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Hello, this video has been created to explain the overall process of signing authority changes on business and organization accounts, as well as explain how to complete the authorization of Account Information changes form when your business or organization requires a change of signers.
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There are three steps to follow.
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The 1st is to get your documents ready.
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You can supply us with a copy of your meeting minutes, but we do require our authorization of Account Information Changes form to be completed and signed by two board members.
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We do have this form linked on our website or you can call us at our toll-free number to request a blank copy.
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The second step will be to provide us with a completed form.
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Please drop the form off at your nearest Innovation Federal Credit Union or call or toll-free number to make other arrangements.
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Once we have received a completed copy of the Authorization of Account Information Changes form, we then move on to the third step.
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In this step, an Innovation Federal Credit Union employee will complete the documents required to change the signers on your account.
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Once the employee has the documents ready for signature, they will contact you to arrange signing of the forms by all signers.
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When arranging the signing of the documents, any existing signers will be able to sign the new documents electronically.
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Any new signers will have to attend an Innovation Federal Credit Union in order to show valid government issued photo identification & the form in person.
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If the signer is not near an Innovation Federal Credit Union, we will work with that signer to have their identification verified through other methods.
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Finally, once everyone has signed all of the documents required, we will complete the changes in our system to add the new signer to the account.
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If business online banking has been requested, we will reach out to the individual signers to set up online banking access.
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Here is a sample copy of our Authorization of Account Information Changes form.
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The first part of this form asks for the details of your business or organization.
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This is where you will input your member number or main account number held with Innovation, Federal Credit Union, the name of your organization or business, the mailing address, as well as the physical address and the date that a meeting was held on.
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One spot of note on this form is where it asks for a specific account number.
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This is to be completed only if your business or organization has multiple accounts that each have different signers.
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If every account will have the same signers, please leave this portion blank.
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This next section is where you will fill in all of the decision makers with your business or organization.
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The important part of this section is that you do need to list all decision-making board members, even if they are not going to have anything to do with your accounts.
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At Innovation Federal Credit Union, the Resolution section is where you will list the titles of the decision makers who signed the paperwork required to give signing authority authorization and request account openings and Closings.
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You will also indicate if it would be anyone to sign any two to sign or other.
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In our example here we are going to say that the President and Treasurer are the two decision makers, and they will need to sign together as a two to sign account.
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The titles here must be noted in the decision maker section above.
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This next section is for signing authority.
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This is where you will list the names of the people who are authorized to sign checks and complete transactions within the accounts.
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The signers do not need to be decision making board members and therefore can be any person that the decision makers give authority to have access to the account.
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Again, you would also indicate if it's supposed to be anyone to sign, any two to sign or other.
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In our example we are going to say that the Treasurer, Lucy Smith, as well as the Secretary Robert Doe and an employee Kate Brown are all going to have signing authority access to the account and the account will have to be a two to sign account.
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This next section is to indicate who is to have access to online banking.
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To have full access to online banking, the person does have to be listed under signing authority as this person will have access to send money out of the account and therefore needs to be a signer listed above.
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If your organization has decided for signing authority to be any two to sign, we are able to set up your online banking to require secondary approval for any outgoing transactions.
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Finally, in this last section, we require the signatures of either 2 outgoing officers or two members of the organization that are not the new signers and attended the meeting noted above.
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In this example, we would need Jane and Jack to sign the form since Lucy and Robert have both been granted signing Authority access.
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Thank you for taking the time to watch this video.
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If you have any questions regarding the information provided, please call us at 1-866-446-7001 or visit your local advice center and we will be happy to assist you.
