No. If the investor doesn’t trust the founder or team with the bank accounts, you shouldn’t be investing and they certainly are not an Angel nor VC.
Such investors tend to have more of a lender mentality – unless they really just have trust issues – and it’s likely they come out of inventory or accounts receivable financing and just don’t get the concept of equity investing.
Keep looking – this does not sound like the right investor for a classic startup.
If said investor now owns a majority of the company, technically, it’s more their business than anyone’s. If you’ve done that though, they’d really not be an investor so much as your business partner. And it really wouldn’t be unreasonable in such a case for such a request.
Real Angels and VCs don’t want to be so involved in your business. It’s an investment, not a job.