You will need the following information when opening a business account:
- Tax ID # filing receipt
- All Corporate documents, showing that your business is a: Corporation, LLC, Partnership, etc.;
- Information needed from the signors on the account:
- Government issued ID showing current address. If there is a PO Box number on the ID then a bill showing the home address is required.
- Mother’s maiden name
- Social Security number
- Name and address of employment; if different from account
- Home and work telephone numbers
- Email Address
- Date of birth; if not on picture ID
Beginning May 11, 2018, new Federal Regulations require all banks to ask business customers who are opening an account for the identifying information (name, address, date of birth, social security number and identification) of the business’ “beneficial owners”. The rule defines a beneficial owner as:
- Each individual that owns 25% or more of the company; and
- An Executive Officer or Senior Manager (CEO, CFO, COO, Managing Member, General Partner, President, Vice President, Treasurer); or any other individual who regularly performs similar functions.
This information is required under the Bank Secrecy Act and is intended to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism.