A “Sample Letter To Bank To Change Signing Authority” is a formal request. It tells your bank who is authorized to manage your account. You might need this letter if someone leaves your company. Maybe you are adding a new partner.
Need to write this letter? Don’t worry, we’ve got you covered. We will share letter templates and examples. These samples will make it easy for you.
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Sample Letter To Bank To Change Signing Authority
[Your Company Letterhead]
[Date]
[Bank Name]
[Bank Address]
Subject: Change of Signing Authority
Dear Sir/Madam,
This letter serves as formal notification that we are changing the signing authority for our account [Account Number] held at your branch.
Effective [Date], the following individuals are authorized to sign on behalf of [Company Name]:
[Name of New Signatory 1] – [Designation] – [Sample Signature]
[Name of New Signatory 2] – [Designation] – [Sample Signature]
The following individuals are no longer authorized to sign on behalf of the company:
[Name of Old Signatory 1]
[Name of Old Signatory 2]
Please update your records accordingly. Enclosed are specimen signatures for the new authorized signatories.
If you require any further information or clarification, please do not hesitate to contact us.
Sincerely,
[Your Name]
How to Write Sample Letter To Bank To Change Signing Authority
1. Subject Line: Concision is Key
The subject line should be brief and to the point. Banks process scores of documents daily, so clarity is paramount. Instead of a verbose declaration, opt for succinctness.
- Example: “Change of Signing Authority – Account [Account Number]”
- Alternatively: “Request to Update Signatories – [Company Name]”
2. Salutation: Addressing the Right Person
Avoid generic greetings. Research the appropriate contact person. Addressing the branch manager or the relevant account officer demonstrates due diligence. If the contact person is unavailable, use a formal and respectful generic salutation.
- Preferred: “Dear Mr./Ms. [Last Name],”
- Acceptable Alternative: “To Whom It May Concern:” (Use sparingly)
3. Introductory Paragraph: Setting the Stage
The opening paragraph should immediately state the purpose of your letter. Be unambiguous. Mention the specific account number and the entity the account belongs to. This preamble sets the context for the subsequent details.
- Example: “This letter serves to formally request a change in the signing authority for account number [Account Number] belonging to [Company Name].”
4. Body Paragraphs: Detailing the Changes
This section necessitates meticulous detail. Clearly identify the outgoing signatory(s) and the incoming signatory(s). Include their full legal names, titles, and contact information. Specify the effective date of the change.
- Outgoing Signatory:
- Full Legal Name:
- Title:
- Contact Information (Phone and Email):
- Incoming Signatory:
- Full Legal Name:
- Title:
- Contact Information (Phone and Email):
- Effective Date of Change: [Date]
Indicate whether the outgoing signatory’s authority should be completely revoked or if they need to retain any limited access.
5. Supporting Documentation: Fortifying Your Request
Banks invariably require supporting documentation to validate changes in signing authority. Common examples encompass board resolutions, updated company registration documents, and identification for the new signatories. Explicitly list the attached documents.
- Example: “Please find attached the following documents in support of this request:”
- Board Resolution authorizing the change in signing authority
- Copy of updated company registration
- Identification documents (Passport/Driver’s License) for [New Signatory Name]
6. Closing Paragraph: Expressing Gratitude and Offering Assistance
Express appreciation for the bank’s attention to this matter. Offer to provide any further information or assistance required to expedite the process. This fosters a cooperative and professional rapport.
- Example: “Thank you for your time and consideration. Please do not hesitate to contact us if you require any further information or clarification.”
7. Closing and Signature: Formalizing the Communication
Use a formal closing followed by your signature and printed name. The signatory should be someone with the authority to make such changes on behalf of the organization.
- Closing: “Sincerely,” or “Respectfully,”
- Signature: [Handwritten Signature]
- Printed Name: [Your Full Name]
- Title: [Your Title]
Frequently Asked Questions: Changing Signing Authority
This section addresses common queries related to the process of submitting a sample letter to your bank for updating signing authority. It provides concise answers to help you understand the procedure and requirements involved.
1. What information should be included in the sample letter?
The letter should include the account name and number, names of current and new authorized signatories, their specimen signatures, effective date of change, and contact information.
2. Who should sign the sample letter?
The letter must be signed by an existing authorized signatory, or a company officer authorized to make such changes, as per the bank’s requirements.
3. What supporting documents are typically required?
Banks usually require a board resolution (if a company), identification documents of new signatories, and any other documents specified by the bank.
4. How long does it take for the bank to process the change?
Processing times vary, but it generally takes between 3 to 10 business days, depending on the bank’s procedures and the completeness of the submitted documents.
5. Can I submit the letter electronically?
Some banks may accept electronic submissions; however, it’s advisable to confirm with your bank whether they have this facility and the specific requirements for electronic submissions.
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