BENEFICIAL OWNERSHIP NOTICE

Under the Ben­e­fi­cial Own­er­ship Rule, a legal enti­ty is defined as:

• Cor­po­ra­tions
• Lim­it­ed Lia­bil­i­ty companies
• Lim­it­ed Partnerships
• Gen­er­al Partnerships
• Statu­to­ry Trusts
• Any oth­er enti­ty cre­at­ed by fil­ing with a state office

• Indi­vid­u­als
• Sole Pro­pri­etor­ships
• Unin­cor­po­rat­ed Asso­ci­a­tions Trusts which have not been filed with the state

If you want to open an account or make changes to an exist­ing account for a legal enti­ty, you or some­one else will have to sign a cer­ti­fi­ca­tion that ver­i­fies the fol­low­ing information:

• Names
• Address­es
• Dates of Birth
• Iden­ti­fy­ing num­bers (such as Social Secu­ri­ty Numbers)
• Pho­to Identification

This infor­ma­tion will be required for any indi­vid­u­als hold­ing 25% or more of equi­ty in the legal enti­ty, as well as for any one per­son who has sig­nif­i­cant con­trol over the orga­ni­za­tion, such as a Gen­er­al Man­ag­er or CEO.

The Ben­e­fi­cial Own­er­ship rule requires us to have our mem­bers re-cer­ti­fy their own­er­ship and con­trol­ling individual’s infor­ma­tion under the fol­low­ing circumstances:

• Open­ing a new account, includ­ing loans and/or lines of credit
• Loan exten­sions or renewals
• Account maintenance/updates (address changes, etc.)
• Change in account own­er­ship and/or signers
• Change in own­er­ship struc­ture of the business
• Change in ben­e­fi­cial own­er­ship of the business

Dai­ly trans­ac­tions such as deposits or with­drawals will not be affect­ed, but these new require­ments mean it will usu­al­ly require more time to com­plete changes such as those list­ed above. We strong­ly encour­age you to sched­ule an appoint­ment on our web­site. Please make sure to bring all the required infor­ma­tion with you, as we will be unable to com­plete these changes with­out com­plet­ing the cer­ti­fi­ca­tion process first.

No. We can take the required infor­ma­tion and iden­ti­fy­ing doc­u­men­ta­tion (pho­to ID, etc.) from one indi­vid­ual act­ing on behalf of the own­ers and/or con­trol­ling individuals.

Yes. Ben­e­fi­cial own­er­ship infor­ma­tion is con­sid­ered con­fi­den­tial and is pro­tect­ed using secu­ri­ty mea­sures that com­ply with fed­er­al and state law.