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The First National Bank of Sparta
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Business Checking

Choose from a variety of business accounts tailored to your needs.  For more information contact our New Account Representative. 
 
 REGULAR CHECKING 
  • Tiered Account - See table below
Service Charge Balance 
Charge $5.00 Less than $100 
Charge $4.00 $100.01 - $200
Charge $3.00 $200.01 - $300
Charge $2.00 $300.01 - $400
No Charge
$400.01 and up
NOW CHECKING
  • Interest Bearing Account
  • $750 Minimum Balance
  • Unlimited deposits/withdrawals
SUPER NOW CHECKING 
  • Interest Bearing Account
  • $1000 Minimum Balance
  • Unlimited deposits/withdrawal

The Beneficial Ownership Rule

Beneficial Ownership is a new rule from the Financial Crimes Enforcement Network (FinCEN), which requires all covered financial institutions to collect and verify from certain non-exempt legal entities specific information about the beneficial owners of the entity at the time a new account is opened.  The intent of the Beneficial Ownership Rule is to assist authorities in counteracting money laundering, tax evasion, and other financial crimes. FinCEN requires all covered financial institutions to begin collecting the  information for new accounts opened no later than May 11, 2018.

Beneficial Ownership information is required…

  • With each account opening, or
  • With any modifications to an existing account, or
  • If there were changes in beneficial ownership since last certifying for your organization, or
  • As may be requested by First National Bank of Sparta. 
    • Note:  After a signed form is provided to First National Bank of Sparta for the first time, with each subsequent account opening or modification we will provide a Re-Certification of Beneficial Owner(s) Form with select fields pre-populated to be confirmed.  The remainder of the form will then need to be completed and signed by a Natural Authorized Person.
The form requires, among other information, name, primary residence, date of birth, Social Security Number (as applicable), and photo ID for the Beneficial Owners and Control Person.

DEFINITIONS 

Beneficial Owner 

Each individual with 25% or more equity interest in the legal entity.

Control Person

Single individual with significant responsibility to control, manage, or direct a legal entity customer (e.g. executive officer or senior manager).

Natural Authorized Person (NAP) 
An individual authorized to open accounts or provide information on behalf of the legal entity.
Legal Entity 
  • Corporation
  • Limited liability company
  • Partnership
  • Other entity created by filing a public document with a Secretary of State or similar office
  • General partnership
  • Any similar entity formed under the laws of a foreign jurisdiction that opens an account
A Legal Entity Does Not Include 
  • Sole proprietorship's or unincorporated associations.
  • Refer to the section on exclusions and exempt below for more details on whether your company is impacted by this requirement.
 

MINIMUM REQUIRED DOCUMENTATION

 
SOLE PROPRIETOR/DBA
  • Current Identification
  • Assume Name Certificate 
PARTNERSHIP
  • Partnership Agreement
  • Resolution
  • Certification of Beneficial Ownership of Legal Entities
  • SS-4 Document
LLC
  •  LLC Agreement
  • Resolution
  • Certification of Beneficial Ownership of Legal Entities
  • SS-4 Document 
CORPORATION
  • Articles of Incorporation
  • Resolution
  • Certification of Beneficial Ownership of Legal Entities
  • SS-4 Document
NON-PROFIT
  • Bylaws
  • Meeting Minutes
  • Resolution