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Business owner reviewing the account opening requirements

Account Opening Requirements

The essentials for opening a business bank account with everything you need to protect your financial future.

At First State Bank of St. Charles, we take pride in making it easy and efficient to open a business checking account. You can help expedite the process by pulling together the documents you’ll need for your type of business.

What you’ll need

Corporations & LLCs

  • Articles of incorporation
  • Corporate resolution
  • Fictitious name registration (if applicable)
  • Federal tax ID number
  • LLC operating agreement

Sole Proprietors

  • Fictitious name registration
  • Social Security Number or federal tax ID number
  • Personal identification

Partnerships

  • Partnership agreement
  • Fictitious name registration (if applicable)
  • Federal tax ID number

Not-for-Profit Organizations

  • Articles of incorporation and bylaws
  • 501(C)(3) tax determination letter
  • Fictitious name registration (if applicable)
  • Federal tax ID number
  • Organization resolution

How beneficial ownership protects your business

First State Bank of St. Charles is in full compliance with the U.S. Treasury’s Bank Secrecy Act (BSA), which helps prevent criminals from laundering money or hiding illicit proceeds.

Based on recent changes to the BSA, banks must now obtain specific information from the beneficial owners of certain types of businesses. A “beneficial owner” is defined as:

  • Each individual owning 25 percent or more of the company; and
  • One individual with the authority to exercise control of the business (e.g., CEO, executive officer or treasurer)

Depending on your business, one to five beneficial owners may be required to open a new account. Before opening a business bank account with us, we’ll determine if your account requires beneficial ownership documentation.

 For more information, please contact us to set up an appointment.

Find your account to start banking with First State Bank of St. Charles.