LLC and debit cards

Posted By: Anonymous

LLC and debit cards - 07/09/10 10:06 PM

Should members of an LLC be issued debit cards?
Posted By: rlcarey

Re: LLC and debit cards - 07/09/10 10:37 PM

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.
Posted By: OnTheEdge

Re: LLC and debit cards - 07/12/10 09:07 PM

Richard, what type of authorization is needed? Visa/MC?
Posted By: BetsyS

Re: LLC and debit cards - 07/12/10 10:27 PM

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.
Posted By: Kathleen O. Blanchard

Re: LLC and debit cards - 07/13/10 12:25 AM

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.
Posted By: John Burnett

Re: LLC and debit cards - 07/13/10 03:53 PM

Just for the record, RCarey's name in Randy, not Richard.
Posted By: BetsyS

Re: LLC and debit cards - 07/13/10 07:44 PM

I knew something didn't seem right when I added to OnTheEdge's post! crazy
My apologies Randy!