I've been using a small-town Credit Union for all of my personal banking for many years and have always been really happy with them. When I first set up the account, it included Checking, Savings, and a Credit Card. Since that time, I've used their website to open up several more accounts. One thing that's really nice about their website is if I want a secondary savings account, all I have to do is click a button and give it a name. So I entered "Escrow Account" as the name and hit the "Add Savings Account" button and bam, new account. Or "Vacation Savings" and hit the button and bam, another new account. It's super convenient because it allows me to bucket money for specific purposes, and I don't have to go into the bank, call them, or email. It's all automatic.
It seems it's a different story in the business world. I've got also got a small business account with that Credit Union, and recently I wanted to do the exact same thing - I wanted to immediately open secondary and tertiary savings accounts through their website. So I was surprised to see that in place of that "Add Savings Account" button was a different link, labeled "Contact Us to Open a New Account." It seems they offer no automatic way to add on secondary accounts for businesses.
And it's not just small-town Credit Union, either. I started calling around several other credit unions and banks in the area, to see if any of them offered this feature. None of them do. Several do have the same option for personal accounts, of quickly and effortlessly adding on additional accounts. But not for business. They need you to come in, fill out paperwork, set up signers, etc. All of this is surprising to me only because you have to fill out all that paperwork anyway for the first account. How hard would it be just to automatically copy over all the same values for the second account, on the backend?
Is there some law or regulation that prevents this from happening for business users? Having experienced it on the personal side of things, I know how useful it is. So it's very frustrating when encountering a seemingly arbitrary roadblock on the business end.