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Frequently Asked Questions (FAQ'S)

 

Who may open the account?

The General Partners will establish the account.

What documentation is required?

  • Assumed Name Certificate / DBA
    • Required if partnership is doing business under a trade name
    • Also referred to as Fictitious Name Certificate or Name Registration
    • The Assumed Name Certificate should be properly filed in the county or state in which the partnership is doing business
  • Partnership Agreement
    • Required if partnership is not clearly indicated on the Assumed Name Certificate / DBA
  • Franchise Agreement
    • Only required if partnership is operating as a franchisee
  • Proper ID from each partner and any additional authorized signers
    • Except for U.S. Military IDs, photocopies of identifying documentation will be retained
    • ID must be valid (non-expired)
  • Social Security numbers for each authorized signer
  • Taxpayer Identification Number (TIN/EIN) for the partnership
    • Cannot be the Social Security number of a partner
    • Apply anytime online at www.irs.gov or call 1-800-829-4933 (7:00 AM – 10:00 PM, Monday - Friday)
  • Beneficial Ownership Information for each Beneficial Owner of the general partnership

What is a Beneficial Owner?

A Beneficial Owner is an individual who:

  • Directly or indirectly, owns 10% or more of the equity interests of an entity
  • One individual with significant responsibility for controlling or managing the entity, for example, the senior executive officer, senior manager, etc

Federal regulation requires financial institutions, such as Woodforest, to obtain, verify and record information about the Beneficial Owner(s).

Does a Beneficial Owner need to be present to open an account?

No. Any representative authorized to open an account on behalf of the legal entity can provide information about the Beneficial Owners via the Beneficial Ownership Form.

What information about the Beneficial Owner(s) is needed to open an account?

A completed Beneficial Ownership Form with information such as:

  • Name and title of person opening account
  • Name and address of entity for the account
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for Non-US Citizens), residential address, country of citizenship, country of residence, and percentage of ownership for each Beneficial Owner
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for Non-US Citizens), residential address, country of citizenship, country of residence for each controlling individual (this information is required even if no equity owner has 10% or greater ownership)
  • Certification that information provided is complete and correct

Who may open the account?

All general partners must be present and on the account. If the general partner is a legal entity, such as a corporation or LLC, the authorized representative (Director, Officer, Manager) of that entity may open the account. Legal entity general partners must be in good standing with the state.

In the event there is an entity listed as the governing authority, the Bank will require documents from the listed entity that is the partner, managing member, governing party, etc.

What documentation is required?

  • Certificate of Partnership
  • Certificate of Filing
    • This certifies that the Certificate of Limited Partnership was filed with the state
  • Assumed Name Certificate / DBA
    • Only required if partnership is doing business under a trade name
    • Example: If “Smith Construction Ltd” also does business under “John’s Construction”, a DBA would be required
    • Also referred to as Fictitious Name Certificate or Name Registration
  • Application for Registration of Foreign Limited Partnership (required if the LP is opening an account in a state other than the state of original filing)
  • Franchise Agreement
    • Only required if partnership is operating as a franchisee
  • Proper ID from each partner and any additional authorized signers
    • Except for U.S. Military IDs, photocopies of identifying documentation will be retained
    • ID must be valid (non-expired)
  • Social Security number for each partner and any additional authorized signers
  • Taxpayer Identification Number (TIN/EIN) for the partnership
    • Cannot be the Social Security number of a partner
    • Apply anytime online at www.irs.gov or call 1-800-829-4933 (7:00 AM – 10:00 PM, Monday - Friday)
  • Beneficial Ownership Information for each Beneficial Owner of the Limited Partnership

What is a Beneficial Owner?

A Beneficial Owner is an individual who:

  • Directly or indirectly, owns 10% or more of the equity interests of an entity
  • One individual with significant responsibility for controlling or managing the entity, for example, the senior executive officer, senior manager, etc

Federal regulation requires financial institutions, such as Woodforest, to obtain, verify and record information about the Beneficial Owner(s).

Does a Beneficial Owner need to be present to open an account?

No. Any representative authorized to open an account on behalf of the legal entity can provide information about the Beneficial Owners via the Beneficial Ownership Form.

What information about the Beneficial Owner(s) is needed to open an account?

A completed Beneficial Ownership Form with information such as:

  • Name and title of person opening account
  • Name and address of entity for the account
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for Non-US Citizens), residential address, country of citizenship, country of residence, and percentage of ownership for each Beneficial Owner
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for Non-US Citizens), residential address, country of citizenship, country of residence for each controlling individual (this information is required even if no equity owner has 10% or greater ownership)
  • Certification that information provided is complete and correct

Who may open the account?

At least one individual appointed as Manager (or Managing Member) of the business within the Articles/Certificate of Formation or most recent Public Information Report. If a state-recognized Manager will not be signing on the account, a formal, notarized letter on company letterhead authorizing the account to be established may be requested.

The managers (or members) are charged with the management of the LLC, the managers (or members) must authorize managers, officers, or other persons to open the account. It may be necessary to review the LLC’s regulations (similar to by-laws) to determine whether the LLC is managed by its members or elected managers.

If the individual establishing the account is not listed within the Articles of Organization as a manager or member, the Bank must collect a formal letter on company letterhead giving authority to establish the accounts.

In the event there is an entity listed as the governing authority, the Bank will require documents from the listed entity that is the partner, managing member, governing party, etc.

What documentation is required?

  • Articles of Organization (also referred to as Certificate of Formation or Certificate of Organization)
  • Certificate of Filing
    • This certifies that the Articles of Organization were filed with the state
  • Certificate of Foreign Entity Registration and Foreign Articles of Organization (required if the LLC is opening an account in a state other than the state of original filing)
  • Assumed Name Certificate / DBA
    • Only required if corporation is doing business under a trade name
    • Example: If “Smith Construction LLC” also does business under “John’s Construction”, a DBA would be required
    • Also referred to as Fictitious Name Certificate or Name Registration
  • Franchise Agreement
    • Only required if corporation is operating as a franchisee
  • Proof that the LLC is active and/or in good standing in the applicable state
    • Typically referred to as a Certificate of Good Standing
    • In many cases, the Bank can obtain this information online. If the information cannot be obtained, you must provide the document. For example, businesses charted in Alabama must provide this documentation.
  • Proper ID from each authorized signer
    • Except for U.S. Military IDs, photocopies of identifying documentation will be retained
    • ID must be valid (non-expired)
  • Social Security numbers for each manager/member and any authorized signers
  • Taxpayer Identification Number (TIN/EIN) for the LLC
    • Cannot be the Social Security number of a member (unless it is a single member LLC with no employees)
    • Apply anytime online at www.irs.gov or call 1-800-829-4933 (7:00 AM – 10:00 PM, Monday - Friday)
  • Beneficial Ownership Information for each Beneficial Owner of the Limited Liability Corporation

What is a Beneficial Owner?

A Beneficial Owner is an individual who:

  • Directly or indirectly, owns 10% or more of the equity interests of an entity
  • One individual with significant responsibility for controlling or managing the entity, for example, the senior executive officer, senior manager, etc

Federal regulation requires financial institutions, such as Woodforest, to obtain, verify and record information about the Beneficial Owner(s).

Does a Beneficial Owner need to be present to open an account?

No. Any representative authorized to open an account on behalf of the legal entity can provide information about the Beneficial Owners via the Beneficial Ownership Form.

What information about the Beneficial Owner(s) is needed to open an account?

A completed Beneficial Ownership Form with the following information:

  • Name and title of person opening account
  • Name and address of entity for the account
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for Non-US Citizens), residential address, country of citizenship, country of residence, and percentage of ownership for each Beneficial Owner
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for Non-US Citizens), residential address, country of citizenship, country of residence for each controlling individual (this information is required even if no equity owner has 25% or greater ownership)
  • Certification that information provided is complete and correct

Who may open the account?

All general partners must be present and on the account. If the general partner is a legal entity, such as a corporation or LLC, the authorized representative (Director, Officer, Manager) of that entity may open the account. Legal entity general partners must be in good standing with the state.

In the event there is an entity listed as the governing authority, the Bank will require documents from the listed entity that is the partner, managing member, governing party, etc.

What documentation is required?

  • Articles of Organization (also referred to as Certificate of Formation or Certificate of Organization)
  • Certificate of Filing
    • This certifies that the Articles of Organization were filed with the state
  • Certificate of Foreign Entity Registration of a Limited Partnership (required if the limited partnership is opening an account in a state other than the state of original filing)
  • Assumed Name Certificate / DBA
    • Only required if corporation is doing business under a trade name
    • Example: If “Smith Construction LLC” also does business under “John’s Construction”, a DBA would be required
    • Also referred to as Fictitious Name Certificate or Name Registration
  • Franchise Agreement
    • Only required if corporation is operating as a franchisee
  • Proof that the Partnership is active/and or in good standing in applicable state
    • Typically referred to as Certificate of Good Standing
    • In many cases, the Bank can obtain this information online. If the information cannot be obtained, you must provide the document. For example, businesses charted in Alabama must provide this documentation.
  • Proper ID from each partner and any additional authorized signers
    • Except for U.S. Military IDs, photocopies of identifying documentation will be retained
    • ID must be valid (non-expired)
  • Social Security numbers for each manager/member and any authorized signers
  • Taxpayer Identification Number (TIN/EIN) for the LLP
    • Cannot be the Social Security number of a member (unless it is a single member LLC with no employees)
    • Apply anytime online at www.irs.gov or call 1-800-829-4933 (7:00 AM – 10:00 PM, Monday - Friday)
  • Beneficial Ownership Information for each Beneficial Owner of the Limited Liability Partnership

What is a Beneficial Owner?

A Beneficial Owner is an individual who:

  • Directly or indirectly, owns 10% or more of the equity interests of an entity
  • One individual with significant responsibility for controlling or managing the entity, for example, the senior executive officer, senior manager, etc

Federal regulation requires financial institutions, such as Woodforest, to obtain, verify and record information about the Beneficial Owner(s).

Does a Beneficial Owner need to be present to open an account?

No. Any representative authorized to open an account on behalf of the legal entity can provide information about the Beneficial Owners via the Beneficial Ownership Form.

What information about the Beneficial Owner(s) is needed to open an account?

A completed Beneficial Ownership Form with information such as:

  • Name and title of person opening account
  • Name and address of entity for the account
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for Non-US Citizens), residential address, country of citizenship, country of residence, and percentage of ownership for each Beneficial Owner
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for Non-US Citizens), residential address, country of citizenship, country of residence for each controlling individual (this information is required even if no equity owner has 10% or greater ownership)
  • Certification that information provided is complete and correct

Who may open the account?

At least one individual appointed as Director or Officer of the business within Articles/Certificate of Formation or most recent Public Information Report. If a state recognized Director or Officer will not be signing on the account, a formal, notarized letter on company letterhead authorizing the account to be established may be requested.

The Board of Directors must authorize the officers of the corporation or other agents of the corporation to open the account. If the individual establishing the account is not listed within the Articles of Incorporation as a Director or Officer, the Bank must collect a formal letter on company letterhead giving authority to establish the accounts. Alternatively, a copy of meeting minutes from the Board of Directors which show who has been given direction to open accounts may be accepted. The minutes should be signed by at least one state-recognized board member.

What documentation is required?

  • Certificate of Formation or Articles of Incorporation
  • Certificate of Filing
    • Note: The Certificate of Filing is not sufficient on its own; rather it may be used in conjunction with the Certificate of Formation or Articles of Incorporation
    • Articles of Incorporation should reflect a file stamp consistent with the filing number and/or date found on the Certificate of Filing
  • Certificate of Foreign Entity Registration and Foreign Articles of Incorporation (required if the corporation is opening an account in a state other than the state of original filing)
  • Assumed Name Certificate / DBA
    • Only required if corporation is doing business under a trade name
    • The Assumed Name Certificate should be properly filed in the county or state in which the corporation is doing business
    • There is no limit to the number of Assumed Name Certificates / DBAs, if the nature of the business is consistent
    • Example: If “Smith Construction Inc.” also does business under “John’s Construction”, a DBA would be required
    • Also referred to as Fictitious Name Certificate or Name Registration
  • Franchise Agreement
    • Only required if corporation is operating as a franchisee
  • IRS Determination Letter
    • Only required if corporation is non-profit
    • Non-profit corporations that wish to open, and are eligible for, NOW accounts must provide a copy of the IRS determination letter.
  • Agency Agreement (required if the business/entity is an insurance agent or broker acting as an agent of an insurance company).
  • Proof that the corporation is active and/or in good standing in the applicable state
    • Typically referred to as a Certificate of Good Standing
    • In many cases, the Bank can obtain this information online
    • If the information cannot be obtained, you must provide the document (For example, businesses incorporated in Alabama must provide this documentation)
  • Proper ID from each authorized signer
    • Except for U.S. Military IDs, photocopies of identifying documentation will be retained
    • ID must be valid (non-expired)
  • Social Security number for each authorized signer
  • Taxpayer Identification Number (TIN/EIN) for the Corporation
    • Cannot be the Social Security number of an authorized signer/director/officer
    • Apply anytime online at www.irs.gov or call 1-800-829-4933 (7:00 AM – 10:00 PM, Monday - Friday)
  • Beneficial Ownership Information for each Beneficial Owner of the Corporation

What is a Beneficial Owner?

A Beneficial Owner is an individual who:

  • Directly or indirectly, owns 10% or more of the equity interests of an entity
  • One individual with significant responsibility for controlling or managing the entity, for example, the senior executive officer, senior manager, etc

Federal regulation requires financial institutions, such as Woodforest, to obtain, verify and record information about the Beneficial Owner(s).

Does a Beneficial Owner need to be present to open an account?

No. Any representative authorized to open an account on behalf of the legal entity can provide information about the Beneficial Owners via the Beneficial Ownership Form.

What information about the Beneficial Owner(s) is needed to open an account?

A completed Beneficial Ownership Form with information such as:

  • Name and title of person opening account
  • Name and address of entity for the account
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for Non-US Citizens), residential address, country of citizenship, country of residence, and percentage of ownership for each Beneficial Owner
  • Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for Non-US Citizens), residential address, country of citizenship, country of residence for each controlling individual (this information is required even if no equity owner has 10% or greater ownership)
  • Certification that information provided is complete and correct

Who may open the account?

Officers or authorized parties identified within the meeting minutes and notarized letter.

What documentation is required?

  • Organization’s Charter
  • Organization’s By-Laws or Operating Agreement
  • Signed formal letter, preferably on letterhead, and signed meeting minutes stating the Organization’s intent to open an account and who will be authorized to sign
    • NOTE: This document is NOT sufficient on its own, rather it may be used in conjunction with the Organization’s Charter and By-Laws / Operating Agreement
  • Proper ID from each partner and any additional authorized signers
    • Except for U.S. Military IDs, photocopies of identifying documentation will be retained
    • ID must be valid (non-expired)
  • Social Security numbers for each authorized signer
  • Taxpayer Identification Number (TIN/EIN) for the association
    • Cannot be the Social Security number of an authorized signer
    • Apply anytime online at www.irs.gov or call 1-800-829-4933 (7:00 AM – 10:00 PM, Monday - Friday)

Who may open the account?

The Trustee is the only person who may establish the account and transact.

What documentation is required?

  • Copy of the Certificate of Trust identifying the Grantor/Settlor/Trustor, trustee(s) and beneficiaries OR a completed WNB-Certificate_of_Trust_form.pdf:
    • Exceptions to this requirement are Qualified Income Trusts/Miller Trusts.
    • A copy of the first page and last page (signature page with notary acknowledgment) of the Trust Agreement is needed
    • If the trust is signed for the Grantor/Settlor/Trustor using a Power of Attorney or Guardianship appointment, supporting documents will be necessary.
  • Taxpayer Identification Number of either the Grantor/Trustor or of the trust itself
    • If there is more than one Grantor, be prepared with which EIN (grantor or trust’s) will be used for IRS reporting purposes:
      • Grantor's SSN: Certify your SSN on the signature card
      • Trust’s EIN: Provide a copy of the IRS letter assigning the EIN to the trust
        • EIN for trust is required if the trust is Irrevocable
  • Proper ID from the Trustee(s)
    • Except for U.S. Military IDs, photocopies of identifying documentation will be retained
    • ID must be valid (non-expired)