The Uniform Commercial Code (UCC) provides that any authorized signer may close an account. However, the UCC also permits an institution to change this rule in its account agreement to prohibit an authorized signer from closing the account.

For resources related to our guidance, please see:

• UCC, 810 ILCS 5/4-403(a) (“ . . . If the signature of more than one person is required to draw on an account, any of these persons may stop payment or close the account.”)

• UCC, 810 ILCS 5/4-103 (“The effect of the provisions of this Article may be varied by agreement . . . .”)