Can a business money market account holder do over-the-counter withdrawals for cash and/or cashier's checks, whether it be for a LLC, Corporation or Association? I know one probably can and my other bank issued me an ATM card for my corporate account. Is this legal?
Unless the resolution from the business's governing body (usually a board of directors) authorizing the opening of the account included a prohibition against such transactions, most banks would consider them acceptable, although they might inquire into the reason for the transactions, since they aren't routine for most businesses. It's fairly common for banks to issue ATM or debit cards for business use, although the cards are not subject to most of the consumer protection provisions commonly associated with similar cards issued to consumers.
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Unless the resolution from the business's governing body (usually a board of directors) authorizing the opening of the account included a prohibition against such transactions, most banks would consider them acceptable, although they might inquire into the reason for the transactions, since they aren't routine for most businesses. It's fairly common for banks to issue ATM or debit cards for business use, although the cards are not subject to most of the consumer protection provisions commonly associated with similar cards issued to consumers.
