Numerous articles have been written about the liabilities of small business for theft by third parties from business bank accounts. Please see response below from Bank of America. I strongly recommend you contact your bank as to what their policy is.
I applaud Bank Of America and Dave Legnitto for clarifying. See below.
We will be sending the letter to legislators opposing the repeal of the Net Operating Loss Carry Back. We had 34 associations opposing this and 101 individual businesses opposing. Thank you to all that responded. We are going to stop this legislation.
I received an email from a reporter in Sacramento asking about how small business feels about the Affordable Care Act. She is looking for responses from businesses in the Sacramento area. Do you support the ACA?Do you plan to move your health insurance to the Exchange? Will you drop your insurance? Will you continue to offer insurance outside the Exchange?
For those of you in SF I have put together a meeting with Supervisor candidate in District 7 with Mike Garcia at my office at 2311 Taraval at 8AM August 8.. Are you interested in attending
Small Business California
2311 Taraval Street
San Francisco, CA 94116
This Information was found in Bank of America’s Online service agreement which is located on bank of america’s website: www.bankofamerica.com
If your information is compromised due to malware and an unauthorized transaction occurs: The business client has zero liability as long as the transaction is reported to us within 60 days at the latest, we want immediate notification but do allow this window, from when the transaction is seen on your bank statement.
If your passcode is stolen by being hacked into: The business client also has zero liability but must follow the above reporting guidelines. There is one nuance to this and it is as follows:
Bank of America will have no liability to you for any unauthorized payment or transfer made using your passcode that occurs before you have notified us of a possible unauthorized use and we have had a reasonable opportunity to act on that notice. We may suspend or cancel your passcode even without receiving such notice from you, if we suspect your passcode is being used in an unauthorized or fraudulent manner.
An example of this would be if a fraudulent transfer or unauthorized payment $5,000 occurred on august 1st and the business owner did multiple transactions after this point and another fraudulent transaction occurred on august 30th , it would be reasonable to assume the client could have checked into his balance and notified the bank, thus allowing the bank to take action from allowing future fraud. In this case the business owner would be potentially liable for the losses incurred.
Bank of America Small Business Banker
345 Montgomery St.
San Francisco Ca, 94104