Something that many people are not aware of, especially fellow small business owners, is that BUSINESS accounts often have little or NO protection from fraud or criminal activity. This is especially true for business debit cards and wire transfers, as discussed in this article from NPR:
NPR Article about dangers of business banking
As long as banks are not required by law to do something (like provide fraud/criminal liability protection), they will resist doing so. They’re in business to make money, not spend it on nonsense like protecting their clients’ funds. Someone, through means unknown to you, can use your business debit card info (without even having possession of your card) and wipe out your account– and the bank will shrug their shoulders and point to the “agreement” you supposedly signed accepting that they provide no relief in these situations. As I myself have learned, even the simplest of expected protections for your account may not even exist– i.e. the bank may not even verify the NAME on the transaction matches the name on the account. Besides suing banks, (a class action would probably be a good thing here), there’s not much you’ll be able to do to attempt recovery. Lobbying a banker friendly government doesn’t seem to help much either, in terms of getting laws changed. So perhaps you should “vote with your money”– check to see what liability and fraud protection are available on your accounts. If your bank doesn’t provide satisfactory protections, bank elsewhere. You can spend some time checking various bank websites to see if they offer “zero liability protection” on business accounts, or call/visit banks for more details. Be aware though that banks may make a distinction between “small business” and other businesses…a small business may be afforded protections that a larger business may not. Yep, they’ll be glad to take alot more of your money, and give you even less in return.