Opening One Account For A Customer With Multiple Assumed Names
by Ken Golliher, BOL Guru BIO AND CONTACT INFO
Question: In regard to a business that has several assumed names, do they have to open up a separate account for each assumed name? For example, ABC Corp d/b/a XYZ Things or can they open an account ABC Corp d/b/a XYZ Things, DEF Objects? Along those same lines, can a sole proprietorship do the same thing? All of this is with the understanding they have filed these assumed names with the state.
Answer: They can only do it if you allow it. I would not, under any circumstances. If they really are different businesses, the owner will want to keep their receipts and payments separate, so the owner is working at cross purposes with himself. On the other hand, a single account would help eliminate some of those nasty bank fees, but in allowing it you are working at cross purposes with yourself. In addition, your bank is guaranteeing the endorsement of every check deposited to that account.
As for how you explain it to tellers that in this circumstance we allow checks made payable to multiple payees to be deposited into a single account, good luck. You will not be able to give them a rule they can comprehend and apply to future transactions, only a rule they have to memorize that applies only to this customer.
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