Transfers, Personal to Business, Different Owners - John Burnett

<a href="http://adserve.bankersonline.com/cgi-bin/advertpro/blink.fpl?region=2&slot=1" target="_top"><img src="http://adserve.bankersonline.com/cgi-bin/advertpro/bimg.fpl?region=2&slot=1&keyword=NULL" border="0"></a>


Site Map Our Sponsors Home

Compliance Gurus
Lending Gurus
Security Gurus
Marketing Gurus
Technology Gurus
eBanking Gurus

Print Friendly!

Email This Article!

Click Here!

Transfers, Personal to Business, Different Owners
by John Burnett, BOL Guru
Guru BIOS

Question:Is there any regulation that prohibits telephone transfers between a personal account and a business account? The signers on the accounts are not the same.

Answer: It's bad business, plain and simple. Telephone transfers are not designed for third-party payments (except for some bill payment systems that work with telephone banking). Allowing transfers of the type you describe is just an invitation to trouble, in my opinion. The fact that there may not be any regulations against it doesn't mean it's a good idea.

First published on BankersOnline.com 3/21/05

Home | Compliance | Lending | Operations | Security | Marketing | Technology | eBanking

BOL Archives Privacy Policy Important Disclaimer Recommend This Site ! Contact Us

BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.

<A href="http://adserve.bankersonline.com/cgi-bin/advertpro/blink.fpl?region=84&slot=1" target="_new"> <IMG src="http://adserve.bankersonline.com/cgi-bin/advertpro/bimg.fpl?region=84&slot=1&keyword=NULL" border="0" width="125" height="125" alt="Click Here!"> </A>

<A href="http://adserve.bankersonline.com/cgi-bin/advertpro/blink.fpl?region=31&slot=1" target="_blank"> <IMG src="http://adserve.bankersonline.com/cgi-bin/advertpro/bimg.fpl?region=31&slot=1&keyword=NULL" border="0" width="125" height="125" alt="Click Here!"> </A>

<A href="http://adserve.bankersonline.com/cgi-bin/advertpro/blink.fpl?region=4&slot=1" target="_top"> <IMG src="http://adserve.bankersonline.com/cgi-bin/advertpro/bimg.fpl?region=4&slot=1&keyword=NULL" border="0" width="125" height="125" alt="Click Here!"> </A>

<A href="http://adserve.bankersonline.com/cgi-bin/advertpro/blink.fpl?region=85&slot=1" target="_new"> <IMG src="http://adserve.bankersonline.com/cgi-bin/advertpro/bimg.fpl?region=85&slot=1&keyword=NULL" border="0" width="125" height="125" alt="Click Here!"> </A>