Mutual authorization required for withdrawal.

April 24, 2009 12:54 PM

Which national banks in the US can be set up to require mutual authorization for withdrawals from a joint account?

I am starting a business with a person who is many miles away from me, and we would like to have the business proceeds sent to a single bank account. We would like to both authorize withdrawals from the account to provide security for the situation.

Are there banks that offer this option, a requirement for mutual authorization on withdrawals or transfers (and of course to be done from separate cities where we each live)?

posted by Nixie Pixel to work & money (1 comment total)

I can't say directly but talk to some of the smaller credit unions in your area. When my dad moved out of town and wanted to be able to send my brother and I money he went to his little local credit union and open account for us there. He just the minimum balance in there and transfers money into them when we need them. To get the authorization be talk to the bank if we want to withdrawal money from the accounts they have to call him to get authorization. I'm sure you could find a bank willing to do something like that for you.
posted by DJWeezy at 1:54 PM on April 24