Opening a business account

Required documentation

To help the government fight financial crime, federal regulation requires financial institutions to obtain, verify and record information about the beneficial owners of legal entities. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who ultimately own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes.

What information do I have to provide? 

You are required to provide the full legal name, physical address, date of birth and social security number for the individuals listed below. The Credit Union will also ask to see and may retain a clear copy of a driver’s license or other unexpired government issued photographic identification (ID) for each person listed below.

• Beneficial Owner: Each individual, if any, who owns, directly or indirectly, 20% or more of the equity interests of the legal entity (e.g., each natural person that owns 20% or more of the shares of a corporation). Indirect ownership includes ownership by an individual that is held through another corporate entity.
• Control Individual: An individual with significant responsibility for managing the legal entity (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President or Treasurer), or any other individual who regularly performs similar functions. At least one control individual must be designated for each account.
• Authorized Signer: An individual who has the authority to transact any business or receive payment of funds on all share, checking, certificate accounts and lines of credit associated with the account.

Types of businesses and required information 

Certain documents are required based on the legal structure of the business. Additional documents may be required if there is unclear or missing information in the documents provided. The Credit Union recognizes that various states, counties, and/or local municipalities may have variations of the titles of specific business documentation. These documents will be acceptable if found to be reasonably comparable to Global’s documentation requirements.

*If business is operating under a trade name or Doing Business As (DBA) an alternate name from the primary entity, further documentation may be required.

Corporation

1. Business License (may be waived for non-profit corporations)
2. Employer Identification Number (EIN) Letter CP575 (or EIN Replacement Letter LTR147C)
3. Current Initial Report/Annual Report/Biennial Report, OR
   Filed Articles of Incorporation, OR
   Certificate of Incorporation AND
   Corporate Resolution

Limited Liability Company (LLC)

1. Business License
2. Employer Identification Number (EIN) Letter CP575 (or EIN Replacement Letter LTR147C), OR
   If this is a Sole Proprietorship LLC that has no employees, the Social Security Number of the Sole Proprietor
3. Current Initial Report/Annual Report/Biennial Report, OR
   Filed Articles of Organization, OR
   Certificate of Organization AND
   Operating Agreement

Organization or Association

1. Business License (may be waived for non-profit organizations or associations)
2. Employer Identification Number (EIN) Letter CP575 (or EIN Replacement Letter LTR147C)
3. Resolution, OR
   Filed Articles of Organization, OR
   Meeting Minutes

Partnership

1. Business License
2. Employer Identification Number (EIN) Letter CP575 (or EIN Replacement Letter LTR147C)
3. If this is a limited partnership or limited liability partnership,
   Filed Partnership Agreement, OR
   Certificate of Limited or Limited Liability Partnership AND
   Operating Agreement

Sole Proprietorship

1. Business License
2. Employer Identification Number (EIN) Letter CP575 (or EIN Replacement Letter LTR147C), OR
   If the Sole Proprietorship has no employees, the Social Security Number of the Sole Proprietor