A doc maintained by a monetary establishment, it serves as an official document of an account holder’s handwritten identify. This document is used to confirm the authenticity of signatures on checks, withdrawal slips, and different transaction-related paperwork. It supplies some extent of comparability for financial institution workers when processing transactions, making certain that the individual authorizing the switch of funds or different account exercise is, the truth is, the licensed account holder.
This document performs an important function in stopping fraud and defending account holders’ property. Traditionally, it was the first methodology of signature verification. Whereas know-how has launched extra superior strategies like digital signatures and biometric authentication, this bodily or digital document of a handwritten identify stays a elementary facet of account safety and compliance inside the banking trade. It acts as an important safeguard, lowering the chance of unauthorized entry and potential monetary loss.