Better Understanding. Better Banking.
Knowing which documents you need to open a new business account can be confusing. They can change based on the type of business you have and where you are located. This information is designed to give you a better understanding of what you will need to bring with you to the bank.
One of the most important concepts is the definition of a “beneficial owner.” A beneficial owner is an individual who owns or controls the entity doing business with Midland States Bank. Federal regulation requires financial institutions to obtain, verify and record information about the Beneficial Owner, including but not limited to-name, SSN#, address, DOB, and photo identification.