Answer:
Jim Bedsole
Whose name is the business account in? If that same customer has another transaction account at the institution that is over 30 days old, the new business account in that same customer name is NOT a new account for Reg CC purposes.
Answer:
John Burnett
But make sure you distinguish the owner of a business entity from the entity itself. If Sam Jones is the owner of Jones, Inc., and has his personal checking account with your bank, when he opens an account for Jones, Inc., that business has not had an open account with you that's at least 30 days old, so the new account can be treated under Regulation CC as a "new account."
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