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Setting Up Two Signatures for Withdrawals

I own a building with three other partners. One of the partners is withdrawing money with the knowledge of the others. Is there a way to require two or more signatures before any money can be used?


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You can request that your bank check to ensure there are two authorized signatures on checks greater than a reasonable threshold, but your bank may not be willing to accept that responsibility. Some banks will do it, but for an extra monitoring fee.

As an alternative, you may look for a lock box with two separately-keyed locks and split the keys up so that it always takes two partners to open the box. Keep the checkbook there, and set up a procedure requiring that checks are completed while two partners are present. The book will then be returned and the box locked in the presence of the same two individuals.

Published on BankingQuestions.com 3/19/10