BankingTalking Shop

Talking Shop: Selecting Signatories on Global Bank Accounts

By September 16, 2021No Comments

Editor’s note: NeuGroup’s online communities provide members a forum to pose questions and give answers. Talking Shop shares valuable insights from these exchanges, anonymously. Send us your responses: [email protected].

Member question: “The signatories on your global bank accounts are most accurately reflected by which of the following choices?”

  • Treasury staff only.
  • Treasury staff plus non-treasury staff in the region of the account.
  • Non-treasury staff who are in the region of the account.

Peer responses:

Peer answer 1: “We have split the global treasury team into US and non-US. US staff are signatories on US accounts. The non-US treasury team is not a signatory in the US but is for the rest of the world.”

Peer answer 2: “Unless prohibited by local laws and regulations, signatories who are authorized to open, close and modify accounts are limited to a small number of corporate treasury directors and above.

  • “If local check signers are required, we differentiate with the bank to allow certain local personnel to authorize checks—however, they cannot take other actions with the accounts.”

Peer answer 3: “Generally, for opening, closing and modifying accounts and services, we prefer to have corporate signers which includes the treasurer and four other finance leadership (VP-level) team members.

  • “However, as some countries have different requirements, we do make adjustments; and typically in these cases, we utilize a treasury team member or local finance director. Globally, we require two authorized signers for all such activity (whether required by the bank or not).”
Justin Jones

Author Justin Jones

More posts by Justin Jones