Account Authorization Letter - United States

Account Authorization Letter for the United States

Account Authorization Letter Template for United States

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What is a Account Authorization Letter?

The Account Authorization Letter is essential in situations where an account holder needs to delegate banking authority to another individual or entity. This document, widely used across the United States banking system, provides a secure and legally compliant way to grant specific banking privileges while maintaining account security and regulatory compliance. It typically includes detailed information about all parties involved, specific accounts covered, scope of authorization, and duration of the arrangement. The letter must adhere to both federal banking regulations and state-specific requirements, making it a crucial tool for proper account management and delegation of financial authority.

What sections should be included in a Account Authorization Letter?

1. Account Holder Information: Full legal name, address, contact details, and any relevant identification numbers of the account holder

2. Authorized Individual Details: Complete information about the person being authorized including full legal name, address, contact information, and relationship to account holder

3. Account Details: Specific account numbers, types, and financial institution information being addressed in the authorization

4. Scope of Authorization: Detailed description of specific powers being granted to the authorized individual (e.g., withdrawal, deposit, account inquiries)

5. Duration of Authorization: Specific time period for which the authorization is valid, including start date and end date if applicable

6. Signatures and Date: Space for required signatures from account holder and date of authorization

What sections are optional to include in a Account Authorization Letter?

1. Transaction Limits: Specification of any monetary limits on transactions or restrictions on types of transactions authorized

2. Multiple Account Authorization: Additional details when authorization covers multiple accounts or services

3. Special Instructions: Any specific conditions, restrictions, or unique requirements for the authorization

4. Revocation Clause: Terms and conditions for how the authorization can be revoked or terminated

What schedules should be included in a Account Authorization Letter?

1. Schedule A - Identity Verification Documents: Copies of government-issued ID for both account holder and authorized person

2. Schedule B - Specimen Signature: Sample signature of the authorized individual for bank verification purposes

3. Schedule C - Corporate Resolution: If applicable for business accounts, board resolution authorizing the arrangement

4. Schedule D - List of Authorized Accounts: Detailed list of all accounts covered under this authorization when multiple accounts are involved

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

Account Holder

Banking Services
Business Day
Effective Date

Clauses

Relevant Industries

Banking and Financial Services
Business Services
Healthcare
Non-Profit Organizations
Education

Relevant Teams

Finance
Treasury
Accounting
Legal
Operations

Relevant Roles

Chief Financial Officer
Finance Manager
Treasurer
Account Manager
Business Owner

Industries

Bank Secrecy Act (BSA): Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering, including requirements for reporting and record-keeping.

Electronic Fund Transfer Act (EFTA): Federal law that provides a basic framework establishing the rights, liabilities, and responsibilities of participants in electronic fund transfer (EFT) systems.

Uniform Commercial Code (UCC) Article 4: Governs bank deposits and collections, including the relationship between banks and their customers regarding deposits, collections, and payment orders.

Gramm-Leach-Bliley Act: Federal law requiring financial institutions to explain their information-sharing practices and protect sensitive customer data.

USA PATRIOT Act: Federal law containing identity verification requirements for financial institutions to help prevent terrorism and money laundering.

Federal Reserve Board Regulations: Guidelines and requirements set by the Federal Reserve that govern banking practices and operations in the United States.

FDIC Regulations: Rules and guidelines established by the Federal Deposit Insurance Corporation for insured banking institutions.

OCC Guidelines: Regulatory framework established by the Office of the Comptroller of the Currency for national banks and federal savings associations.

FinCEN Requirements: Guidelines set by the Financial Crimes Enforcement Network for reporting and compliance in financial institutions.

State Banking Laws: Specific banking regulations that vary by state and govern banking operations within state jurisdictions.

State Privacy Laws: State-specific regulations governing the protection and handling of personal and financial information.

KYC Requirements: Know Your Customer protocols required for customer verification and due diligence in financial institutions.

AML Regulations: Anti-Money Laundering regulations designed to prevent, detect, and report money laundering activities.

Electronic Signature Laws: Federal and state laws governing the validity and use of electronic signatures in financial documents.

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Vital Records Authorisation Form

A U.S. legal form authorizing the release of vital records while ensuring compliance with federal and state privacy regulations.

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Download a Standard Template

What is a Account Authorization Letter?

What sections should be included in a Account Authorization Letter?

What sections are optional to include in a Account Authorization Letter?

What schedules should be included in a Account Authorization Letter?

Authors

Alex Denne

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