Bank Signatory Check

SH2022DJ

hi good morning

i have recently been promoted as a Director to a limited company and the bank have asked for ID to undertake KYC checks (which are fine) and because i will have limited access to business bank accounts to approve payments etc. Will my previous poor credit history impact my ability to be a signatory?

thanks in advance

MEM62

Short answer - no.  The two are not related.  As you have stated, the bank are asking for an ID check - the state of your own finances is not relevant.    

SH2022DJ

thanks for the reply

they have asked for ID not only because of the KYC check but also because i will have access to our Business account to approve payments / be a signatory. will this trigger a credit check when becoming a signatory with limited access?

many thanks 

SH2022DJ

ps i should also add that the bank who we are with is Handelsbanken.

mcpitman

SH2022DJ said:

thanks for the reply

they have asked for ID not only because of the KYC check but also because i will have access to our Business account to approve payments / be a signatory. will this trigger a credit check when becoming a signatory with limited access?

many thanks 

Doubtful for a private credit check to be performed, unless they are already part of a "fit and proper" test that a Director role may have to undertake in some (CRB/DBS checks, credit checks for outstanding CCJ;s or defaults etc).

Handelsbanken will give authority to you as a signatory for the business bank account, if the CFO/Treasurer has given that authority.

SH2022DJ

ok thanks i will let you know the outcome. they are processing my information now! im so nervous

SH2022DJ

so as an update i have passed my KYC checks. I have now had to sign a corporate mandate form with Handelsbanken with my information in order to access bank accounts and act as an authorized user. this document has been countersigned by our FD / MD. The disclaimer above where i need to sign mentions they may undertake credit checks / soft check. I am not sure if i will be refused as a signatory on the accounts. Does anyone have any similar experience with this? The company is over 70yrs old with 6 other directors.

many thanks