IBA Compliance Connection

Your go to source for compliance!

Under Illinois law, can a joint account have an authorized signer, or is a power of attorney document required in order to allow a non-owner to transact on the account? Can a joint account have more than one authorized signer?

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We are not aware of any Illinois law prohibiting joint accounts from having one or more authorized signers. In addition, we are not aware of any requirement for a joint account owner to execute a power of attorney in order to allow a non-owner to transact on the account as an authorized signer.