Authority to Operate
Set up an authorised signatory to help manage your account on your behalf, giving someone you trust the ability to operate your account with independent access.
Why set up shared access with Authority to Operate?
As an account owner, you may need a trusted person such as a family member, guardian, accountant, bookkeeper, or financial planner as an authorised signatory who could help manage your account on your behalf.
What can an authorised signatory do?
- A signatory will have independent authority over, and control of, your account(s) and will be able to view your account(s) with their own account(s) on their Internet Banking. They will have unrestricted access to transfer funds from the account(s) over which you grant access to any other accounts they own.
- A signatory can remove themselves from an account at any time. However, where an account is held by a child, there must be at least one signatory on the account until the account holder has turned 14.
- Any daily payment limit or other restrictions you have placed on your account(s) within your Internet Banking will not apply to a signatory when they operate your account(s). You will have no visibility or control over the payment activity or history in the signatory’s profile, for example, recurring payments.
- A signatory cannot authorise the addition or removal of another signatory from the account.
- Any individual named as an account holder to a personal joint account can request to change the operating rule, so that all account holders must operate and sign together.
- If you do not wish to provide a signatory with this unrestricted level of access, please visit us in branch and speak to us about alternatives that may be more suitable.
FAQs
Sharing account access can simplify financial management and task delegation with trusted individuals. However, it's crucial to recognise and address potential risks associated with such arrangements.