08/11/2003
We have a customer who would like to close his accounts at another institution and open them with us. He owns a collection agency and he told us that the state requires him to hold a trust account and an operating account. He stated that his previous institution would not allow him to transfer funds between the two accounts and that is why he is closing his accounts with them. He asked us if we would permit transfers between the two accounts if he opened them at our institution. It is our understanding that as long as both accounts have the same owner and TIN then transfers should be allowed. I don't understand why an institution would not permit transfers, unless the TINs did not match or the customer had a history of questionable transactions, but this customer is the owner of a reputable, long-standing area business. Are we correct in assuming that transfers are permissible, or is there a trust regulation that we are unaware of?
08/11/2003
My bank is in the process of setting up a sweep account service for commercial and possibly consumer customers. The accounts will be "swept" daily and the monies will be transferred to a non-related third party for purposes of making investments of customers' excess funds. Can money market accounts (both commercial and consumer) qualify for this service or does the "sweep" count towards the transaction limitations for a money market account?
07/22/2003
A bill clearing the way for electronic checks passed unanimously in the House of Representatives and was on its way through the Senate at press time.
04/30/2003
Fifth Third Bank is counting on the popularity of Internet bill payment to build business and loyalty, offering a bill paying service it bills as "free" to new account holders.
02/01/2003
Business Bank of Nevada recently announced a new automated teller machine Visa debit card product designed exclusively for businesses.
01/01/2003
12/02/2002
If a professional, such as an attorney, has a personal account and also a LLC business account, can we safely allow an office manager, not an authorized signer, to transfer funds from the individual account to the LLC?
10/01/2002
Question: We are presently using a spreadsheet for tracking internal funds transfers between our customers involving $3000 or more, and keeping the records on file.
09/02/2002
While checks payable to a business must be deposited to that business's account, our bank has been allowing signors on a business account to transfer funds to their personal account. Business customers must reconcile account and report problems, I think this situation could lead to losses for the bank and/or the customer.
09/01/2002
Associated Bank, Green Bay, Wisconsin, has created a fully integrated business system designed to allow business banking to do better information management.