2007-02-23 10:25:52 · 4 answers · asked by unicornfam 1 in Business & Finance ➔ Personal Finance
It means that the account is not really yours and that the owner can revoke your authority to sign at any time. Sometimes this happens automatically when the owner dies.
2007-02-23 10:29:37 · answer #1 · answered by Sabina 5 · 0⤊ 0⤋
A "signer" can complete actions that affect the account using their signature--writing a check or withdrawing funds. A co-account owner cannot always do that. For example a person who has a representative payee can be the co-account owner but must have a signer sign checks or withdraw funds for them.
2007-02-23 10:29:26 · answer #2 · answered by Misty B 4 · 0⤊ 0⤋
The CFO in the company can sign on the company accounts - e.g. pay salary, but the company owns the account. He can nominate other signees with various athority to sign and/or co-sign (meaning that then two people needs to sign on a draft).
Just bear in mind that these are "signatories" to the account and are not owners of the account, so they have the authority by their employment. The board can revoke such on behalf of the owners of the company. A court can also rule to revoke the right to sign, or grant it in the case of the estate of a deceased.
2007-02-23 10:47:32 · answer #3 · answered by Knut F 1 · 0⤊ 0⤋
I'm not positive, but I don't think there is any difference. The bank is the best place to get an answer this question.
2007-02-23 10:31:41 · answer #4 · answered by Anonymous · 0⤊ 0⤋