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Account Titling

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Question: 
Can the account example below be opened if titled like this? It would be under John's social security number:John Doe DBA John's Cleaning DBA Jane's Closet
Answer: 

Assuming that John operates both businesses as a sole proprietor, there's nothing illegal about it. Do watch out for potential problems if this becomes too cumbersome (adding several other business names, for example). You'll have tellers struggling with your endorsement policies, etc. And recognize this for what it may be -- an attempt to avoid having to pay two monthly maintenance fees.

First published on BankersOnline.com 11/21/05

First published on 11/21/2005

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