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

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

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.
Learn more about Deborah Crawford’s webinar Business Accounts—Beyond the Basics

First published on 07/14/2019

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