Type of Account
Description
Account Styling
Proper T.I.N.
Who is Authorized to Sign
Adding and Deleting
Individual
One owner.
NOTE: Authority of authorized signer or attorney in fact terminates on knowledge of owner’s death.
John Doe
Individual’s Social Security number
Individual account owner, along with anyone the owner appoints as an “authorized signer” or “attorney in fact.” If authorized signer or attorney in fact is appointed, verify their identity.
The authorized signer’s name may be removed by the account owner at any time. The authorized signer may not remove the name of the account owner.
Joint Tenancy Account
Owned by two or more parties with right of survivorship. Upon the death of one joint owner, the survivor(s) automatically owns the account.
John Doe and Mary Doe or John Doe or Mary Doe, followed by initials “JTs” or “JTWROS” or words “Joint Tenants” or “Joint Tenants with Right of Survivor-ship.” The signature card may specify that all joint accounts are joint tenancy. You may also check the box for “with right of survivorship.”
Either joint owner’s. The first name that appears on the account must match the Social Security number listed as the T.I.N. on the account
Any and all owners of a joint account are empowered to sign, unless the deposit agreement specifies otherwise. Either party may designate an authorized signer or attorney in fact. If they do, verify the person’s identity.
- One Joint owner may not unilaterally order the removal of another joint owner’s authorization to transact business on the joint account, but may remove his own.
- You should obtain the consent of all joint owners before adding an additional owner.
- Any person authorized to draw on the account may close the account.
Joint Account - Tenants in Common
Account owned by two or more owners. No right of survivorship.
NOTE: No right of survivorship. Upon one owner’s death, his estate owns his part and the other owner owns the rest.
John Doe and Mary Doe NOTE: Account, at the time the account is created, should clearly designate that survivorship is not intended. Use of terms such as "as tenants in common"; "without survivorship"; or "there is no right of survivorship between the parties to this account" is recommended.
Any and all owners of a joint account are empowered to sign, unless the deposit agreement specifies otherwise.
- One joint owner may not unilaterally order the removal of another joint owner’s authorization to transact business on the joint account, but may remove his own.
Sole Proprietorship
A business owned by one individual which is:
- Not incorporated
- Not a partnership
- Not a limited
liability company.
NOTE: Since sole proprietorships are the legal equivalent of the individual owner of the sole proprietorship, many things that can be done on the individual account can be done with a sole proprietorship, such as naming a POD beneficiary.
John Doe, DBA Doe’s Plumbing
Owner’s Social Security number.
Sole proprietor or any authorized signers or attorneys in fact he may name.
Additional owners cannot be added to a sole proprietorship account without turning it into a partnership account
Corporation
An entity which is incorporated under the laws of Nebraska or another state.
NOTE: It can only take actions that are permitted under:
1. the corporation’s certificate of incorporation; or
2. the corporation bylaws; or
3. a resolution of the Board of Directors of the corporation
ABC Corporation
Corporation’s Employer Identification Number.
The persons authorized to sign will be spelled out in the corporate resolution.
Before adding or deleting names, require the execution of a new corporate resolution.
Limited Partnership
A partnership in which there are two types or partners:
1. General Partners
2. Limited Partners
Smoking Gun, Ltd.
E.I.N. of the Limited Partnership
Only partner(s) or other persons who are authorized by partnership resolution to sign checks on behalf of the partnership should be on the signature card.
Require all general partners to sign resolution to add or delete name.
General Partnership
Legal entity formed by two or more individuals (or businesses.) All partners in a general partnership are general partners. There may or may not be a written partnership agreement.
NOTE: A partnership automatically dissolves upon the death of any partner UNLESS the partnership agreement provides that the partnership will continue after the death of any partner.
Lewis and Clark, a Nebraska partnership
General partnership’s E.I.N.
The authorized signers should be set forth in the partnership resolution furnished to the bank.
Names should be added to or deleted from the signature card only by a new partnership resolution.
Limited Liability Companies
Hybrid mix of corporation and partnership. These are legal entities formed under limited liability company statues.
Flowers & Dirt, LLC
The limited liability company’s E.I.N.
If the company is operated by a manager, the manager will normally be authorized to transact business for the company and sign checks on the account. If the articles of organization provide that the LLC is to be managed by its members, the bank should obtain a resolution signed by all the members which designates who is authorized to sign on the account.
No changes should be made until such time as a new resolution is received.
Grantor Trust Accounts
A grantor trust is one where:
1. the trust is revocable by the grantor or a non-adverse party; and
2. the grantor is either the trustee or co-trustee
John Doe, Trustee.
John Doe, Trust
Grantor’s Social Security number.
Trustee or co-trustee; and if the trust authorizes the trustee to appoint agents, the trustee can name authorized signers.
Successor trustee can be added when they qualify to act.
Irrevocable Trusts
A trust that cannot be revoked
Mason-Barnes Trust, Joe Mason, Trustee
T.I.N. of the trust itself.
Trustee(s) is/are authorized to sign. If co-trustees, both must sign all checks and other documents unless expressly provided otherwise.
Successor trustees can be added when they qualify to act.
I.O.L.T.A.
Interest On Lawyer’s Trust Account. Special client trust fund account under IOLTA program.
Lewis & Lewis, Attorneys at Law, Client Trust Fund or Frank Jones Trust Account (name or client) by John Lewis, Attorney at Law
The T.I.N. of the Nebraska Lawyers Trust Account Foundation which is 36-3357241
- Corporation - the corporate resolution should designate who is authorized to sign the signature card.
- Partnership - the partnership resolution should set forth the names of the persons authorized to sign the signature card.
- Sole Proprietor - he/she can sign on the account, and he/she can also designate authorized signers.
Escrow Accounts
An account where funds are being held awaiting the happening of a certain event or the passage of a certain amount of time.
Lewis Lumber Escrow Account
The Social Security number or E.I.N. of the actual owner of the funds.
The escrow agreement establishes who has the authority to sign and under what conditions that person is authorized to sign or withdraw funds.
U.T.M.A
(“Uniform Transfers to Minors Act”)
An account set up under the Nebraska Uniform Transfers to Minors Act in which the minor owns the beneficial interest in the funds in the account, but all transactions must be handled by the adult custodian.
NOTE: Only 1 minor per account is allowed. Only 1 custodian per UTMA account is allowed, but successor custodians can be named.
John Doe as custodian for Bobby Doe under the Nebraska Uniform Transfer to Minors Act.
The child’s Social Security number.
Only the custodian may sign or the successor custodian when he/she qualifies.
Guardian and Conservator Accounts
Account requires a legal basis. When person is appointed guardian or conservator, court documents evidence authority.
“John Doe as guardian or conservator for Bobby Doe (ward)” or “Guardian / Conservator account for Bobby Doe (ward), John Doe, Guardian / Conservator.”
As owner, the ward's social security number is used.
Only the guardian or conservator may sign or the successor guardian or conservator when he/she qualifies
Only with proper court documents can guardian or conservator be deleted and successor guardian or conservator added.
Estate Accounts
An account holding funds belonging to a deceased individual.
Estate of John Doe, Deceased.
Tax I.D. number of the estate.
Only the Personal Representative, duly appointed by the Court.
Only with court order can personal representatives be added or deleted.