Bank Mandate

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Richard08
Richard08 Registered Posts: 12 New contributor 🐸
in General discussion
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

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  • Dee
    Dee Registered Posts: 29 Regular contributor ⭐
    Options
    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'.

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