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Authorized Signatory
An authorized signatory is an individual who has been granted permission to perform certain banking activities on the behalf of the account holder. For example, signing checks, making deposits or withdrawals, and managing other financial transactions. However, while an authorized signatory can manage the account, they do not have ownership rights and cannot change the account’s ownership structure without the owner’s consent.
Synonyms
Account signatory, designated signer, financial proxy
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Acronyms
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Examples
A small business owner who is often out of town designated the office manager as an authorized signer. Now even if the owner isn’t in town, the manager can perform actions such as write and sign checks to pay vendors, buy needed supplies, or take team members out for dinner. However, the office manager cannot close the account nor can he designate himself as the new owner.
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