Can an LLC or Corporation conduct telephone transfers from the account to a personal account or personal loan? I have been told that telephone transfers ARE allowed as long as proper verification measures have taken place. If an owner, or authorized signer on a business account needs to do a telephone transfer, they are allowed to do so, as long as they are verified to be on the account and their identity can be verified over the phone. Also this can only be done if a Resolution of Authority allowing the signers to execute all powers on an account has been signed. However, I have also been told that we should not allow this, but it is a bank decision on how to handle it. Can you please advise me on what the best practice should be?
What happens if a bank sends two warning letters for excessive transactions of a savings account, Reg D, but the bank does not follow thru and allows the account to continue excessive transfers. (the account has a balance of $125K)
Are there any different limitations on an IRA MMA as far as number of transactions/withdrawals per month?