Which one of the following is TRUE of a signature card?
A) It shows each authorized person's signature for a bank account.
B) It is the same as a deposit receipt and acts as a proof of the deposit transaction.
C) It can be used as a debit card.
D) It can only be used for bank accounts of individuals, not for the bank accounts of businesses.

Question

Quizplus · Accepted Answer

A signature card is a document used by a bank to verify the signature of the account holder(s) authorized to conduct transactions on the account. It shows each authorized person's signature for a bank account. Therefore, option A is true.

Option B is incorrect because a deposit receipt is used to acknowledge the receipt of funds in a bank account, while a signature card is used for signature verification.

Option C is incorrect because a signature card cannot be used as a debit card.

Option D is incorrect because a signature card can be used for both individual and business bank accounts.

Which One of the Following Is TRUE of a Signature