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#452880 - 11/04/05 09:05 PM Transferring between two business checking account
CSB98 Offline
Diamond Poster
Joined: Dec 2003
Posts: 1,270
Wisconsin
We have a customer that owns two businesses, each with a separate checking account and separate TINs. He is the sole owner of these businesses. He wants to be able to transfer money between the two accounts using Internet Banking. I can't find any reg. that says we can't do this, but am questioning whether this is a sound banking practice. Comments?

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Operations Compliance
#452881 - 11/04/05 09:17 PM Re: Transferring between two business checking account
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
How are the businesses organized; e.g. sole proprietorship? Corporation?
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#452882 - 11/04/05 10:11 PM Re: Transferring between two business checking account
CSB98 Offline
Diamond Poster
Joined: Dec 2003
Posts: 1,270
Wisconsin
One's a corporation and one's an LLC. The owner is the only signer on both accounts.

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#452883 - 11/04/05 10:29 PM Re: Transferring between two business checking account
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,607
Pulling people out of the ditc...
Banks in Louisiana allow this
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#452884 - 11/05/05 01:36 AM Re: Transferring between two business checking account
Banker Boy Offline
Member
Banker Boy
Joined: Oct 2003
Posts: 69
Florida
We ask the customer to sign an separate form in addition to the standard Internet Banking application. This form allows the customer to aggregate all accounts which they are a signer on into one Internet Banking profile.

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