Bank Signature Verification Letter

Joint or corporate bank accounts often have some people designated to withdraw from them. They are called the signatories to the account. In some instances, their identities may have to be verified for the sake of the credibility of the withdrawal.

If and when that need arises, the bank signature verification letter has to be drafted. Its purpose is to prove the identity of the signatories to the bank account at hand. We take a look at it in its finest details here below.

This letter serves a diversity of purposes, such as:

  • Verifying the Signatories to a Bank Account: The letter chiefly verifies the signatories to the bank account. These are the persons who bear the full authority to withdraw money from and transact business on behalf of the company. In this regard, the letter states their names and the positions in the company.
  • Showcasing the Account Details: It goes ahead to showcase other pertinent details like the name of the bank account, the bank in which the account is held, the branch concerned, and the balance (if requested). These details go a long way in vouching for the credibility of the account for the purpose intended.
  • Acts as a Reference: This letter may also act as a reference whenever there is a need to get back to it in the future. In this regard, it may be used to prove the availability of funds for the projects desired. For instance, it may be used to secure loans or grant access to any instrument of credit as need be.

How to Verify the Bank Signature

Do you want to verify the bank’s signature? These easy steps will help you out:

Step I: Approach your Bank

Take the first step of approaching your bank with the need to verify some bank signatures. Tell them the accounts you would want them to verify alongside supportive documents. These include the invoices, sales ledgers, and any contracts that exist between you and the company.

Step II: Furnish the Details

Furnish these details to the respective bank. The bank will normally require you to fill a form to that effect. Take your time to read through the details conclusively before filling the same. Hand the form over to the bank official alongside the supporting documents we have talked about earlier.

Step III: Receive the Verification

The bank will take its time to search the records. This might usually take 2-3 working days, after which it will post the results back to you. If you receive no official communique from the bank after the lapse of the 3-day window, you may need to go to the bank and make further inquiries.

What a Bank Signature Verification Letter Contains

A bank signature verification letter contains the following pieces of information:

  • Name and Address of the Bank – This is the name and the address of the bank in which the organization of interest has an account. If the bank has numerous branches, the name here will apply only to the branch wherein the organization has the account.
  • Name and Signature of the Bank Official – Next comes the name and the signature of the bank official concerned. In many cases, this is the branch manager of the branch where the organization of interest has the bank account.
  • Official Seal of the Bank – To give this letter the credibility it deserves, it has to contain the official seal of the bank. The seal is the one that separates it from ordinary letters.
  • Contact Details – It must of necessity, contain the contact details of the bank branch wherein the organization has the accounts. These details are the ones that are later on used for references and further correspondences.
  • Bank Account Details – This is now the core of the letter. These details explain the account name, the account number, the names, and designations of the signatories and their specimen signatures.

Bank Signature Verification Letter Format

Let’s take a look at the format to follow in drafting this bank signature verification letter:

[Bank Name]

[Bank Address]

[Date]

TO WHOMSOEVER IT MAY CONCERN

This is to certify that _____ (name of the organization) which is based in _ (spell out the physical address of the organization) has a bank account whose number is ____ (display the account number) with us.

Below are the three signatories to that bank account:

Name 1:_________ Signature: _______

Name 2:_________ Signature: _______

Name 3:_________ Signature: _______

(Signature of the Branch Manager)

Name: _______ Designation: ________

(Bank Seal)

Bank Signature Verification Letter Sample

June 29th, 20XX

Liberty Bank New Haven,

College Street New Haven,

College St. 153 College Street,

New Haven, CT 06510

TO WHOMSOEVER IT MAY CONCERN

This is to certify that First World Enterprises Limited, which is based in 594-600 Prospect Street, New Haven, CT has a bank account whose number is 35460987655 with us.

Below are the three signatories to that bank account:

Name 1: Jeremy Hudson Signature: _______

Name 2: Alexander von Humboldt Signature: _______

Name 3: Michelle Bachelette Signature: _______

(Signature of the Branch Manager)

Name: Anderson Lehmann Designation: Senior Branch Manager

(Bank Seal)

Things to Keep in Mind

Accuracy of Information: The pieces of information you place in the letter have to be truly accurate. Matters of finances are generally too sensitive to be handled recklessly. Of importance, these details have to be backed by credible documents and records.

Utmost Confidentiality: You have to observe the utmost confidentiality when drafting and to send out the contents of the letter. Remember, any leak of information may disparage your image as a credible banker. It may also inflict unnecessary court battles and huge financial losses from you.

Official Letterheads: Needless to say, the contents of the letter have to be displayed on official company letterhead. It is only the use of the letterhead that will truly give it the official character it is supposed to have. This letterhead must contain the unique identifiers and the contact details of the company.

Frequently Asked Questions (FAQs)

Below are some of the questions that are frequently asked with regards to this subject matter:

How Do Banks Verify The Signatures?

Simple! When opening a bank account, the banks require you to sign. They then go ahead to scan the signatures and store them in their database. Upon receiving the request for verification, they simply get to their databases, retrieve the records, and compare the two to match.

What Is A Signature Verification Form?

This is a single-page document that contains the general pieces of information of the various signatories to the bank account. The form is often accompanied by several supporting documents that may aid in further identification.

What Happens If Your Signature Doesn’t Match?

That could be indicative of an attempted forgery. In this sense, the transaction will be halted until further verification are carried out. If found to still be inconsistent, legal actions may be taken against the culprit.

Conclusion

Knowing how to draft a bank signature verification letter is, no doubt a great step to take. You want to read and re-read the instructions and steps we have showcased above to the letter. If in doubt, we ask that you engage the services of a trained expert to help you out.