To ensure a smooth account opening, gather the necessary documents you’ll need to upload into the online application, and please be aware of the following things:
- Business must be either a Corporation for Profit, Limited Liability Company (LLC) or Sole Proprietorship (DBA).
- Sole Proprietorships (DBAs) with a DBA name registered with the State must enter the DBA name in the “Optional” DBA Name field.
- Sole Proprietors will need an electronic copy of their Town Certificate.
- Corporations for Profit and LLCs must be registered and in good standing with the Massachusetts Secretary of State.
- Corporations for Profit and LLCs will need an electronic copy of their most recent state filings and verification of their EIN (SS-4 Assignment Letter or Federal Tax Return).
- All signers will need to provide an electronic copy of their government issued identification.
Beneficial Ownership Guidance:
The Federal Government requires all U.S. Financial Institutions to identify the Beneficial Owners and a Control Person for each legal entity opening a bank account in the United States. This requirement applies to Corporations and LLCs. Sole Proprietors are exempt from this requirement.
A Beneficial Owner is any individual that owns 25% or more of the entity. A Control Person is any individual who has significant control of the entity.
During the account opening application process, you will be asked to identify all individuals who are Beneficial Owners, one Control Person, and at least one Signer, including their role and title (e.g. President, Treasurer, Manager) within the business.
An individual can be a Beneficial Owner, the Control Person and/or a Signer. They can be any combination of these roles or just one.
For Corporations and LLCs answer the Business Role question by choosing the appropriate combination of roles for each individual you are listing.
If you are a Sole Proprietor please choose the combination “Signer, Beneficial Owner and Control Person” from the drop down menu for the Business Role question (This is only to satisfy a system requirement). Ownership percentage will be 100%.
Should you need any assistance with Beneficial Ownership, please email BusinessOAO@mycapecodbank.com.
If you have any questions at any point of the application process, contact our Customer Assistance Center, or a Branch Manager – Small Business Specialist, or email email@example.com.