Questions and Answers
Can a business client have a savings account? If so, are the restrictions on businesses different than consumer?
Yes. It is the NOW account where ownership is restricted to only individuals, sole proprietorships and non-profit entities. On the federal level, there are no unique restrictions for a business holding a savings account. The Regulation D restrictions on withdrawals from savings accounts apply regardless of ownership. You may, however, want to check your state to insure that there is nothing there that would limit a business from holding a savings account.
(Posted: 06/21/2008)
