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When you're ready to become a business member at Coosa Valley Credit Union, you will be required to provide several pieces of information.
For Our Business Members
When you open a new account or apply for a new loan on or after May 11, 2018, you will be required to provide information about your beneficial owners.
A Beneficial Owner is:
- Each individual who owns 25% or more of the company.
- One individual who has significant managerial responsibility for the company.
Information You Will Need to Provide
- Address (Personal or Business)
- Date of Birth
- Social Security Number or Tax Identification Number
Acceptable Forms of Identification
- Driver's License
- State-Issued Identification Card
- Alien Identification Card
Why We Need this Information
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Section 326 of the USA PATRIOT Act requires that financial institutions identify and verify the identity of the beneficial owers of all legal entity customers at the time a new account is opened. The identification and verification procedures for beneficial owers are very similar to those you currently follow as individual members. When you open an account, we will ask you to identify the beneficial owners of your company, as defined above. You will need to provide the following for each beneficial owner: Name, Address, Date of Birth and other identification information that will allow us to identify and verify the identities of your beneficial owners. We may also ask for a driver's license or other identifying documents for each beneficial owner.