My checking account got 'cloned' by someone who is writing fake checks using checks that look real.
I'm off to the bank in a few minutes to close that account and reopen a new one. The bank cleared $1500 worth of bad checks, each written for $500. I have protection on that account so its the bank that is out the money, not me.
Then, at the same bank, I'm opening a new business checking account. Somehow I missed a meeting, got named the President of the fencing club, so now it is my job to get us a bank account. We had been using the treasurer's personal bank account as the club account, he just kept a good ledger of the funds, but he's now 65 and wants to turn that job over to someone else just in case he dies. The club was officially accepted by the I.R.S. as a "non-profit" corporation about a month ago so now it's time to take all those papers to the bank, open an account, and deposit the money into the bank. He will still be the one controlling the money but we will have the ability to have multiple people sign checks, use a club 'debit' card for ordering equipment, etc.
All the checks, petty cash, legal documents, etc, will be stored at the fencing club in a file cabinet instead of scattered between his house and my house in piles on our respective desks