© 2018 All Rights Reserved - Peoples State Bank of Munising
Business Savings Accounts
Business Savings • No minimum amount required to open account. • No minimum balance required.* • Interest bearing. • Access to online banking. Fees may apply, please inquire for more details. Public Fund Savings • No minimum amount required to open account. • No minimum balance required.* • Interest bearing. • Access to online banking. Fees may apply, please inquire for more details. Business Certificates of Deposit Certificates of Deposit • 91 day through 5 year terms available • Interest bearing • Competitive rates *An inactivity fee of $1 per month may be imposed on accounts with no deposit or withdrawal activity for six months or longer AND that have a balance of $10 or less. ---------------------------------- IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING OR CHANGING AN ACCOUNT WITH PEOPLES STATE BANK The federal government has enacted new requirements under the Bank Secrecy Act for owners of businesses meeting the definition of a legal entity. Effective May 11, 2018, the federal government will ask covered financial institutions, which include but are not limited to insured banks and federally-insured credit unions, to identify the two types of beneficial owners: those who satisfy the “ownership section” and those who satisfy the “control section.” Ownership section – The term “beneficial owner” includes each individual who, directly or indirectly, owns 25 percent or more of the equity interests of the legal entity customer. Control section: The term “beneficial owner” means a single individual with significant responsibility to control, manage, or direct the legal entity customer (e.g., a Chief Executive Officer, Vice President, Treasurer, etc.). Therefore, each time an account is opened, whether a new or existing customer, the bank is required to obtain, verify, and record the identities of the beneficial owners of legal entity customers. If you have any questions regarding the new requirements, please contact us at 1-877- 861-2520.
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© 2018 Peoples State Bank of Munising - All Rights Reserved
Business Savings
Accounts
Business Savings • No minimum amount required to open account. • No minimum balance required.* • Interest bearing. • Access to online banking. Fees may apply, please inquire for more details. Public Fund Savings • No minimum amount required to open account. • No minimum balance required.* • Interest bearing. • Access to online banking. Fees may apply, please inquire for more details. Business Certificates of Deposit Certificates of Deposit • 91 day through 5 year terms available • Interest bearing • Competitive rates *An inactivity fee of $1 per month may be imposed on accounts with no deposit or withdrawal activity for six months or longer AND that have a balance of $10 or less. ---------------------------------- IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING OR CHANGING AN ACCOUNT WITH PEOPLES STATE BANK The federal government has enacted new requirements under the Bank Secrecy Act for owners of businesses meeting the definition of a legal entity. Effective May 11, 2018, the federal government will ask covered financial institutions, which include but are not limited to insured banks and federally-insured credit unions, to identify the two types of beneficial owners: those who satisfy the “ownership section” and those who satisfy the “control section.” Ownership section – The term “beneficial owner” includes each individual who, directly or indirectly, owns 25 percent or more of the equity interests of the legal entity customer. Control section: The term “beneficial owner” means a single individual with significant responsibility to control, manage, or direct the legal entity customer (e.g., a Chief Executive Officer, Vice President, Treasurer, etc.). Therefore, each time an account is opened, whether a new or existing customer, the bank is required to obtain, verify, and record the identities of the beneficial owners of legal entity customers. If you have any questions regarding the new requirements, please contact us at 1-877-861-2520.
