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#2062102 - 02/03/16 04:51 PM Checking Account Appears to be Commercial
Joanna Offline
100 Club
Joined: Sep 2013
Posts: 102
A customer is selling merchandise on Etsy and Paypal and receives deposits from them which goes into his checking account. This is not an occasional activity but a constant one. He does not want to open a commercial account...but should we force him?

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Deposits and Payments
#2062104 - 02/03/16 04:56 PM Re: Checking Account Appears to be Commercial Joanna
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,964
TN
That is a management decision.
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#2062108 - 02/03/16 05:02 PM Re: Checking Account Appears to be Commercial Joanna
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
It's reasonable for your management to require the customer to properly classify the account. In short, the activity is not what your due diligence information would have predicted and you need to repeat the due diligence process...
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#2062122 - 02/03/16 05:31 PM Re: Checking Account Appears to be Commercial Joanna
Joanna Offline
100 Club
Joined: Sep 2013
Posts: 102
Thank you...

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