I currently have a business account. My corporate papers have two signers. My partner retired and I need to change the signer with the bank. The corporate papers are renewed yearly. The bank said there's a new law and they cannot change the signer. Is there a new law about this?
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The corporate resolution should indicate who is an authorized signer. The bank may require information on the person, but we are not aware of any federal law that would prohibit this. We are not familiar with all state laws, but such a requirement that signers never change makes no sense. Ask a bank officer for an explanation.
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The corporate resolution should indicate who is an authorized signer. The bank may require information on the person, but we are not aware of any federal law that would prohibit this. We are not familiar with all state laws, but such a requirement that signers never change makes no sense. Ask a bank officer for an explanation.