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Can I Have an Authorized Signer?
Can I have an authorized signer on my joint checking account? My husband and I are owners on the account and I want my sister to be an authorized signer...just in case.
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 Your bank may require that both you and your husband agree to name your sister an authorized signer, and it's never a good idea for one owner to add a signer without the other owner's agreement. Ideally, you, your husband and your sister should together and sign a new signature card for the account. There is typically a special section for an authorized signer's signature.
Some things to be aware of:
- Generally, an authorized signer has legal access to the account without restriction. She'd be accountable to you, of course, but the bank would have to honor her access to the account even if "just in case" hasn't happened. That means that you should trust that your authorized signer won't take advantage of her authority to take your money from you.
- An authorized signer's access ends on the death of the account owners, so if "just in case" refers to death, this isn't the way to proceed. Instead, talk to the bank about the pros and cons of "pay on death" accounts.
- If you need to prevent access to the account if you and your husband are incapable of handling your own affairs, consult an attorney about a durable power of attorney that comes into effect only under those circumstances.
In short, it's a good idea to talk with your banker and your intended authorized signer about what your goals are for the arrangement, and then take the appropriate steps to get where you want to be.
Published on BankingQuestions.com 6/02/09
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