Neither state nor federal laws prevent you from withdrawing cash from a business account at a bank or credit union. However, you can only make a cash withdrawal on behalf of a firm if you are an authorized signer of the business, although you can cash a check drawn from the account even if you have no affiliation with the business.
Signers
Rules about opening business accounts vary from bank to bank, although some states, such as California, have rules in place that specify the kinds of documentation that you need in order to open a bank account. Anyone authorized to transact on a business account must sign a business signature card at account opening. You can add or remove signers over the course of time by completing an updated signature card. You may choose to assign debit cards to the signers; in which case, they can make cash withdrawals at automated teller machines. Generally, anyone who acts as a signer can come into the bank and make a cash withdrawal at the teller line.
Two Signatures
Some businesses and other non-natural entities such as charitable organizations, establish business accounts on which two signatures are required for all withdrawals. On such an account, you cannot make a cash withdrawal unless you go to the bank along with one of the other authorized signers. Furthermore, since ATM cards are assigned to specific individuals, you cannot get ATM or debit cards for an account on which two signatures are required for withdrawals. Therefore, these accounts protect a business against unscrupulous employees making withdrawals but also make funds less accessible.
Large Currency Transaction Report
The Bank Secrecy Act aims to combat terrorism and money laundering activities, and under the provisions of the act, banks must complete Large Currency Transactions Reports on account holders who make cash withdrawals in excess of $10,000. If you make a withdrawal on behalf of a business, you must provide the teller with details of the business, such as its name and address. However, even though the account does not belong to you, the bank must also record your personal information, since from a BSA perspective, you are acting as an agent on behalf of the business. Therefore, you must provide the bank with your name, address, Social Security number and a form of government issued identification.
Cashing Checks
Many businesses pay employees with checks, and employees can cash these checks, although some banks do charge check cashing fees. If the authorized signers of a bank account cannot get away from work to go to the bank, they can make a check payable to cash and ask another member of staff to cash the item. Anyone can cash a check made payable to "cash" by endorsing it and providing the bank with a valid form of ID.