Banking · Bank Accounts and Operations
What is a 'mandate' in the context of opening and operating a bank account?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A document that allows the bank to transfer funds from the account without authorization.
- 2A document that allows a person to transfer ownership of the account.
- 3An authority given by the account holder to a third person to perform certain acts on their behalf.✓
- 4A legally binding contract that grants the bank full authority to operate the account.
Correct answer
An authority given by the account holder to a third person to perform certain acts on their behalf.
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