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Our Deposit Services Department is requesting that our customer service representatives obtain meeting minutes or a letter of direction from our customers before making changes to authorized signers on existing LLC accounts. Are these documents required, or is an updated resolution sufficient? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Our Deposit Services Department is requesting that our customer service representatives obtain meeting minutes or a letter of direction from our customers before making changes to authorized signers on existing LLC accounts. Are these documents required, or is an updated resolution sufficient?

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We are not aware of any law or regulation requiring a bank to receive meeting minutes or a letter of direction before making changes to authorized signers on an LLC account, and we believe that a resolution by the LLC removing the previous authorized signers and authorizing the new authorized signers could be sufficient. However, we recommend reviewing your bank’s policies and procedures and the customer’s account agreement and complying with any requirements addressing the addition or removal of authorized signers.