Hanmi Bank has launched a new Hanmi Bank subaccount service designed to help businesses manage their funds efficiently and systematically.
The subaccount service allows businesses to maintain multiple dependent accounts under a single master account, enabling them to divide and manage funds according to specific purposes.
This financial solution is well-suited for businesses requiring separate fund management for multiple clients within a single business account, such as title companies, escrow services, 1031 exchanges, homeowners associations (HOAs), property management companies, attorneys, and CPAs.
With subaccounts, designated corporate users can check real-time account statuses via online banking anytime and anywhere, open new subaccounts, transfer funds between accounts, generate detailed reports, and view past statements all in one place. However, direct deposits and withdrawals cannot be made directly from each subaccount; transactions must be processed through the master account.
Furthermore, Hanmi Bank’s subaccount service eliminates the hassle of opening new accounts every time fund purposes or managed clients change, enabling more flexible and efficient cash management.
The service reduces the administrative burden of banking operations in business management while enhancing compliance and transparency. It also allows businesses to manage tax documents, such as W-9 forms, for each subaccount directly within the Hanmi online banking platform.
Integrated with the electronic signature system DocuSign, the service makes it easy to collect and securely store documents required for account opening and management. Additionally, interest calculation and allocation methods can be finely customized for each account based on business needs.
For more information, visit your nearest Hanmi Bank branch or check the official webpage at www.hanmi.com/ko/business/subaccounts/.
