Compliance Question of the Week

Do other credit unions allow potential members to take the signature card out of the branch to have it signed? If so, is the signature required to be notarized?

There is not an established procedure among all credit unions on this topic. There are instances when it is advised that the signature card be taken out of the branch, but there is no reason to have it notarized.

For example, we advise credit unions to give members a copy of both the signature card and account agreement to take to the member’s attorney when the attorney is setting up a complex account relationship. This allows the attorney to properly fill out the card and keeps the credit union from giving the member legal advice on filling it out.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance.