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Can a couple operate a business out of a personal account?

Answered by: 

Question: 
Can we open a personal account and label it “Farm Account” and let the customer operate a business out of it?
Answer: 

This has been a practice in many banks for years. Today it is not a good practice for many reasons. It is considered a red flag for money laundering. Your customer may be operating a business off the grid. The second is that the disclosures that are being given are for consumer accounts not business accounts.
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Learn more about Deborah Crawford’s webinar Business Accounts—Beyond the Basics

First published on 07/14/2019

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