Wells Fargo Procedures
The Key Executive is the owner of the checking account and should be the treasurer.
Someone with the authority to write checks, make deposits and have a debit card. The president should be an authorized signer as well as the Key Executive.
After the election of a new president the Key Executive can add the new president as an authorized signer for the checking account and have the bank order the new president a debit card. The Key Executive and the new president both must be present at the bank to carry out this action. Because we have a business account the Key executive can remove the past president from the account even if the past president is not present. The documentation required at the bank meeting for each person is a driver's license and a credit or debit card. The Key Executive should have his or her Wells Fargo debit card and know the pin number. Once the tyransaction is completed at the bank the treasurer will receive a copy of the Addendum to Certificate of Authority
After the election of a new treasurer the current treasurer and Key Executive can transfer ownership of the account to the new treasurer. In addition to a driver's license and credit card a letter showing the election of the new treasurer signed and dated by the president residing over the election is required. The address at the top of the letter is the address of the new treasurer. Once the process is completed at the bank the new Key executive will receive a copy of the Certification Regarding Beneficial Owners of Legal Entity Customers.