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What does override mean in banking terms?


Asked by Anonymous at 2:34 PM on Aug. 10, 2011 in Money & Work

This question is closed.
Answers (3)
  • From my banking career that term would be used in a situation like this:

    Say an account had some kind of restriction on it, a restriction could be anything from the account needing two signatures to make a w/d. to the person had been a victim of identiy theft and the account needed to be flagged/restricted, to even something like the account holder owes the bank money (there are a ton of reasons an account would be restricted or flagged) when the account holder goes to make any kind of transaction that restriction will pop up letting the banker know they need to do something/check for something resolve the restriction and in most cases a supervisor would come over and see why the account was restricted and if it was something like where the persons id was stolen than the supervisor would require the customer to show their license, or other id-ing info and if the person was who they truly claimed to be than that would get

    Answer by mitchellb at 2:43 PM on Aug. 10, 2011

  • cont.....

    overridden and the transaction would go through. If it was something like the customer owed the bank money the supervisor might not approve the transaction to be overridden until the money was paid back therefor that customer wouldnt be able to conduct any business.

    Answer by mitchellb at 2:44 PM on Aug. 10, 2011

  • Need more info as to what it is in relation to ~

    Answer by tasches at 2:51 PM on Aug. 10, 2011