Regardless of the industry, attracting and retaining quality employees is often a challenge for many business owners.  Many times, when employees leave the company, they are not removed as an authorized signatory on bank accounts, their debit cards aren’t canceled, and online access isn’t revoked.

This oversight can cause business owners to take unnecessary risks and losses should the former employee continue to access the accounts or a hacker/imposter gains access using the former employees’ profile, identity or access device.

 At least annually, and when an employee with any sort of access to the business bank accounts leaves the company, be sure to:
  • Request copy of current signature card. Ensure all account signers are valid.
  • Review users on your online banking platforms. Delete users as needed.
  • Request list of open and active business debit and credit cards. Cancel cards as appropriate.
  • Review wire transfer agreement to ensure no unauthorized or former employees still have access to call in or approve wires.
I suggest making it part of your annual business review process and employee off-boarding checklist.

For more tips and best practices, reach out to an experienced business banker at Gainey Business Bank today!



S. Rachel Guerrero | VP – Treasury Management Sales
O: (480) 571-7697 | C: (480) 209-3941
8501 N Scottsdale Rd. Suite 120 | Scottsdale, AZ | 85253