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| *The Commerce Journal>>>Personal Finance |
My questions involves banking? |
My husband an I have a small business. We have a personal checking account an we also have a business account. We deposited an amount in our business account. Does the bank have the right to transfer money into our personal account with out our permission? I have question the bank before if they see that one account is fixing to be overdrawn would they take from one to another they stated NO that I would have to apply for a Visa overdrawn account. SO what happien. All I want to know is it legal. most business accounts cannot have overdraft protection unless they are linked to a sweep account and they usually aplies to larger business accounts the best way for business's to have that protection is to link the account up to a credit card and dipense funds at certain increments if account becomes a negative balance. Usually the won't transfer any funds between a personal account an a business account even WITH permission. The bank where a work requires business owner to actually write a check for this purpose. Did you actually open a business account, or just open a separate account that you use for the business? it depends on your business status. is your business set up as a sole proprietorship or partnership? if so they can take money from it to pay-off overdrawn personal accounts. |
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| Australia Taxes Small Business Renting & Real Estate Personal Finance Investing Insurance Credit |
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