Checking Accounts - Businesses as Signers

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Question:

Is there a regulation that allows or disallows a checking account to have multiple businesses as signers, basically a joint business account? The customer would like to deposit checks from three different LLCs into one checking account.

Answer:

There is no law or regulation that would prohibit it. However, most banks, by policy, only allow one business on any given account.

First published on BankersOnline.com 11/19/07