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#15632 - 04/17/02 05:23 PM Business Account Documentation
AMXSteve Offline
Joined: Jun 2001
Posts: 75
Wilmington, OH, USA
I'm trying to determine what documentation other institutions require from business customers to open an account. Our Security Dept. wants greater amounts of information while are branch sales managers are pushing for less info that has to be gathered. What are other banks requiring? Actual Articles of Incorporation or just an in-house business resolution completed at the institution (we use a Bankers Systems form)? Do you get basic info for each signer (SSN, mother's maiden name, etc.) I'd like to determine that what we require from customers isn't out of line with what other banks are doing.

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General Discussion
#15633 - 04/18/02 04:47 PM Re: Business Account Documentation
Dolly Nugent Offline
Diamond Poster
Dolly Nugent
Joined: Nov 2000
Posts: 1,820
Southern California
We ask for legal documentation in addition to the signature card. This would include Articles of Incorporation, partnership agreements, fictitious business name statement etc. We also collect information about each authorized signer. This information includes everything we would need to complete a CTR or SAR when the individual is the conductor. The American Bankers Association recently published an industry guide that is great. It's called "Identification and Verification of Accountholders."
Dolly Nugent
Opinions expressed are my own.

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#15634 - 04/18/02 05:13 PM Re: Business Account Documentation

Check to see if your secretary of state in your state has a website. In Indiana, we can check online to find out when a business was incorporated, the address where they are located and for a small fee, who the owners are. If information doesn't match up, it could be a red flag. You might want to look into it along with the other procedures mentioned.

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