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Your primary account

Your primary account is your first bank account with Griffin. It is opened automatically when we set up your organization, and will stay open for as long as you're a Griffin customer. It is the basis of your banking relationship with us and has some unique features, in addition to acting as a standard operational account.

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You can't close your primary account, or change the account that acts as your primary account.

Standard features​

Like every other operational account, your primary account:

  • Holds your funds. Note that this account should only be used to hold your money, and never money that belongs to your customers.
  • Earns interest. Your primary account will earn interest at the same rate as any other operational accounts. (Learn more about interest.)
  • Makes payments. Your primary account has access to all the same payments capabilities as your other bank accounts.
  • Can be renamed. It will be called "Primary account" by default, but you can change this at any time.

Unique features​

Your primary account enables important Griffin services and benefits. These include:

  • Automatic billing. Your fees for using Griffin will be deducted automatically from your primary account each month.
  • Commission. If you earn commission from funds held by your customers, it will be paid into your primary account. (Learn more about commission.)
  • Interest payments from safeguarding accounts: If you use Griffin for safeguarding, we pay the interest on those funds into your primary account. (This is because paying interest directly into your safeguarding account would constitute co-mingling of funds.)