How to Streamline Signature Card Verification at Your Bank

“I’d like to deposit this into our company’s checking account and then withdraw $750 in cash.”

Over the course of a typical workday, your tellers may encounter several requests just like this one. Despite the economy’s rapid transition to electronic transactions, the simple fact remains that cash is still king. Business owners and their staff need cash to purchase inventory, provide change for customers, or perform other important activities.

The vast majority of such requests are legitimate in nature and are made by authorized signers. Unfortunately, some people still try to game the system. Whether it’s a rogue employee or an impostor, your bank has an important obligation to implement systems and procedures to reduce fraudulent activity.

In this article, we’ll explore why a paper-only approach is problematic and how to reduce risk with an electronic signature card system, such as AccuAccount.

The Challenges of Hard Copy Signature Cards

As we’ve discussed in countless other articles, a paper-only approach presents a number of challenges for modern community banks. At the top of the list is the fact that hard copy files can only be in one place at a time. And, unless your financial institution only has one branch, customers expect the same level of personalized service regardless of which branch they visit. Maintaining a repository of signature cards at the main office (or at the branch where the account was opened) conflicts with the customer’s desire for a seamless experience across all branches.

For example, let’s say that one of your customers is a small, but well-known floral shop that serves the same community as your bank. The founder, founder’s spouse, general manager, and in-house bookkeeper have check cashing rights for the company’s main checking account.

Depending on the floral shop’s order volume and delivery schedule, it’s quite common for an authorized signer to make daily visits to one or more branches, deposit checks, and withdraw cash. If your bank maintains hard copy signature cards at a central office, tellers must go through a time-consuming verification process that results in a less-than-stellar experience for your busy customers. Unnecessary faxes, emails, and phone calls cause delays for your busy customers and also bog down your retail operations.

Digitizing Your Signature Cards

An alternative to hard copy signature files involves the use of a core-integrated document management system, such as our AccuAccount platform.

AccuAccount provides tellers instant access to the information they need to quickly and effectively verify customer identity. With a simple hotkey function from your core, tellers can initiate a customer number search in AccuAccount. This search provides on-screen access to relevant documentation, including the customer’s driver’s license and signature card.

Teller View AccuAccount 2018

Even better, unlike hard copy signature cards, files in AccuAccount can be viewed simultaneously by multiple bank employees (who have proper access, of course). As a result, your tellers can serve more customers while providing an enhanced level of service. Customers enjoy a faster experience with less friction, and your bank enjoys less risk.

See AccuAccount in Action

Interested in learning how AccuAccount can streamline your bank’s signature card verification process? Register for our next AccuAccount Live! to see how our software can reduce risk, increase efficiency, and help you provide a better experience for customers.

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Connect with Cathy Cirullo

Cathy Cirullo is the Implementation Manager at AccuSystems and has 30+ years of experience working in the banking industry. Having overseen loan operations departments, compliance programs, and retail operations, Cathy has extensive knowledge of loan and deposit documentation and regulations.