The Authorization Letter for Withdrawal of Savings serves as a crucial document in U.S. banking operations when account holders need to delegate withdrawal authority to another person. This might be necessary during personal absence, illness, or inability to conduct transactions in person. The document must adhere to federal regulations including the Bank Secrecy Act and state-specific banking laws. It typically specifies the authorized amount, duration of authorization, and includes necessary identification details of both parties. Banks may require additional verification or notarization based on their policies and jurisdictional requirements.
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1. Date and Location: Current date and place of writing
2. Bank Details: Name and address of the bank branch
3. Account Holder Information: Full name, address, and account number of the account holder
4. Authorized Person Details: Full name and identification details of the person being authorized
5. Authorization Statement: Clear statement of authorization and specific permissions granted
6. Transaction Details: Specific amount authorized for withdrawal or transaction limits
7. Duration: Validity period of the authorization
8. Signatures: Account holder's signature and date
1. Witness Details: Information about witnesses when required by bank or state law
2. Notarization: Notary certification when required by bank or state law
3. Purpose Statement: Explanation of why the withdrawal is being authorized
4. Additional Verification Details: Any specific verification procedures required by the bank
1. ID Copies: Copies of identification documents for account holder and authorized person
2. Proof of Address: Recent utility bills or other address verification documents
3. Bank Forms: Any specific forms required by the bank for third-party authorization
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