Learn More - Click Here!

New Reply Thread Options
#1413700 - 07/09/10 10:06 PM LLC and debit cards
Anonymous
Unregistered

Should members of an LLC be issued debit cards?

Return to Top Reply Quote Quick Reply Quick Quote
#1413720 - 07/09/10 10:37 PM Re: LLC and debit cards Anonymous
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,813
Galveston, TX
That is totally up to the bank to decide. Make sure you are authorized to issue business debit cards and you have the proper business debit card disclosures. You don't want these covered under the consumer rules.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
#1414071 - 07/12/10 09:07 PM Re: LLC and debit cards rlcarey
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,675
SmallTown, USA
Richard, what type of authorization is needed? Visa/MC?
_________________________
The opinions expressed are mine and do not necessarily reflect those of my employer.

Return to Top Reply Quote Quick Reply Quick Quote
#1414107 - 07/12/10 10:27 PM Re: LLC and debit cards OnTheEdge
BetsyS Offline
Gold Star
Joined: Jun 2009
Posts: 468
Both Visa and MasterCard require seperate BINs for consumer and business cards. We have both, and as Richard suggests, have different disclosures and agreements for each. Your Visa or MC Customer Service Rep. should be able to help you.
_________________________
Let's start at the very beginning; A very good place to start...

Return to Top Reply Quote Quick Reply Quick Quote
#1414122 - 07/13/10 12:25 AM Re: LLC and debit cards BetsyS
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Businesses, including LLCs, are routinely issued debit cards. I would not bank somewhere that did not provide debit cards for the signers on my LLC accounts. I would find another bank that allowed us access to our funds. We use it to pay for postage, to purchase office supplies, and many other business expenses when we do not want to use a credit card.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

Return to Top Reply Quote Quick Reply Quick Quote
#1414309 - 07/13/10 03:53 PM Re: LLC and debit cards Kathleen O. Blanchard
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,237
Cape Cod
Just for the record, RCarey's name in Randy, not Richard.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top Reply Quote Quick Reply Quick Quote
#1414465 - 07/13/10 07:44 PM Re: LLC and debit cards John Burnett
BetsyS Offline
Gold Star
Joined: Jun 2009
Posts: 468
I knew something didn't seem right when I added to OnTheEdge's post! crazy
My apologies Randy!
Last edited by BetsyS; 07/13/10 07:44 PM.
_________________________
Let's start at the very beginning; A very good place to start...

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale