EFFECTIVE MAY 11, 2018, Federal law requires all financial institutions to obtain, verify and record information that identifies the beneficial owners of all legal entity customers (subject to certain exclusions and exemptions) at the time a new account is opened, or an existing account renews. This incudes Checking Accounts, Savings Accounts, Certificates of Deposits, Safe Deposit Boxes, and Loans.
Tax Exempt documentation must be provided to qualify as a Non-Profit Organization. These accounts will not be charged a monthly service charge fee; however, based upon the account activity, the Bank retains the right to require Account Analysis. All other organization/assoiation-type accounts will be assessed a monthly service charge of $7.00. This service charge will be waived if the customer chooses to receive an eletronic statement (e-Statement).