Have you ever thought of the fact that holding funds for somebody in a safe place is a valuable service? Unfortunately, today there are so many banks available for someone to get that service that you don’t necessarily get to charge a fee every time for that service, but it’s important to remember there are advantages to businesses when banks hold funds. It becomes even more valuable when you delve into industries where it’s hard to get a bank to take on that activity.
Some banks have such a very good, robust bank secrecy act program, a KYC program, that they can charge fees just for depository services because it’s better to hold funds at a bank than it is to hold large amounts of cash on-site at a retail store.
Banking services continue to advance as technology continues to change the way people bank and purchase. Banking services continue to advance as technology continues to change the way people bank and purchase. Brent Farley is the managing member of Farley Law, PLLC
Farley Law, PLLC helps business owners identify business and legal strategies they can use to protect business and personal assets, increase and keep more income, and increase peace of mind regarding the way their business operates. Have a question or a comment? Send us a note at business@farleylawpllc.com, or set up an introductory call using our bookings service.