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Bank Mandate
(redirected from Bank Mandates)

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Bank Mandate
1. A document issued by a bank to another bank requesting that the second bank allow a customer to open an account, conduct transactions and generally receive privileges as if he/she were an existing account holder.

2. A standardized, contractual agreement outlining the rights and responsibilities a bank and a customer have toward each other. The bank prepares the bank mandate and periodically updates it.


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22 /PRNewswire/ -- Bank of America Merrill Lynch and IdenTrust today announced plans to bring an electronic bank account management (eBAM) system to the bank's corporate clients, enabling them to open accounts, close accounts and modify bank mandates online.
The capital will be used to boost the bank's Tier 1 capital ratio, which the Central Bank mandates to be a minimum of 11 per cent.
Also, whilst bank mandates often include joint signatories, only one person may be required for online banking log on, possibly raising certain legal issues when the company becomes exposed.
 
 
 
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