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Change Of Bank Signatories Resolution for the United States

Change Of Bank Signatories Resolution Template for United States

A Change of Bank Signatories Resolution is a formal corporate document used in the United States that officially records a company's decision to modify the list of individuals authorized to conduct banking transactions on behalf of the organization. The document complies with U.S. banking regulations, including the Bank Secrecy Act and USA PATRIOT Act requirements, and serves as official confirmation to financial institutions regarding changes in banking authority within the organization.

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Change Of Bank Signatories Resolution

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What is a Change Of Bank Signatories Resolution?

The Change of Bank Signatories Resolution is essential when organizations need to update their authorized banking representatives due to personnel changes, organizational restructuring, or modified internal controls. This document, governed by U.S. banking regulations and state-specific corporate laws, formally records the board's approval of new signatories and removal of former ones. It typically includes details of the authorization levels, transaction limits, and specific banking powers granted to each signatory, serving as the primary reference document for both the organization and its banking partners.

What sections should be included in a Change Of Bank Signatories Resolution?

1. Header Information: Company name, registration number, date of resolution

2. Meeting Details: Date, time, location, and attendees of the meeting where resolution was passed

3. Resolution Statement: Formal declaration of the change in bank signatories

4. New Signatory Details: Names, positions, and specimen signatures of new authorized signatories

5. Removed Signatory Details: Names and positions of individuals being removed as signatories

6. Banking Arrangements: Specific authorities granted to signatories and any limitations

7. Certification: Authentication of the resolution by appropriate corporate officer

What sections are optional to include in a Change Of Bank Signatories Resolution?

1. Digital Banking Access: Authorization for online banking access and permissions - include when bank provides digital banking services

2. Transaction Limits: Specific monetary limits for different types of transactions - include when company wants to implement tiered authorization levels

3. Multiple Account Details: Listing of all affected bank accounts - include when company maintains multiple accounts at the same bank

What schedules should be included in a Change Of Bank Signatories Resolution?

1. Schedule A - Specimen Signatures: Original signatures of new authorized signatories

2. Schedule B - Identification Documents: Copies of required ID documents for new signatories

3. Schedule C - Board Meeting Minutes: Extract of meeting minutes where resolution was passed

Authors

Alex Denne

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

Jurisdiction

United States

Cost

Free to use
Relevant legal definitions





















Clauses





















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 of banking transactions.

USA PATRIOT Act: Legislation that strengthens customer identification requirements for banks, particularly relevant for verifying the identity of new signatories.

Federal Reserve Board Regulations: Central banking system regulations that govern various aspects of banking operations, including account management and signatory requirements.

FDIC Requirements: Federal Deposit Insurance Corporation requirements for bank account management and operational security.

State Corporation Laws: State-specific legislation governing corporate operations, including requirements for corporate resolutions and authority delegation.

Uniform Commercial Code Article 4: Provisions governing bank deposits and collections, including rules for authorized signatures and account operations.

E-SIGN Act: Federal law ensuring the legal validity of electronic signatures and records in banking and commerce.

UETA: Uniform Electronic Transactions Act providing legal framework for electronic signatures and records at state level.

FinCEN Requirements: Financial Crimes Enforcement Network regulations for preventing financial crimes, including requirements for reporting changes in account control.

KYC Regulations: Know Your Customer regulations requiring banks to verify the identity of clients and assess potential risks.

IRS Requirements: Internal Revenue Service requirements for reporting changes in account control and entity classification.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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