Information Requirements – Business Banking

In accordance with banking regulations, certain information is required to be collected from personal banking customers, business banking customers, and any person(s) identified as beneficial owner(s) of the business at the time of opening a new deposit account, a new loan or loan renewal, or when there is change in ownership or nature of a business.

BUSINESS BANKING CUSTOMER INFORMATION REQUIREMENTS

Below is a list of the general information needed to open a business account (deposit or loan) at Fidelity Bank. Certain accounts may require additional information.

    • Name of business
    • Tax identification number
    • Legal structure (e.g. LLC, Partnership, Corporation)
    • Validation of business existence (e.g. business governing documents, articles of corporation/organization, partnership
      agreement, court documents, state registry verification, etc.)
    • State of formation
    • Nature of business (e.g. construction, health care, etc.)
    • Mailing and physical address (if different)
    • Contact phone number
    • Purpose of account (e.g. operating, payroll, etc.)
    • Expected level of cash activity (e.g. under/over $10,000/mo.)
    • Beneficial owner information. Required for anyone owning 25% or more and one control1 person:
      • Name
      • Percentage of ownership
      • Title or role (e.g. CEO, President, Manager, etc.)
      • Tax identification number
      • Valid government photo identification issued at least 30 days ago (can be a photocopy)
      • Date of birth
      • Mailing and physical address (if different)
      • Contact phone number
      • Mother’s maiden name (for additional security)
      • Citizenship/residency status (e.g. US citizen, resident alien, etc.)
      • Occupation (e.g. doctor, dentist. builder, attorney, etc.)

    1 A control person can be defined as a person who has significant responsibility for managing the legal entity.