Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#93801 - 07/02/03 07:10 PM Transfers between accounts HELP !!
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
Where can I find the backup info on not allowing transfers between accounts that do not have the same tax ID # ??

Thanks

Return to Top
Operations Compliance
#93802 - 07/02/03 07:16 PM Re: Transfers between accounts HELP !!
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
You won't find it, Candy. While many banks prohibit transfers of this type to guard against fraudulent transfers (bookkeeper transferring corporate funds to her own account), others have systems that set up access groups that might include varying ownership, thus limiting access but not arbitrarily.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#93803 - 07/02/03 11:46 PM Re: Transfers between accounts HELP !!
Terah2 Offline
100 Club
Terah2
Joined: Apr 2003
Posts: 107
We define "Like Accounts" as accounts with at least one customer in common on each account. Over the phone, we will only transfer if the person we are talking to is the "customer in common". Our automated systems do no allow these kinds of transfers at all, and in person, as long as both parties are present, since we can identify everyone, they may transfer between accounts.
We don't take the tax id into consideration.
It's just an internal thing.
_________________________
My employer will disavow any knowledge of my responses.

Return to Top

Moderator:  Andy_Z, John Burnett