TOPIC: Business Accounts

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    Entity Authorization/Resolutions

    AVP at a bank ($430MUSA)
    Can we , as bankers, tell a customer (who is a sole proprietor or a single member LLC) that they cannot have anyone listed in the powers granted section other than the sole member or single member of the LLC in the below two scenarios:

    - Open or close any share or deposit accounts in Authorizing Entity's name, including, without limitation, accounts such as share draft, checking, savings, certificates of deposit or term share accounts, escrow, demand deposit, reserve, and overdraft line-of-credit accounts.

    - Periodically amend, restructure, renew, extend, modify, substitute or terminate any agreements or arrangements with Financial Institution that relate to this Authorization.

    I know it probably isn't common practice for a sole proprietor to give an "authorized signer" those rights, however, it is their choice, isn't it?

    Your help is much appreciated

      Do you offer Stop Payments Online for Business Clients?

      VP at a bank ($389MUSA)
      We want to offer stop payment services online to our business clients.  We are looking for some feedback on the following questions.  Any feedback is greatly appreciated.  
      1. Do you allow your business customers to place stop payments online? 
      2. Do you offer them at a discounted fee?  
      3. Do you automatically turn stop payments on for your businesses? 
      4. Do you allow any users with credentials to place stop payments or do you only allow account signers?
      5. What disclosure verbiage do you have on your stop payment section online?
      One of our biggest discussions is letting employees place stop payments that are not account signers.  It seems to be requested but through the branch we of course have an account signer place them.

        Government Entity Accounts

        Manager at a credit_union ($732MUSA)
        We are considering opening accounts for government entities. Currently, we only open accounts for natural persons, non-profit organizations and sole proprietorship DBAs. Does anyone open accounts for government entities and would you be willing to share your procedures? Also, what compliance requirements and risk considerations should we be aware of? Thank you!