When you are not able to visit your bank for some reason, you need to authorize someone else to act on your behalf. This is where an authority letter comes into play. An authority letter format for bank is a written document that authorizes a person to perform banking transactions on your behalf. In this article, we will discuss the tips and examples of an authority letter format for bank.
Tips for Writing an Authority Letter Format for Bank
Here are some tips to help you write an effective authority letter format for bank:
- Use a formal tone and language.
- Include your full name, address, and contact details.
- Clearly mention the name and details of the person who is authorized to act on your behalf.
- Mention the specific banking transactions that the authorized person is allowed to perform.
- Include the date and duration of the authorization.
- Have the letter signed by a witness or notary public.
- Make sure to keep a copy of the letter for your own records.
Examples of Authority Letter Format for Bank
Authorization for Withdrawal of Funds
Dear Sir/Madam,
I, [Your Name], hereby authorize [Authorized Person’s Name] to withdraw funds from my account number [Account Number] with your bank. This authorization is valid from [Start Date] to [End Date].
Thank you for your assistance.
Sincerely,
[Your Signature]
Authorization for Deposit of Funds
Dear Bank Manager,
I, [Your Name], hereby authorize [Authorized Person’s Name] to deposit funds into my account number [Account Number] with your bank. This authorization is valid from [Start Date] to [End Date].
Thank you for your cooperation.
Regards,
[Your Signature]
Authorization for Account Closure
Dear Sir/Madam,
I, [Your Name], hereby authorize [Authorized Person’s Name] to close my account number [Account Number] with your bank. This authorization is valid from [Start Date] to [End Date].
Thank you for your help in this matter.
Yours truly,
[Your Signature]
Authorization for Overdraft Facility
Dear Bank Manager,
I, [Your Name], hereby authorize [Authorized Person’s Name] to avail an overdraft facility on my account number [Account Number] with your bank. This authorization is valid from [Start Date] to [End Date].
Thank you for your understanding.
Best regards,
[Your Signature]
Authorization for Issue of Cheque Book
Dear Sir/Madam,
I, [Your Name], hereby authorize [Authorized Person’s Name] to collect a cheque book on my behalf for account number [Account Number] with your bank. This authorization is valid from [Start Date] to [End Date].
Thank you for your prompt attention in this matter.
Sincerely,
[Your Signature]
Authorization for Change of Address
Dear Bank Manager,
I, [Your Name], hereby authorize [Authorized Person’s Name] to change the address associated with my account number [Account Number] with your bank. This authorization is valid from [Start Date] to [End Date].
Thank you for your cooperation in this matter.
Kind regards,
[Your Signature]
Frequently Asked Questions (FAQs)
Can I authorize someone else to perform all banking transactions on my behalf?
Yes, you can authorize someone else to perform all banking transactions on your behalf. However, it is recommended that you specify the exact transactions you want them to perform in the authority letter.
Do I need to provide any identification documents for the authorized person?
Yes, the authorized person will need to provide identification documents such as passport or driving license when performing transactions on your behalf.
Can I revoke the authority letter at any time?
Yes, you can revoke the authority letter at any time by notifying the bank in writing.
What happens if the authorized person misuses the authority?
If the authorized person misuses the authority, you will be held responsible for any losses or damages incurred.
Can I authorize someone who is not a family member?
Yes, you can authorize someone who is not a family member as long as they have your written consent.
Do I need to provide a witness or notary public signature?
It is not mandatory to provide a witness or notary public signature, but it is recommended for legal purposes.
Conclusion
Writing an authority letter format for bank is a simple yet important task. By following the tips and examples provided in this article, you can easily create an effective authorization letter that will allow someone else to perform banking transactions on your behalf.