Internet Banking-Multiple Businesses With 1 acct

Posted By: CantBeShocked

Internet Banking-Multiple Businesses With 1 acct - 11/04/13 06:31 PM

We have someone at my bank suggesting that we begin to allow multiple businesses to share access to one internet banking account. My first question asked way why anyone would want this - from a customer perspective. The short answer was that a bank we just bought did allow this type of access if one particular customer is a partner in multiple businesses - each of which has unrelated partners. For example ABC Company has John Doe, Mary Doe and Jerry Doe as partners. John Doe also has a second partnership with only Mary Doe and a third partnership with Bill Smith and Don King.
My answer is NO -opens up easy access for money laundering and my department would have difficulty understanding what activity is considered "normal" and what activity is considered "abnormal" or "suspicious".

I would like to know if there are any other banks out there who DO allow this type of access. If you do - WHY? and how do you mitigate the risks involved? Thank you!
Posted By: Doug Hendrickson

Re: Internet Banking-Multiple Businesses usign 1 acct - 11/04/13 06:37 PM

We would NOT allow this type of access. Acess to internet banking is via the business account, whereby the authorized person can give access to that account to a number of people. If one person was in all three accounts, he/she would have to log into each business account separately with their appropriate credentials and could only perform those functions assigned to them by the authorized person for the account.
Posted By: Elwood P. Dowd

Re: Internet Banking-Multiple Businesses With 1 acct - 11/04/13 07:07 PM

If anyone in a management position in your bank thinks this is a good idea and you refuse to let it happen then you are guilty of interfering with Darwin's theory of natural selection.

The idea is simply beyond ridicule, no matter what "the other bank" did.
Posted By: CantBeShocked

Re: Internet Banking-Multiple Businesses With 1 acct - 11/04/13 07:12 PM

Then I am interfering with Darwin LOL. It's ridiculous and I can't believe they are even considering it.

Basically a bank we bought allowed it and has asked that their "good customer" be continued to have this access.

Um....NO !!
Posted By: rlcarey

Re: Internet Banking-Multiple Businesses With 1 acct - 11/04/13 07:29 PM

Just remind them of who bought whom and that maybe there is a reason for that smile