Authorization Letter For Bank Withdrawal for Nigeria

Authorization Letter For Bank Withdrawal Template for Nigeria

An Authorization Letter for Bank Withdrawal is a formal banking document used in Nigeria that grants specific authority to a designated individual to withdraw funds from another person's or entity's bank account. The document must comply with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria guidelines. It includes detailed information about the account holder, the authorized person, specific authorization parameters, and any applicable limitations or conditions. The document serves as a legal instrument that creates a temporary agency relationship for banking purposes.

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What is a Authorization Letter For Bank Withdrawal?

The Authorization Letter For Bank Withdrawal is a critical document in Nigerian banking operations that enables account holders to delegate their withdrawal rights to trusted representatives. This document is commonly used when account holders are unable to perform transactions personally due to travel, illness, business commitments, or other constraints. It must comply with Nigerian banking regulations, including BOFIA 2020 and anti-money laundering legislation. The letter typically specifies the authorized person's details, transaction limits, validity period, and any specific conditions. It's particularly important in business contexts where regular delegated banking transactions are necessary, and in personal situations where temporary banking authority needs to be granted. Banks in Nigeria generally require this document to be properly executed with necessary identification documents and, in some cases, witness signatures or notarization.

What sections should be included in a Authorization Letter For Bank Withdrawal?

1. Date and Place: Current date and location where the letter is being written

2. Bank Details: Full name and address of the bank branch where the account is held

3. Account Holder Information: Full name, address, and contact details of the account holder (authorizer)

4. Account Details: Complete bank account number and type of account

5. Authorized Person Details: Full name, address, ID details, and contact information of the person being authorized

6. Authorization Statement: Clear statement of the authorization being granted, including any transaction limits

7. Duration of Authority: Specific period for which the authorization is valid

8. Signature Block: Space for account holder's signature, name, and date

What sections are optional to include in a Authorization Letter For Bank Withdrawal?

1. Purpose of Authorization: Specific reason for granting the authorization, used when the bank requires justification or for audit purposes

2. Transaction Restrictions: Any specific limitations or conditions on the authorization, used when the authority needs to be restricted

3. Witness Details: Space for witness information and signature, used when required by the bank or for additional security

4. Previous Authorization Revocation: Statement revoking any previous authorizations, used when replacing an existing authorization

5. Emergency Contact Information: Additional contact details for urgent situations, used for high-value accounts or special circumstances

What schedules should be included in a Authorization Letter For Bank Withdrawal?

1. Identity Documents: Copies of valid ID documents for both the account holder and authorized person

2. Specimen Signature: Sample signature of the authorized person for bank verification

3. Passport Photographs: Recent passport photographs of the authorized person when required by the bank

4. Proof of Address: Recent utility bills or other documents proving the address of both parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Letter of Authority

Sector

Banking

Cost

Free to use
Relevant Industries

Banking & Financial Services

Corporate Services

Legal Services

Business Process Outsourcing

Healthcare

Education

Retail

Manufacturing

Professional Services

Non-Profit Organizations

Relevant Teams

Finance

Legal

Administration

Operations

Compliance

Treasury

Corporate Secretariat

Executive Office

Human Resources

Relevant Roles

Finance Manager

Account Manager

Treasury Manager

Financial Controller

Company Secretary

Legal Counsel

Administrative Officer

Executive Assistant

Business Manager

Operations Manager

Compliance Officer

Bank Branch Manager

Relationship Manager

Human Resources Manager

Chief Financial Officer

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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