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An authorized signer is a person who has access to a bank account but doesn’t actually own the funds in the account. Their limited rights to the account differentiate an authorized signer from, say, a joint owner.
It could make sense to add an authorized signer to personal or business bank accounts if you’d like someone else to have access either for convenience or in case you’re unable to manage the account yourself. Here’s a closer look at what it means to be an authorized signer on a bank account and how to add one.
Key Points
• An authorized signer can conduct transactions within a bank account but does not own the funds within it.
• Account owners are legally responsible for activities conducted by authorized signers on their accounts.
• Authorized signers can write checks, pay bills, and make deposits, but their authority ends upon the account owner’s death.
• The account owner can limit the authorized signer’s access, such as restricting check-writing privileges.
• Adding or removing an authorized signer requires completing a form with the bank and possibly an in-person visit to add the signer, and the account owner can revoke the signer’s status at any time.
Definition of an Authorized Signer
An authorized signer on a bank account is someone who has the right to make transactions from the account at the discretion of the account owner. However, an authorized signer does not own the funds in the account. The account owner can choose to whom to grant authorized signer status, and they can revoke that designation at any time.
In addition, it’s worth noting that the account holder may be able to limit the authorized signer’s access. For instance, some financial institutions may allow the account owner to cap check-writing privileges at $500 or $1,000 for the authorized signer. Any amount above that could require two signatures on the check.
Online banks and traditional banks often allow customers to add authorized signers, and some may allow you to add more than one. A bank account authorized signer may be a:
• Spouse
• Adult child or grandchild
• Parent
• Sibling
• Another relative
• Friend
• Business partner (if you’re adding someone to business bank accounts)
Some points to note:
• Authorized signers are often added to business accounts so that the authorized signer can make deposits or write checks as needed.
• Authorized signer status applies while the account owner is still living. You can’t be an authorized signer on, for example, a savings account after the death of the account owner, as your authority ends with their passing.
• As briefly noted above, an authorized signer is different from a joint owner of an account. With a joint account, the parties each have access to as well as ownership of the money in the account.
Also, adding an authorized signer is not the same as opening a bank account for someone else. For example, a parent might open a bank account for their minor child. The parent is the primary account owner, while the child is a joint owner, or the account might be a custodial account. (This will depend on the financial product chosen.)
Roles and Responsibilities of an Authorized Signer
An authorized signer on a bank account typically has the right to:
• Check account balances
• Sign checks drawn on the account
• Pay bills
• Schedule transfers to other accounts
• Use a debit card to make purchases or withdraw cash from the account
• Deposit funds into the account
• Stop payments
You may be able to add an authorized signer to a business account, checking account, or savings account. If state laws allow, an authorized user may also be able to close the account.
You may wonder why someone would add an authorized signer to a bank account. It could make sense in certain situations:
• Seniors may choose to add their children as authorized signers to help them manage their money.
• A business owner may add one of their employees to the account and delegate certain tasks, such as paying invoices or making deposits.
• Someone who’s undergoing medical treatment for a serious condition may add a family member or friend to make sure their bills are paid so they can focus on their health.
An authorized signer has no right to any assets in the account after the account owner passes away unless they’re also listed as a beneficiary. If you’d like your authorized signer to be able to inherit your account, you’d need to fill out a beneficiary form with your bank.
Differences Between an Authorized Signer and Account Holder
The main difference between an authorized signer and an account holder is simple: The account holder owns the account, whereas an authorized signer doesn’t.
An authorized signer can’t make any changes to the account’s ownership. They don’t have any automatic right to the money once the account holder passes away. The account owner can revoke their authorized signer status at any time. Account holders are also legally responsible for anything authorized signers do with the funds in the account.
To recap:
• Account owners (including joint account owners) own the funds in the account and have discretion over how the account is managed, including when to add or withdraw an authorized signer.
• Authorized signers have the right to conduct certain transactions in the account, but they don’t own it, and their authority ends when the account holder dies. (In other words, there’s no access or rights for an authorized signer on a bank account after the death of the owner.)
• Beneficiaries inherit funds in the account once the account owner passes away but have no rights to it during the account owner’s lifetime.
Another angle on this matter: The difference between an authorized signer and a joint owner bank account is that joint owners have equal ownership, control, and access with one another. They also share equal legal responsibility for account transactions.
A joint bank account owner may or may not automatically inherit a bank account when the other account owner passes away. If the account is held with rights of survivorship, the account becomes theirs. If it’s held as tenants in common, the share of the account belonging to the deceased owner passes to their heirs.
How to Add or Remove an Authorized Signer
Adding or removing an authorized signer typically requires you to fill out a form with your bank. You may add an authorized signer when you open a new bank account or after the account is established.
You’ll need to give the bank some information about the person you want to add, including their:
• Name
• Date of birth
• Social Security number
• Address and phone number
The bank may allow you to specify the level of access you’d like your authorized signer to have. This is similar to how credit cards may allow you to set spending controls for an authorized user. Your bank may also request an in-person meeting with your authorized signer to confirm their identity and create a signature card.
If you want to remove an authorized signer, you’ll need to let the bank know and complete any paperwork that’s required. You may be able to complete the process on your bank’s website or via its app. Once an authorized signer is removed, they no longer have any rights to transact in the account.
Legal Implications and Considerations
As the account holder or owner, you’re responsible for anything that an authorized signer does. That could lead to tricky legal situations if they engage in irresponsible or even criminal behavior, such as check fraud. At the very least, you could put yourself at risk for overdraft charges or other fees if the authorized signer mismanages funds in the account.
Before you add someone as an authorized signer, it’s important to consider how trustworthy they are and how comfortable you feel giving someone else access to your bank account. If your bank allows you to set controls on what an authorized signer can or can’t do, you may want to weigh the benefits of doing so. That way, you could likely minimize worries about an authorized signer overspending from your account.
Recommended: Savings Account Calculator
The Takeaway
Adding an authorized signer to a bank account may be something to consider if you’d like to have a backup person who could access your account if needed or someone to whom you could delegate some personal finance tasks.
If you’re interested in opening a new checking account or savings account and are exploring joint accounts, see what SoFi offers.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
Can an authorized signer withdraw money from the account?
Authorized signers can typically write checks on the account, use a debit card to make purchases, withdraw cash at ATMs, or make withdrawals in person at bank branches. If your bank gives you the option, you may be able to limit the types of withdrawals an authorized signer can make. For instance, you could possibly put a cap on ATM withdrawals or make it necessary to have two signatures on checks for more than $1,000.
Does an authorized signer have access to online banking?
An authorized signer can have access to online and mobile banking if the bank offers that feature. They would need to create a unique user ID and password to log in and access any accounts they have access to.
Can an authorized signer be held liable for account activities?
Account owners, not authorized signers, are legally responsible for any activity that occurs in the account. That’s an important legal point to consider if you’re thinking of adding an authorized signer to bank accounts you own. It’s wise to be sure that you feel they are a trustworthy individual.
About the author
Rebecca Lake
Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.
Photo credit: iStock/miniseries
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