Answer:
Section 4-403 of the Uniform Commercial Code gives any signer on an account the authority to close the account (check your state’s version of that section to verify that authority). However, your bank’s deposit contract may have a provision that prevents a non-owner of an account from closing it out without an owner’s approval. It is important that your bank have procedures for handling such requests.
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Learn more about John Burnett’s DEPOSIT ACCOUNTS: Closings and Changes webinar.
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