Bank of America Access

[bluewaterbusiness]

Does anyone have a client that uses Bank of America? If so, do you have access to that bank account? Was your client able to create a login just for you with specific security access rights? Or do you use their log in to access the account.

[Your Virtual Wizard]

There are no security rights that I am aware for the online BofA system. There is one un and pw per user but the account has to be set up for just those users. I've not heard of a 'guest' option with specific security rights.

As far as I know, you would need to use the client login to access the accounts.

You might want to call BofA directly. The cust service number is located on their website. They should be able to answer general checking account questions.

Janine

[APlusAdmin]

I use the one I setup for my client and if they want access they use the same login I use.

Is there a reason as to why you would want to do it the way you are asking about? Curious?

Leona

[bluewaterbusiness]

Thanks! That is what I thought. The reason my client is interested is that he doesn't mind me having access to his business accounts, but he wants to keep his personal accounts separate.

[APlusAdmin]

Angie, I see where he is going and am surprised that his personal accounts are in with his business. Usually the business accounts are separate because of their TIN or EIN number is different from their SSN. Unless he specifically contacted BOA and had this fixed for him.

I have a client that she has to have several logins due to this very reason.

Ask him about this.

Leona

[SaraASB]

Leona,

BOA can set it up so that personal accounts and business accounts are accessed from the same business login. Suntrust does this too. It enables me to transfer funds between business and personal accounts and does not mean that I am co-mingling funds. I helped a client set up multiple users for BOA. The owner of the account can select the accounts that the other user has access too. For this client, I can view the bank accounts, print statements and transfer funds between their own accounts. I do not have ACH or wiring abilities. Some clients I do, which means I can pay a friend if I so choose. I might as well be on the signature card! In this case, there should be strict controls where the owner gets an email if any new payees are set up and he should also verify the payee list periodically. This is a new area of great concern where we need to help our clients get the bills paid, yet we are given the same rights as the owner. My biggest concern is protecting the hundreds of online passwords since I have a few employees. Insurance and bonding only protects me so far... security is a whole other topic.

[APlusAdmin]

I will have to research this further because for the several clients I have we have not had the success in linking and it is due to the EIN/TIN/SS# of the business name/personal owner accounts. Even thru my very own bank (which is neither above mentioned) I can't even transfer between accounts due to the EIN/TIN/SS#....I have to physically write a check to do so and that is as recent as 2010.

I must be very trustworthy because my clients (7yrs) let me handle all their billing for personal and business and there aren't any set restrictions on the accounts. Sheesh to remember 2 logins I can't imagine. They are so busy to even remember the login for the ONE login I can only imagine if they had to remember both. ) Same goes for the payees....emails go out....but other than that they trust what I do and what I provide for them. I do print out what I pay each time and I attach to the bill/invoice, I do this on my own not with them asking...I think one of my clients would appreciate me using less paper so I had her not shred her paper or throw it away but to keep it and I print on the other side. )

As for protecting the password (outside of having employees)...I am a firm believer in changing the password every 3 months sometimes longer depending on the current circumstances and the activity of the account.

Leona