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Business Check w/Spouses Using Federal ID Tax #

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Question: 
For a business checking with husband and wife using a Federal ID tax number, can they use business interest checking?
Answer: 

The TIN being used is a red herring in the question. It does not affect the answer. In those states in which spouses may jointly own and operate a sole proprietorship, such customers may hold a NOW account to be used for the business.

In those states in which spouses may not jointly own and operate a sole proprietorship, the business would be considered a partnership or joint venture that would not qualify to hold a NOW account, but it may hold an interest-bearing demand deposit account, as can all customers (if the bank makes such accounts available).

First published on BankersOnline.com 8/6/12

First published on 08/06/2012

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