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Sole Proprietorship: Business or Personal?

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Regarding a sole proprietorship checking account under the new Reg E changes, is the account considered a business or personal account?

Recent amendments to Regulation E have not impacted the coverage of the regulation: 205.2(b)(1) Account means a demand deposit (checking), savings, or other consumer asset account (other than an occasional or incidental credit balance in a credit plan) held directly or indirectly by a financial institution and established primarily for personal, family, or household purposes. Since a sole proprietorship checking account is established for business purposes, it is not covered.

First published on 10/11/10

First published on 10/11/2010

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