Should I or Shouldn't I
A business customer comes in to open an account. They do not have any supporting documentation nor are they listed on SOS. They say they are an "association" so they really don't have anything.
What is shouldn't open it until you receive additional information to know who has authority even if just meeting minutes
Most obtain an EIN for banking purposes only
What is Associations
If the name of the owner on a Sole Proprietor is not listed within the DBA this is required
What is W9
Two main types of Corporations
What is S and C
"Owners" of an LLC
What is a member
A non-signer of an organization comes into make changes on an account requesting signer changes
What is shouldn't until you get proper documentation that gives that person permission to make the changes
When creating an individual within DNA, WTC’s CIP Policy requires both of these date related pieces of information for primary identification
What are the Issue and Expiration Dates
An established Corporation will have this documentation
What is Articles of Incorporation or Corporate Charter
Types of Partnerships
What is general and limited
Individual whose primary responsibility is to receive and a maintain an entities annual tax and business filings.
Who is the Agent
A customer is unable to answer all the questions associated with a Business Questionnaire
What is shouldn't open the account. Answers could affect how you proceed with opening an account.
The tax reported for on an IOLTA
What is the RI Bar Foundation
An additional form required when opening a Franchise Account
What is Franchise Agreement
Typically associated with a "DBA"
What is a Sole Proprietor
This individual serves as the primary contact for Washington Trust in relation to Business Online Banking access
Who is Super User
The new business is run through, IDV and OFAC and passes. The signers are run through IDV and OFAC and all pass.
Should. Do not run signers through Chex
An Agent of Escrow account can be either
What is person or an organization
The documentation that shows a Non-Profit is an actual non-profit
What is a letter addressed to the Non-profit from the IRS or on IRS website
A cross between a proprietorship and corporation
What is LLC
Individuals who have access to Business Online Banking for an entity or group of entities, but are not able to contact Washington Trust for assistance with a password reset or other log in related issues
Who is Additional User
A sole owner is deceased can I close the account out if another signer on the account?
Shouldn't. If sole owned the account will now go to their estate.
The tax reported for on a RI Girl Scout account
What is Girl Scouts of Southeastern New England
The generic document required for all business accounts
What is Business Questionnaire
The status of a "true" non-profit
What is 501c 3
The person required on a bene owner form.
Control Person