Bank Account Signature Authority

If an account access authorization (or signature card) includes the name Thomas Lynch as authorized signer, it is considered to be in compliance.

Please obtain the required number of  signatures for the bank account prior to obtaining that of the signature of the Staff Director-Financial Services.  Once received at IEEE, the completed signature card will be forwarded to the bank directly.  A copy of the form will be kept on file at the IEEE Operations Center and each signer on the account will receive a copy of the completed form.

If your section has not submitted bank account signature authorization documentation for all accounts held by the Section and its Subunits, then the Section will not receive the rebate for that year.  Student branches and student branch chapters are not included at this time, due to most universities' requirements for the management of student organizations' funds.

The intent in authorizing the signature of the Staff Director-Financial Services on unit accounts is only so that the account may be accessed should the other officers of a unit become unavailable. 

Examples:

• In the past, units have been dissolved and it took more than a year of searching before the IEEE was finally able to identify a local volunteer who had the authority to transfer the assets to the appropriate IEEE geographic unit.
• In another instance, a section treasurer passed away suddenly, and he was the only person who was able to withdraw money from the section's bank account.  The section leaders were forced to contact the volunteer's widow in order to access the funds.

Units outside the United States that are prohibited by government and/or banking laws and regulations from complying with the policy, are able to request an exemption from compliance as part of the annual financial reporting package.  It is recognized that some countries, such as Australia and India, will not permit a non-resident to have access to a local bank account. 

In such instances, IEEE policy stipulates that three (3) local volunteers should be authorized signers on the account.  This way, should two of the volunteers become unavailable, a third would still be able to access the funds.