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Just got a letter from my bank saying not to share my Business Checking Acct Number with anyone. So to clarify, I called and had to ask "When you send someone a Check, don't they automatically have the Number?" and of course the answer was yes. So sense that's the case, I then stated that "we can no longer use our accounts freely like we used to, we are now limited", as they somehow want us to share or be responsible for any kind of fraud it may create.
Wondering if anyone else out there have heard of this. Is this becoming the new norm?
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I have not heard that. I'm in commercial real estate and we bill over 250 tenants for rent and utilities. Most are using our online payment system in which they do ACH payments, which of course, means they have to provide their checking account numbers.
I haven't heard that either and I have two business checking accounts, one at a national bank and one at a local credit union. I also write checks all the time.
What the financial institutions are referencing is the unsolicited public disclosure of banking account information.
This comes in the form of (and yes companies still do this) printing or posting their banking information without regard to how open that information becomes to everyone. It's a commercial business equivalent of a financing company who post their inbound wire transfer information openly for anyone to see. But, some average ordinary business have that posted so customers can do an ACH direct payment or otherwise facilitate payment direct to that business' account. In such cases, you just openly handed a slew of people your account information without any control over who just got it.
When you write a check to someone, you're at least keeping the information within your business connections.
I have not heard that. I'm in commercial real estate and we bill over 250 tenants for rent and utilities. Most are using our online payment system in which they do ACH payments, which of course, means they have to provide their checking account numbers.
Just got a letter from my bank saying not to share my Business Checking Acct Number with anyone.
Anyone you don't already know and have some sort of business relationship with.
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