When you open a business account, banks are required by federal law to ask who owns and manages the business. This isn’t a Savers Bank policy, it’s a rule that applies at every bank. Our role is to explain what’s needed and help you move through it as smoothly as possible.
Why This Is Required
Federal regulations require financial institutions to collect Beneficial Ownership information for business accounts. This helps ensure the right people are connected to each business and supports efforts to prevent fraud and other financial crimes.
If you open a business account anywhere, you’ll be asked for similar information.
What “Beneficial Owner” Means
A beneficial owner is a real person who:
• Owns 25% or more of the business (directly or indirectly), and/or
• Has significant responsibility for managing the business
This often includes roles such as:
• CEO, President, or Managing Member
• CFO or Treasurer
• General Partner
In some cases, the same person may meet both of these definitions.
What Information Is Collected
For each beneficial owner and one controlling person, banks are required to collect:
• Full legal name
• Home address
• Date of birth
• Identification number (such as SSN or passport number)
We understand this is personal information. It’s collected to meet legal requirements and we protect it using the same privacy and security standards we apply to all customer data.
Who Needs to Provide This
Most businesses are required to provide Beneficial Ownership information, including:
• Corporations
• LLCs
• Partnerships
Some organizations, such as certain nonprofits and large operating companies may be exempt under federal rules.
If you’re unsure how your business is classified, we can help you.
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