We recently sat in on a webinar where the presenter said it was best practice to provide a copy of all documents the customer signs at deposit account opening. We have never given a copy of the signature card to our customers. We give them their disclosures and rate and fee information sheet before opening the account, but not the signature card. Her reasoning was it would save us in the future if it came down to litigation on an account, and the customer claiming they don't know what they signed because they didn't get a copy of it. We have never had that happen and we have never had a customer request a copy of the signature card. Our CIP information is on the signature card, for all signers. We also CIP signers on business accounts. What would be the repercussions of giving a copy of the signature card? Or on business accounts the deposit resolution, etc. as well? Just wondering how many other financial institutions provide a copy of the signature card or other signed documents on deposit accounts (checking and savings)?

Every bank I've ever banked at personally and every bank I've ever worked for has provided copies of signed documents to the person signing them. If you are concerned about repercussions, you should be asking your legal counsel as this is not a compliance question.

what are the repercussions of giving a copy of the signature card to the account holder? there are none, it is the information they provided to your bank when opening the account, or when they added or removed signers. why would you not provide them a copy?

Other than privacy of giving one customer the other customer's drivers license number issue & exp date, mother's maiden name, social security number etc., that is contained on the CIP portion, we don't have any qualms about providing copies of the documents, but are concerned about giving them copies of that particular sensitive personal information. We have always given copies of documents on the loan side (except for the CIP and applications - which includes this personal information on each signer). We don't have applications on the deposit side and our CIP is included on the signature card, so just am checking what other banks do in this situation.

Like Brian, every bank I know gives a copy of the signature card as part of the account opening documentation.

It is the only document provided to the customer that informs them of their agreed upon account ownership designation (multiple party with right of survivorship or not, or POD, etc.), as well as their TIN backup withholding certification.

In short, I see it as an extension of their contractual terms and agreement, and wouldn't dream of not providing the copy. Same with the business resolution.