Would it be considered co-mingling of funds if a customer is making business related purchases on the personal account?
We have a customer that we suspect may have several fraudulent checks written against her account. How long does she have if they are fraudulent,
to sign the forms that they are fraud?
What are your thoughts on a sole proprietor using a personal joint account for business transactions? Merchant deposits and payments are going in and
out of the account (less than 15 transactions a month). We have insisted that our customer open a business account for his sole proprietorship. Is it
wrong for us to require it?
A business customer died 2 1/2 yrs ago. Due to estate disputes, an attorney was assigned to settle the estate. Recently the attorney sold the business.
The attorney and the new owner came to the bank and requested to have the attorney's name removed and to add the new owner to the existing account.
Due to several family members of the deceased having all the account information, I informed them that I would need to close the existing account
and open a new account. The attorney was not happy. They did not bring documents reflecting the sale of the business or documents reflecting the
owner name change being filed.
What is the standard or best process for this type of situation? Should a new account be established if the required documents are presented or is it
acceptable to simply change names and keep the existing account open?
If a customer has a business checking account in which they require two signatures on checks, are we required to get two signatures on stop payments or will one suffice?
We have a customer wanting to open an Professional Limited Liability Company. What should the bank get for documentation? Do we need the
Admission to Transact Business and Articles of Organization?
Can a DBA account have a POD?
We have a business customer that mailed a check to a business for payment, and that payee is claiming they never got the payment. We can see the check cleared our customer's account in February 2018. We feel it could have been intercepted by a third party and negotiated. The BOFD did confirm that the check was negotiated at their institution, but obviously can not confirm who the third party is, or if it is in fact a third party. Do we have any recourse on this? We were thinking a warranty claim but do not have much experience with this or where to find those forms.
I am seeking your advice regarding an account we are preparing to open for a legal entity which is represented by an individual given power of attorney.
The potential customer is a business registered with the Secretary of State, making them a legal entity who has given power of authority to a person that is not affiliated to the business. This person has come to open a business account in the company's name. The directors are from India and according to their Articles of Incorporation show the business located locally. Our question is, can an individual who is given power of attorney on behalf of a legal entity open an account for the business?
Can a bank account be opened for an entity such as an LLC and a person i.e., JSmith Properties LLC and Suzy Sparkles? Suzy Sparkles is not a member of the LLC.