Account Opening Requirements
All U.S. financial institutions are required by the Federal government to maintain a Customer Identification Program (CIP) which conforms to the requirements of the USA Patriot Act. Federal law mandates that banks, verify and record information that identifies each person who opens an account.
As a new customer we will ask for documentation confirming the validity of your name, address, date of birth along with other information allowing us to identify you. We will need to collect information from identifying documents or papers such as a driver’s license, passport, or government issued identification card. For businesses we will require paperwork documenting the existence and structure of your business. You may be asked to provide a Corporate Resolution, Trade Name Affidavit or State Sales Tax License as well as identifying documentation for those individuals permitted to conduct business on behalf of your organization. All new customers will be scanned against current government lists of “disallowed individuals”.
Upon opening a new account, existing customers will be asked to provide the same identifying documentation if we have not previously collected this information or the Bank needs to update the information currently on file. If for any reason an account owner is unable or unwilling to provide acceptable documentation of their identity, we may be required to suspend or close any affected account.
Any account may be closed by the account holder at any time. It will be the responsibility of the account holder to confirm that any outstanding payment orders are satisfied prior to closing an account. The account holder should also confirm that any pre-authorized recurring automatic account charges or drafts are discontinued prior to account closure. The account holder will be responsible for any fees or penalties imposed prior to closing an account.
Any account may be closed by the Bank if the account has been misused by the account holder, is maintained in an overdraft condition for an unacceptable period of time, suffers an unacceptable number of overdraft occurrences, or for any reason that the Bank deems advisable and justified.
Closed accounts will receive a final account statement covering any activity up to the date of account closure. Interest bearing accounts will receive all legally mandated tax documentation. Penalties may be imposed for early withdrawal of funds from select interest bearing accounts.