Individual Account Titling

Question:

Can a joint owner of a personal account assign/give an account title modifier/nickname to the account that would include "association" in the title (i.e. "nowhere county professional association")? This is a personal account under an individual social security number. The customers are not buying, selling, or operating in a business manner. This is in essence a club.

Answer:

Their "nickname" is "Nowhere County Professional Association." In essence, they can if you let them. However, I would not let them under any circumstance. They have no documentation indicating the right to use that name; the TIN indicates it's a consumer account, not an association of any kind; if your bank accepts checks payable to this association for deposit, you guarantee that it (the association) received the funds.

Don't spend too much time telling them "No".

First published on BankersOnline.com 8/02/10