Entity Types
Unincorporated business where the owner may conduct business under his/her own social
Rating given to customers/businesses based on their risk to the bank.
What is a Risk Code?
Business License or Drivers License
What is Sole Proprietorship/DBA?
Informal club, charitable organization, or other unincorporated organization
What is Non-Profit Organization/Association?
What is 25% or more?
Legal document/agreement that designates a person with the responsibility of managing an individual's assets for the benefit of an eventual beneficiary.
What is Trust?
Document that is filled out at account opening with information regarding business type, expected weekly cash in/out, on-site ATMs, and more.
What is Non-Consumer Information Worksheet?
What is Articles of Incorporation?
Account created when an attorney must hold funds for a client where the interest goes to a non-profit foundation determined by the state's legal bar.
What is IOLTA?
Changes in beneficial owners, changes in nature of the business, adding a new account, CD or loan renewal.
What is a Triggering Event?
A business owned and operated between two or more people. The business is created on an agreement.
What is a Partnership?
Type of verification where documentation to prove the legitimacy of the business is required.
What is Documentary Verification?
Certificate of Formation and/or Articles of Organization
What is LLC?
Account established with the intent to raise money for medical, educational, or incidental expenses of a survivor, victim, or family member.
What is Tragedy/Benefit Account?
What is Ownership and Control?
An entity formed under state law by individuals, stockholders, or shareholders and registered with the Secretary of State.
What is a Corporation?
Notice provided to customers at account opening stating the bank is going to verify their identity.
What is Customer Notice?
Letters of Testamentary or Letters of Administration
What is Estate?
Account created to house funds raised during campaign events in order to keep those funds separate.
What is Campaign Account?
Corporation, Limited Liability Companies, Limited Partnerships, General Partnerships, Business Trusts, and any other entity created by state office filing
What is included entities?
A legal entity formed that is a collective sum of an individuals assets at death.
What is an Estate?
Verification at SOS, Letter of Welcome, Customer Telephone Call, ChexSystems Verification
What is Non-Documentary Verification?
Partnership
What is Partnership Agreement?
Non-incorporated business filed under state laws with one or more members
What is Limited Liability Company (LLC)?
Changes in beneficial owners, changes in nature of the business, adding a new account, CD or loan renewal.
What is a Triggering Event?