The Account Authorization Letter is an essential banking document used in the Philippine banking system when an account holder needs to delegate banking transaction authority to another person. This document becomes necessary in various situations, such as when business owners need to authorize employees to handle company accounts, when individuals are temporarily unable to conduct their own banking transactions, or when organizations need to designate specific individuals for banking operations. The letter must comply with Philippine banking regulations, including the General Banking Law of 2000 and BSP guidelines, and typically includes comprehensive details about the account holder, the authorized person, specific transaction powers, any applicable limits, and the authorization period. It serves as a crucial tool for maintaining account security while enabling necessary transaction flexibility within the Philippine banking framework.
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1. Date and Bank Details: Current date and complete details of the bank branch where the account is held
2. Bank Manager Salutation: Formal address to the bank manager or appropriate banking official
3. Account Holder Information: Full name, address, and contact details of the account holder, along with complete account numbers
4. Authorized Person Information: Complete details of the person being authorized, including full name, ID numbers, address, and contact information
5. Authorization Statement: Clear statement of authorization, specifying that the account holder is authorizing the named person to conduct transactions
6. Scope of Authority: Detailed list of specific transactions and activities the authorized person can perform
7. Duration of Authority: Specific period for which the authorization is valid, including start and end dates if applicable
8. Signature and Details: Account holder's signature, printed name, and date of signing
1. Transaction Limits: Include when there are specific monetary limits on transactions the authorized person can perform
2. Special Instructions: Add when there are specific conditions or restrictions that need to be followed
3. Revocation Clause: Include when the account holder wants to specify conditions under which the authorization can be revoked
4. Joint Account Details: Required only if the account is a joint account, including other account holders' details and signatures
5. Digital Banking Access: Include if the authorization extends to online or digital banking services
1. ID Documents: Copies of valid government-issued IDs of both the account holder and authorized person
2. Specimen Signature Card: Card containing the authorized person's specimen signature
3. List of Authorized Transactions: Detailed breakdown of specific transactions and their limits, if applicable
4. Corporate Resolution: Required only if the account holder is a corporation, containing board approval for the authorization
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Retail
Manufacturing
Healthcare
Education
Non-Profit Organizations
Real Estate
Technology
Professional Services
Government Services
Small and Medium Enterprises
Relevant Teams
Finance
Treasury
Accounting
Administration
Operations
Compliance
Legal
Corporate Secretariat
Executive Office
Relevant Roles
Chief Financial Officer
Finance Manager
Accountant
Treasury Manager
Business Owner
Company Director
Administrative Officer
Finance Director
Bank Branch Manager
Compliance Officer
Corporate Secretary
Operations Manager
Executive Assistant
Account Manager
Financial Controller
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