What is a Fax Authorization?

A fax authorization is a form mailed in by the customer(s) which designates a password which will be confirmed by calling a phone number on file every time you request a banking transaction via fax.  It is used for same day funds transfers between financial institutions, conducted through the Federal Reserve’s Fedline System.  It is also used for cashier checks requests, account closeouts and other banking transactions usually performed at a branch.  By printing, signing and sending Presidential Bank the Fax Authorization Form via mail (one time), customers will be able to fax over their transaction requests, once the Fax Authorization Form is received and recorded as being on record for the customer.  For each fax request sent, and UPON VERIFICATION of person through a personally chosen password, Presidential Bank will be able to perform the request(s) accordingly.

 

What would this be used for?

Example: A customer needs to make a deposit on a significant purchase and needs $20,000 moved from Account A into Account B at a different bank.  Having a fax authorization on file would allow the customer to fax a request for funds to be transferred through means of a Customer Wire Transfer Order form.

 

What do I have to do to get a Fax Authorization Form on file?

Simply print, fill out the form, sign and return.

Last Modifications: 10/22/2015 12:50:59 PM