THE BOURNE FIRM
Security is serious. Be certain to understand your bank's security measures. And if you use online banking, confirm that your password, the electronic key to your money, is securely stored.
Controls are key. On a related note, be certain that banking controls exist, are documented and are communicated to the bank. This includes authority for opening accounts, making money transfers and closing accounts. Best practice is for the approval of two people to be required to open an account.
Guarantees be gone. Delete personal guarantees from bank agreements. Liability should be limited to your company. Do not be left holding the bag.
Narrow indemnification obligations. A broad indemnification provision in a bank agreement can tremendously expand the scope of your company's liability. Take quick look at this provision. Verify that it is reasonable in the context of commercial banking.