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Electronic Transfers Between Business & Personal Accounts

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Question: 
We currently offer internet banking to include the ability of transfering between accounts. We have received many requests to allow for transfers between business and personal accounts via internet banking. What potential risks are we taking to allow these interactions?
Answer: 

Some of the risks involved (certainly not all):

  • Potential for a business employee to convert business funds to personal use
  • Possible IRS issues if business books and controls aren't tight
  • Privacy of personal account information might be compromised, with a business employee having access to balances, activity, etc.


First published on BankersOnline.com 5/6/02

First published on 05/06/2002

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Filed under technology as: 

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