This document sets out the type of letter of authority that one could expect a bank to provide prospective clients who wish to jointly operate a bank account.
Letters of authority
Where it is intended for any reason that one or more persons will operate a joint bank account, banks will require a letter of authority from all prospective account holders stipulating how the account will operate.
Note that banks will not customise the operation of bank accounts for parties and therefore generally the bank provides the pro forma letter of authority to be reviewed, signed and returned by the parties.
It may be prudent to ensure that when it comes to closing the account or incurring a liability on the account, the consents and signatures of all parties to the account are required.
- Letter of request for bank to take charge of valuables
This document has been authored for Lexis Nexis by Elise Margow, Principal, Legally Speaking.
Thisdocument is prepared with the assistance of Specialist Editors Geoff Geha, Partner, Clayton Utz and Karen Lee, Principal and Consultant, Legal Know-How.