How to Change Signers on a Nonprofit Organization Checking Account

How to Change Signers on a Nonprofit Organization Checking Account

Controlling who has check-signing authorization controls who has access to organizational funds.

by Larry Simmons, Demand Media
[Rec’d from the HBBIN-Houston Black Business Internet Network] published by the Houston Chronicle.
Nonprofit organizations handling funds need the services of a banking institution just as any for-profit organization does. To open an organizational bank account, though, they also need authorized account signers. The organization’s leadership agrees upon the signers in an official meeting, and the signers are expected to handle any of the organization’s checking transactions that may arise. When it’s time for a change in signers though, the bank must meet with the signers involved and have them complete paperwork in order for the switch to be binding. While each bank has its own specific changeover requirements, the rules for adding an authorized signer or switching a signer are generally the same across institutions.

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