Employer Bank Account Question

PostEmployer Bank Account Question by **Zilnad** » Tue Aug 18, 2020 1:02 pm

Apologies that this query is going to be a bit thin on details but I don't have much information to work from and I'm trying to make sense of a situation that's making me uncomfortable.

If my employer wants to give me authorisation to access their business bank account (for paying suppliers, payroll, etc) should I have to go into a bank branch with my ID as part of that process?

I've never had to do anything like this in any previous employment and so it's making me anxious beyond belief. If there's any risk of damaging my own personal financial situation then I'm obviously going to tell work "no" but I'm not sure if I'm completely misunderstanding.

I'm trying to make sense of this before I go back to my boss as I need to be fully prepared. I'll try contacting the actual bank as well to see what they say.

PostRe: Employer Bank Account Question by **Zilnad** » Tue Aug 18, 2020 1:25 pm

I just spoke to the bank and they said it all sounds legit and there isn't any risk to my personal finances but I still feel uncomfortable about it all.

PostRe: Employer Bank Account Question by **Skarjo** » Tue Aug 18, 2020 1:39 pm

If they’re adding you as someone who has access to their accounts then getting ID and address verification from you is normal.

It won’t have any effect on your personal finances unless you start becoming a co-signatory to their business lending but it doesn’t sound like what this is. It just means that if you sign cheques etc they won’t bounce.

PostRe: Employer Bank Account Question by **Tomous** » Tue Aug 18, 2020 1:39 pm

What part are you uncomfortable with?

I have been given access to company bank accounts in past roles. How would certain duties be performed if employees didn't have access to the bank account?

PostRe: Employer Bank Account Question by **Zilnad** » Tue Aug 18, 2020 1:43 pm

Thanks guys, sounds like I was worrying about nothing. My company's track record of incompetence just makes me very wary of anything they ask me to do that I don't fully understand. I've never done anything like this before hence my apprehension but it sounds like I don't have anything to worry about.

PostRe: Employer Bank Account Question by **Dual** » Tue Aug 18, 2020 1:44 pm

Post the company bank details on here and we'll check if it's legit.

Report Director to ICO
Obtain access to company bank account
Profit!

PostRe: Employer Bank Account Question by **Tomous** » Tue Aug 18, 2020 2:02 pm

Zilnad wrote:Thanks guys, sounds like I was worrying about nothing. My company's track record of incompetence just makes me very wary of anything they ask me to do that I don't fully understand. I've never done anything like this before hence my apprehension but it sounds like I don't have anything to worry about.

Judging by the gooseberry fool your company routinely pull, I don't blame you for regarding every request with caution :lol:

I’ve asked a few company accounts over the years nothing shady to think about it. They usually have to verify you to access the account - I think last time with Lloyd’s they whipped out this huge (I’m not kidding) folder of paperwork and popped in a letter of consent from the directors with my signature & stuff on it. Seemed so ancient.

PostRe: Employer Bank Account Question by **BID0** » Tue Aug 18, 2020 5:22 pm

They normally just need your home address for collateral and then you’re all set

PostRe: Employer Bank Account Question by **rinks** » Tue Aug 18, 2020 6:24 pm

Is that level of responsibility in line with your position in the company? The only thing I’d be wary of is the directors setting you up as the fall guy for their embezzlement.

Employer Bank Account Question

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