That's quite a fantasy you created in your head, full of all kinds of assumptions that bear absolutely no relationship to my experience and situation. I hope you found writing it time well spent, because reading it was an utter waste of time.
jm
Regardless of where any sales cash went or the enity type or ownership interest, A was stealing from B. A was able to do this because the bank allowed cash back on business accounts. As a result the bank had to pay all its tellers for the time they spent giving depositions and appearing in court.
Obviously A&B had a poor accounting system. Perhaps A appealed to B's greed by stating we will only record and pay taxes on money deposited to the bank.
Macy
One little difference is that you presented yuor story as facts whereas I started mine with 'it could be'.
I am glad that, after having wasted all that time, you still found some more time to tell me instead of ignoring it.
My bank has that policy AND THEY DO NOT CHARGE FEES. Nada. None. I have never paid a dime for my business checking accounts.
There is a legal issue here.
There may also be a fee issue.
If you choose to believe the reason YOUR bank has a policy for no cash back is in order to increase the bottom line, so be it. BUT, in doing so, the bank is subscribing to a legal requirment.
Wow, I missed this thread. This is the first rule of banking. Even as a sole proprietor, I can't deposit a check and get cash back. I can turn in a withdrawal slip, signed for, and get cash, but not on the same deposit ticket as the deposit.
You read embezzlement stories about how people rip off their employers with this scheme. The bank is correct. CYA. It has nothing to do with fees. In fact, I can fill out a withdrawal slip and it cost me nothing, just my signature.
Carl Navarro a poor schlub depositor
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