|
 |
Home >> Accounts >> Business Accounts
Bank Changes Status of Accounts - Why?
I changed banks many years ago due to online banking and free business checking offered by my current bank. I have many accounts under the same federal ID number for various accounting reasons (payroll and sales tax). Now, I am able to view and transfer money around between these corporation accounts and my personal accounts at will. My bank changed its rules, I guess, and moved one of my business accounts to the "personal online banking" site.
Is it legal to force me to split my accounts into personal and business banking online and therefore force me to go into the bank branch or telephone every time I wish to move money? By the way, I have read some of the advice on bankersonline.com. Not every business makes it difficult for its accountant. As far as paper trails are concerned, the account numbers, date, time and amount are documented at the time of transfer. I will contact the state also. I would like to see what advice you might give.
|
|
 The impression that your bank changed your account access without letting you know is disturbing. Online banking is an increasingly important banking service, particularly to small business customers, and ideally a bank and its customer can agree on a scheme for online banking that provides the controls that the bank needs to ensure that transactions and access are appropriate and that its customer's accounts and confidential information are protected, along with the convenience and access that the customer needs. It is not always the case that the bank and customer are on the same page, however.
Make an appointment with your account officer or branch manager to discuss your needs and determine what the bank is able to do in the way of accommodating those needs. There's no legal issue in what the bank has done. Online banking service is not mandated, and there is no required service menu that must be made available. It is a convenience service that banks make available to their customers. One that may vary widely from one bank to another. It is one aspect of a banking relationship that a customer should weigh when deciding whether the relationship is satisfactory or in need of change.
If a customer is not satisfied with a banking relationship, the customer can attempt to improve it by working with the bank. The customer also can decide to look for other banking options.
Published on BankingQuestions.com 5/28/09
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
