We have a convenience store chain. We want to open an account that is just used to pay our beer suppliers, for each store. We want the bank to come up with a letter of some sort that will allow any employee to sign the checks. We don't want to do a regular signature card, because of employee turnover. The bank is giving us a hard time about this; why can't we have what we want?
Your bank needs to stick to generally accepted business practices in order to protect both you and itself from losses. It will require the normal documentation that it receives for every commercial account, at a minimum, so that it can be assured it has a contractual relationship with you. From that point on, you should feel free to negotiate with the bank on how the account will operate, but be aware that the bank may not be willing to accept the way you'd like to have the account managed.
The bank may be willing to accept a periodic letter from you that lists all the authorized signers and provides a sample signature for each of them, but you probably won't be able to add and delete signers without getting a completely new letter for the bank with all signers each time you want to add another. Your best course of action is to discuss your needs candidly with the bank. Together, you may be able to craft a workable solution.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Your bank needs to stick to generally accepted business practices in order to protect both you and itself from losses. It will require the normal documentation that it receives for every commercial account, at a minimum, so that it can be assured it has a contractual relationship with you. From that point on, you should feel free to negotiate with the bank on how the account will operate, but be aware that the bank may not be willing to accept the way you'd like to have the account managed.
