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Documents Required To Open A Business Account
by Ken Golliher, BOL Guru
BIO AND CONTACT INFO

Question: I would like to know what documents other banks require when opening business accounts. We require only EIN and resolutions at this time.

Answer: "Evidence of existence" seems to be missing from your documentary scheme. While it is optional now, when CIP regulations take effect October 1, 2003 you will need a policy in place that describes your verification methods.

For creatures of statute ; e.g., corporations, LLC's and Limited Partnerships, evidence of existence can be a certificate of good standing from your Secretary of State's(SOS) Office or a simple trip to the SOS web site if it allows you to verify their existence electronically.

For sole proprietorships and general partnerships, verification consists of copies of business licences, DBA certificates, sales tax licenses and a variety of other routine documents any legitimate business could readily produce.

Check with your state bankers association to see if they offer a new accounts or deposit administration seminar. These things are routinely covered in those programs along with examples of what might be available in your state.

First published on BankersOnline.com 8/18/03





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