Some Business accounts used to have requirement of cross guarantee by owner with a MMDA (Money Market Demand Account) if they wanted a loan…and the best part to court these customers who would leave 10% of a loan in a MMDA the business lenders used to bring back “entertainment” reimbursements for $200 for my signature until the day I went along to lunch and was assumed to be the entertainment…then got huffy and made them go to Brockton for signatures 🙂

@lacey

Banks can refuse to open an account for any financial reason they deem to be a risk. Number one is being on the red sheet. (Chexsystem)

IG daughter’s old bf overdrew his Chase business account but she was signer and we had to repay the 230.00 bucks before Huntington would issue an account even after doing a consumer complaint because she agreed only to be an authorized signer not a co-depositor. It took six months to get a refund and her name out of check systems even with a copy of the depositor agreement that they never bothered to check before entering her as a deadbeat.

As a retail bank branch manager I used to shut accounts down all the time…at BayBank we even shut down a huge ass retailer that routinely deposited over 500k a week cash because their chargeback rate went up 2%. The business was 100% on the up & up as a three day clothing retailer selling close outs at up to 70% off, used armored carriers for p/u & delivery of deposit bags to night box. Eight months later at Shawmut I shut them down again because their chargeback went over limit three times by 5% or more in a month.