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Online Transfers between Business Accounts

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Question: 
With all the new advances in online banking, what are the rules concerning online banking transfers between two business accounts (corporate, LLC, partnership) with two different tax ID numbers, but both are owned by the same person?
Answer: 

There aren't any rules covering such transfers, other than those that generally cover online banking transactions between two separate persons or entities. Generally speaking, if a bank permits a business to initiate an electronic transaction (ACH or wire transfer, for example) to another business, it would allow such transfers even if the businesses in question are owned by the same person.

Banks generally don't permit online transfers (other than ACH or wire transfers) between separate entities, even if commonly owned.

First published on BankersOnline.com 9/27/10

First published on 09/27/2010

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