an account from closing it out.
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Learn more about John Burnett’s webinar DEPOSIT ACCOUNTS: Closings and Changes

First published on 09/15/2019

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