There are many reasons why a corporation would look to close a corporate bank account. Perhaps the business is being dissolved, or the board wants to switch banks. Whatever the reason, closing a corporate bank account is similar to closing a personal account. Understanding the requisite steps ahead of time can make the process run smoothly. Show
What Is a Corporate Bank Account?Corporations exist legally separate from their owners or stockholders, usually with a designated person to act on their behalf. Because of this, a corporation can open a corporate bank account with the board of directors' approval. HG Experts explains that the proper use of the bank account must be clearly outlined in the company bylaws. The bank account is the same as a business account, but with one exception: Only members approved by the board and featured on the bank's signature card have access to the account. With a corporate bank account comes certain protections. The business's assets and liabilities and owners' assets and liabilities are separated. A corporate bank account is not considered an asset of the shareholders. Corporate Bank Account SignersSigners on a corporate bank account aren't required to be shareholders, but the board must approve the authorization of signers before they are added to the account. Sometimes, board members switch out, as with nonprofits, so the account must consistently be updated with the approved signers. When account signers change, the board of directors draws up a resolution with all appropriate signatures. Authorized signers are given full access to the account and can deposit and withdraw as they please. This is why all signers must be carefully approved by the board, and account activity should be tracked to avoid suspicious activity from going unnoticed. Efforts to Close AccountsSince opening a corporate bank account can only be decided by the company's board of directors, some banks require that all corporate officers listed on the account must be present to close. Other banks may require a minimum number of members present to proceed. It is essential to know this beforehand. Check with the bank first so that the visit can be coordinated appropriately. Closing Corporate Bank AccountsClosing the account is most often done in person. The bank requires identification from whoever is present and cross-references it with the people on the bank signature card. You most likely have to fill out required paperwork that is supplied to you or found online, depending on the bank. Do not empty the bank account just yet. As explained by U.S. News and World Report, you should leave sufficient funds to cover pending checks or transactions. Let the agent know the total amount needed in the account to cover pending transactions so that it can be subtracted from the available funds. All present must sign the closing documents to obtain the closing balance. The closing balance can then be taken to set up a new account at a board-approved bank or distributed as needed. Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. PNC Financial Services Group is the sixth largest bank in the United States, with assets of more than $500 billion. The bank has a multiregional footprint that covers most of the United States and includes 2,600 branch locations, plus approximately 60,000 PNC and partner ATMs. PNC’s Virtual Wallet products are like traditional checking accounts, but they include savings options as well. The bank also has an extensive array of small business products. PNC’s current promotions allow you to pocket as much as $500 by opening a new account. How Can You Earn a PNC Bank Bonus?PNC Bank offers new customers the opportunity to earn a welcome bonus for opening a new personal or business checking account and completing qualifying activities. New customers include people who do not currently have a PNC bank account and have not closed a PNC bank account within the last 90 days. Personal checking account bonuses require you to open an account and receive qualifying direct deposits within 60 days. PNC’s business account bonuses require you to open a new account and complete qualifying activities, such as maintaining a minimum balance, for 60 days, and making qualifying transactions using your linked business debit card. Bonus details are accurate as of Nov. 1, 2022. PNC Bank Promotions for 2022PNC Bank Personal Checking Account Bonus Offer: Earn Up to $400PNC’s Virtual Wallet is a personal checking account that comes in three levels: base, Performance Spend and Performance Select. Besides checking (called “Spend”), the accounts can feature a short-term savings component (“Reserve”) or a long-term savings option (“Growth”). New-account bonus cash is available only if PNC offers its Virtual Wallet products to customers in your area. If you open your account online or over the phone, PNC will use your ZIP code to determine eligibility.
PNC Bank Business Checking Account Bonus: Earn Up to $500PNC offers four levels of business checking, differentiated primarily by how many fee-free transactions are offered each month.
Welcome bonuses are restricted to businesses with annual revenues of less than $5 million. PNC Bank does not mention any geographical restrictions.
What Else Should You Know About PNC Bank Bonus Offers?Your Bonus May Be TaxablePNC notes that the value of your reward may be reported to the IRS on a Form 1099 and may be considered taxable. The bank recommends that you consult with your tax advisor regarding the taxability of your bank bonus. PNC Bank Bonuses Are for New CustomersPNC Bank offers account welcome bonuses only to new customers who do not have an existing account with the bank and have not recently closed an account. Additionally, PNC limits how frequently you can receive a new customer bonus. Personal checking customers must not currently have a PNC Bank consumer checking account and must not have closed an account within the past 90 days. Additionally, personal customers are only eligible to receive one PNC promotional premium every 24 months. Likewise, business banking customers must not have an existing PNC Bank business checking account and must not have closed a business checking account within the past 90 days. Business checking account customers are eligible to receive a promotional premium once every 12 months. These restrictions apply to all account signers, so if any business partner on the account is already a PNC customer or has received a welcome bonus recently, the account may not be eligible to receive a welcome bonus. Bottom LinePNC is a nationwide bank, but the strength of its branch and ATM presence varies depending on where you live. We recommend checking out PNC locations near you before opening an account. Depending on where you live, you may be able to get up to $400 for opening a personal checking account or $500 for opening a business checking account. If PNC’s physical presence isn’t a great fit or you find the direct deposit requirements difficult to meet, head over to the Forbes Advisor list of best bank bonuses to see what bonuses other banks have on offer. Find The Best Bank Bonuses & Promotions Of 2022 Can I close my PNC business account online?Closing Your PNC or BBVA Account Online
If you decide to close your account online, log into your account via their online banking portal. You may need to send an email to request an account closure, and then you might have to wait for a couple of business days for a reply.
Does PNC charge to close accounts?Early Account Closure Fee
PNC Bank charges a $25 fee to close an account that has been open for less than 180 days. It is important to keep this in mind when opening a PNC account, or the monthly service fees can add up or paying to close your account can be costly.
Can I close my checking account online?Contact Your Bank
Many financial institutions allow you to do this online, but it could require a phone call to customer service or a visit to a local bank branch. Some banks and credit unions may require you to fill out an account closure request form or submit a written request.
Can I close a PNC bank account over the phone?Close the Account Over the Phone
PNC has a toll-free customer service line that may provide fast, easy, and safe account information. The number for this line is: 1-888-762-2265.
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