Can one authorized signer on a business account unilaterally remove all of the other authorized signers without their consent or knowledge?
The authorized signer can close the account, ironically enough. However, a bank should require documentation from a business' governing body (board of directors for a corporation) for any change in authorized signers on the business' accounts. Of course, there are instances, such as termination from employment or fraud, in which a business should expect an immediate change in authorized signers, but those cases should be followed up promptly with a revised authorization document from the governing body of the business.
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The authorized signer can close the account, ironically enough. However, a bank should require documentation from a business' governing body (board of directors for a corporation) for any change in authorized signers on the business' accounts. Of course, there are instances, such as termination from employment or fraud, in which a business should expect an immediate change in authorized signers, but those cases should be followed up promptly with a revised authorization document from the governing body of the business.
