Bank Mandate

Richard08

Hi there,

I have been asked to add the new Finance Director to the companies bank mandate. I understand this is so that they may become a signatory to this bank. I have not done this before i would appreciate it if someone could give any further advice on this and answer q below. The bank has asked that i have to write to them to have this done.

1. What should i include in this letter? How should i word it if anyone has a standard template to have this please let me know if you could email to me?

2. If a person is added to a bank mandate what powers do they have?

3. Do i need to specify on the bank mandate what limits they will have i.e. not allowed to sign over £100k.

your help would be much appreciated.

Thank you

Richard

Dee

Hi Richard
If you contact the bank, they will send you the correct form to amend the mandate. It usually includes a section for special instructions such as 'Two directors to sign' or 'Two signatories for cheques over a £100'.