Information about

Business Accounts

Beneficial Ownership Rule

Your business is important to us. Our goal is to make the business account opening process an enjoyable and efficient experience for you. All banks are subject to rules under the Bank Secrecy Act effective May 11, 2018 that will aid the government in the fight against terrorism and other national security threats. MCSB is required to identify and verify the identity of the beneficial owners of all legal entity customers at the time a new account is opened.

Visit United States Department of the Treasury Financial Crimes Enforcement Network | FinCEN.gov to keep up to date and for more details.

All Business Accounts

The following information will be needed for all account owners/signers as well as any individuals who directly or indirectly own 25% or more of the legal entity and/or the individual who has significant responsibility for managing the legal entity:

  • Name
  • Physical Address
  • Date of Birth
  • Social Security Number
  • Valid Government Issued ID

Sole Proprietor

  • SSN, or
  • EIN of the Owner

Limited Liability Company (LLC)

  • TIN of LLC
  • Articles of Organization
  • Operating Agreement

Partnership

  • TIN of Partnership
  • Partnership Agreement
  • Certificate of Partnership

Not-For-Profit Organization

  • TIN of Organization
  • If incorporated, follow corporation guidelines
  • If tax-exempt, IRS documentation or tax return
  • If not tax-exempt, authorization letter

Corporation

  • TIN of Corporation
  • Articles of Incorporation

For all account types a Fictitious Business Name filing may also be requested.