My bank claims it is illegal for them to pay interest on a partnership business account. Is this true? Also, can the bank force me to change my business account number that I have had for twenty-five years?
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Businesses have been prevented from earning interest on checking accounts. This law will be changing next year, but that is of little use to you today. Your business can have a savings account that earns interest, CDs and Money Market Deposit Accounts (MMDA). The MMDA does allow limited check writing so it is the closest you can get now to a checking with interest.
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Businesses have been prevented from earning interest on 