My banker looked at my corporate/business account and called me to inquire about some withdrawals that he presumed were personal. He offered to "help me" sort out personal from business withdrawals. I informed him that the transactions in question were all business, but I am miffed about being questioned and this banker's gall at looking at my bank account. Is this legal?
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It is virtually a requirement. Banks are required to "know their customers", and often have to monitor activity in the accounts so that they better understand what the customers needs and volumes are. It is more and more common to read about lawsuits today where fraudulent transfers went out of an account, and the customer says "the bank should have known I'd never make a transfer like that..."
If you have a business account that appears to be used for personal business, you may have the wrong account and there may be another account the bank offers that will better fit your business and personal needs. Also, a personal account may offer additional protections such as in electronic transfers. A business account may have no protection, while a personal account offers limited liability to you in the case of internet banking fraud, a lost debit card, etc.
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It is virtually a requirement. Banks are required to "know their customers", and often have to monitor activity in the accounts so that they better understand what the customers needs and volumes are. It is more and more common to read about lawsuits today where fraudulent 