Should I notify my Bank about an internal change in LLC membership

[hexamon]

All,

I just joined the forum, my apologies if I am posting in a wrong section.

Here's the question. I am a partner in LLC founded in 2011. The company has a single bank account, we've been doing pretty well. Recently one of the partners decided to leave the company for personal reasons. We worked out the terms of separation, everything is going well on that end. My question is should I notify the Bank about this internal change in the company once the change is finalized? If so, is there a, sort of, general process for this or does every financial institution has its own "rules"?

Thanks,

regards
gg

[Freelancier]

Only if the partner is a signer on the account, then you sign some papers as the managing partner to revoke their access to the account. It's a pretty simple step, no drama to do it.

[hexamon]

Thanks Freelancier!

[TAAccounting]

Hexamon,

I would recommend notifying your personal banker (or rep) regardless if they are a signer or not. This will keep things clear on both ends and can nip any potential liabilities that can arise later on.

On my part, whenever I finish with a client, I send a notification to both the client and the bank to terminate my password and login. This is just good "Due Diligence" and trust me, it prevents a lot of troubles later on.

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[hexamon]

TAAccounting,

Thanks a bunch. I will most certainly notify the bank as soon as the change is completed.

Thanks,