Authorization Letter to withdraw Money
Every bank has to follow the fair banking practices in order to gain the confidence of their investors. They have to maintain the privacy of their customers by not disclosing the information to other non-concerned people. If they fail to adhere to any of the fair practices, the customer may file a suit against the bank, which can damage the reputation of the bank and may harm in the long run. As most of the banking transactions are in money, the bank can't afford to have any loop holes in its practice. It is for this reason that the bank demands an authorization letter for transactions other than the account holder.
Only an account holder is permitted to withdraw money from the bank. If the account is a joint account, then either of the holders can withdraw the money from the bank. When you are unable to withdraw money personally due to some problem, you have to write an authorization letter informing the bank that the bearer of the letter is authorized to withdraw money from your account on your behalf. This way the bank can be sure that it is your consent to give the money to the bearer.
An authorization letter to withdraw money is written in a business format. The letter should have your name, address and contact number, in case the bank decides to get another confirmation from you before giving the money to the authorized person. It should state the type of account, and number of the account you hold. The name of the authorized person you are allowing to withdraw the money. Some bank may prefer you to write the reason that is restricting you to visit personally. Most importantly, provide some identification of the authorized person to help the bank identify him/her. Let's have a look at one such sample letter.
Sample of Authorization Letter to Withdraw Money
Olga D. Tucker
1950 Aetna Way
San Jose, CA 95121-2304
15 December, 2010
Mario D. Martinez
Bank of People
2750 Kollmar Drive
San Jose, CA 95127-4062
Subject: Authorization Letter to withdraw money
I am Olga D. Tucker. I am holding a saving account in your bank. The account number is XX24 2456 7459.
I am writing this letter to authorize my friend, Misty Hamlin to withdraw nine hundred dollars ($15000/-) from my saving account as it is impossible for me to personally visit the bank, because of an important meeting with our clients.
I hope this authorization letter is a proof enough to enable my friend to act as my representative. You can find a copy of Misty Hamlin's driving license and a specimen signature of your reference.
You can call me at my number if there is any question to be answered.
Olga D. Tucker
If you find yourself in a similar situation where you are in need of the money, and when you are stuck-up with your assignments, this sample of an authorization letter to withdraw money will help to authorize your family member or friend to withdraw the money on your behalf.