Replies

When the owner of the bank shows his head again, I will wrestle him down and make him show me the regs.

Reminds me of an old story about having a banker by the privates---but not too appropriate to be repeated here.

But it reminds me also of the time I had a local bank's president by the privates--for cashing, not 1 but 2, checks over a year period from my account. Both checks were unsigned. I had fun that morning 'discussing' my business with the bank president. lol

I guess I don't understand bank regulations at all.

I own (with two other equal partners) a small business that provides professional services. All of the value that we have in the business is what we do...there are no physical assets.

We do online ACH transfers for payroll.

In order to allow us to contiue doing this the bank is wanting copies of each of our individual last year's tax returns and net worth statements. Why? I asked (as did my partners...several times.

Their answer seems stupid...even if there isn't enough money in the account to cover the transfers...the bank is required to process them. (So they need to know that we're 'good' for the amounts transferred. And the business as an entity has no assets...so they want to know our personal situation.)

My response...we'll happily sign a note saying if there isn't money in the account...DONT make the transfer. That seems like the best solution anyway. ...Nope... couldn't be done.

Seems like another stupid banking regulation that I dont' understand