New Business Account Requirements
Due to new rules under the Bank Secrecy Act, all banks now require business customers to provide information about beneficial owners when opening a new account, renewing a Certificate of Deposit (CD) or applying for a new loan. This rule is commonly known as the Beneficial Ownership rule.
A beneficial owner is:
- Each individual who owns 25% or more of the company.
- One individual who has significant managerial responsibility for the company.
Information you will need to provide:
- Address (personal or business)
- Date of birth
- Social Security or Tax Identification Number
Acceptable forms of identification:
- Driver’s License
- State-issued Identification Card
- Alien Identification Card
What types of accounts are impacted?
- Checking, savings and money market
- CDs (new or renewed)
- Safe Deposit boxes
What businesses are affected?
- Limited liability company (LLC)
- General partnerships
- Any other entity created by a filing of a public document with a Secretary of State or similar office
What businesses are generally or partially exempt from the requirements?
- Sole proprietorships
- Trusts and estates
- U.S. & state government entities
- Registered insurance companies
- Publicly-traded companies & subsidiaries
- Charities and non-profit entities
- Unincorporated associations such as scout troops or youth sport leagues
Why do we need this information?
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens a business-related account.
If you know you will be opening a new business account or renewing a CD for your business, you can get started now! Simply download and complete this fillable PDF.
If you have questions, please contact your local branch, commercial banker or the Customer Care Center at 1.877.725.2207.