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#2027292 - 07/15/15 06:30 PM CPA access to business accounts
rTEXg Offline
Member
Joined: Jul 2014
Posts: 55
Good afternoon:

We are looking at a program that would allow for a business account holder to grant access to their accountant/CPA in order to do their duties.

I am trying to find what what potential ramifications it may have as far as exposure/risks. I have seen some institutions allow their customer to provide "tiered" access to 3rd parties (let's say view/read only, admin, etc) without actually adding them to the account.

My take on it is, they should have very specific language as to who is responsible for what and when. Since this is completely new to me, I am wondering if I can get some outside thoughts and ideas on it.

Aaaaaaaaaaand I hope I posted this in the correct forum.

thanks in advance!

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eBanking / Technology
#2027300 - 07/15/15 06:48 PM Re: CPA access to business accounts rTEXg
osucpa Offline
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Joined: May 2011
Posts: 1,403
During the paper statement era, some businesses would request a duplicate statement be sent directly to their CPA. Based on your senario, this may depend on your online banking program. Does it have the ability to have read only capabilities, you would have to check with your ebanking provider.

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#2027301 - 07/15/15 06:53 PM Re: CPA access to business accounts rTEXg
rTEXg Offline
Member
Joined: Jul 2014
Posts: 55
From my understanding it does (or can in the very near future). But, it doesn't seem to be just as simple as saying, ok, "I can't believe it's a cpa firm" now has access to your online banking as a read only user.

It just seems that there is more to it than just that.

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#2028185 - 07/20/15 04:12 PM Re: CPA access to business accounts rTEXg
Susielou Offline
Gold Star
Joined: Aug 2005
Posts: 343
Midwest
We are in the process of allowing this same thing. Our online banking allows us to grant access to Indirect, Fiduciary and Additional users. We are not sure what documentation we will require from our customers to authorize this access to the 3rd party. Any suggestions?

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#2028207 - 07/20/15 04:49 PM Re: CPA access to business accounts rTEXg
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
Most of the more sophisticated cash management systems allow the business to establish users on the system and their access to account and services. That way your online banking contract with the business can cover the fact that any unauthorized activity using assigned users names and passwords given by the business itself is their problem and not the banks.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2028249 - 07/20/15 06:45 PM Re: CPA access to business accounts rTEXg
Susielou Offline
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Joined: Aug 2005
Posts: 343
Midwest
We are not using the Cash Management system for personal use and this is a personal account wanting their auditor to have access so we are using the Online Banking system.

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#2028254 - 07/20/15 06:54 PM Re: CPA access to business accounts rTEXg
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
The Bank's that I deal with would not knowingly give access to a consumer's account to any third party. If the customer wants to give their user name and password to someone else, you cannot control that.

For the bank to develop the controls, agreements, etc., that would be required to do this thorough a standard on-line banking application, a bank would need a large population of customers with this need. IMHO, without charging a significant fee for the development and on-going maintenance of such a system, it is a losing proposition.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2028257 - 07/20/15 06:58 PM Re: CPA access to business accounts rTEXg
John Burnett Online
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John Burnett
Joined: Oct 2000
Posts: 39,793
Cape Cod
One other significant concern. If the bank is actively involved in providing third-party access, there could be an implication (or at least an assumption by the deposit customer) that the bank has vetted the third party, even though it's the customer's request to permit the access. You really don't want to be responsible for ensuring that the third party is honest, secure in its other internet dealings, etc., etc., etc.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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