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Transfer of Business Funds to Personal Account

Will I be able to make phone transfers between my business and personal accounts, since both accounts are mine?

Most banks don't allow this practice as a matter of policy. Those that do permit it restrict access to these types of transfers to customers who are sole proprietors.

It's usually considered better to make transfers between personal and business accounts using paper checks or other methods that leave a better accounting trail than telephone transfers. It makes for better records, which can make end-of-year documentation for your accountant that much clearer.

Published on 7/28/06