davehpi
05-09-2013, 04:14 PM
I own 50% of an S-Corp (company A) that is a manufacturing company. ( not related to the other owner, also 50%) My wife & I also own another S-corp that is basically not active and owes money to a local Credit Union (company B). My question is, if the Credit Union goes after me personally or Company A (I think we signed personal guarantee) can they also try to go after Company B because they know I own 50%. Company B has no debt but banks with the same credit union as Company A, so the loan officer has access to both accounts.
The reason I ask is this: I am president of Company B so I have been making large deposits from customer payments into that account. My loan officer from Company A is making it difficult for us to access our money (deposit holds) even after a year with them. He is asking for updated personal financial statements and tax returns relating to company A, before he will release these deposit holds on Company B, which has nothing to do with Company A at all, other than I own stock in both companies.
I am going to a different bank for Company B, but there will still be holds for the first 30 days I'm told.
Is it normal for a bank to tie up client funds for 2 or 3 weeks even after a year? I can't do business like that, we need immediate access to our money.
I hope this makes sense to someone. Sorry for rambling.
The reason I ask is this: I am president of Company B so I have been making large deposits from customer payments into that account. My loan officer from Company A is making it difficult for us to access our money (deposit holds) even after a year with them. He is asking for updated personal financial statements and tax returns relating to company A, before he will release these deposit holds on Company B, which has nothing to do with Company A at all, other than I own stock in both companies.
I am going to a different bank for Company B, but there will still be holds for the first 30 days I'm told.
Is it normal for a bank to tie up client funds for 2 or 3 weeks even after a year? I can't do business like that, we need immediate access to our money.
I hope this makes sense to someone. Sorry for rambling.