Mathematics With Business Applications Section 4-1 Deposits Answers

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Frequently Asked Questions

What is a Beneficial Owner?

A Beneficial Owner is an individual who owns or controls the entity doing business with Bank of America. Federal regulation requires financial institutions to obtain, verify and record information about the Beneficial Owner.

The following individuals are considered Beneficial Owners:

Each individual who, directly or indirectly, owns 25% or more of the equity interests of an entity.
One individual with significant responsibility for controlling or managing the entity, for example the senior executive officer, senior manager, etc.

What does a Beneficial Owner need to apply online?

Name and title of person opening account
Name and address of entity for the account
Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for foreign individuals), residential address, country of citizenship, country of residence, and percentage of ownership for each Beneficial Owner
Name, date of birth, Social Security number (U.S. Citizens), passport number and country of issuance (for foreign individuals), residential address, country of citizenship, country of residence for each controlling individual (this information is required even if no equity owner has 25% or greater ownership)
Certification that information provided on the Beneficial Owner and/or controlling manager is accurate

How long does it take for my account to be opened online?

Application decisions are often immediate. In some cases, we may require additional supporting documentation to approve your application.

If we need additional information for our review, we will email you with the requirements. If requested, you have 11 days after you apply to send us your supplemental documents.

After your account is open, you should receive your debit card and checks (if ordered) within 5-7 business days. Visit us at a financial center for a temporary debit card and/or checks.

How do I make an initial deposit for an account that I just opened online?

If you are already a customer, you can make your opening deposit by transferring money from your existing account. If you're transferring money from another bank, you can use a Visa^® or MasterCard^® debit card, check or money order.

If for some reason your account isn't approved, your deposit request will be canceled.

Can I reorder my business checks online?

Yes, you can reorder checks online by signing in to Small Business Online Banking and selecting your account. On your account page there is a link to reorder checks. You can also reorder checks by calling 1.888.BUSINESS (1.888.287.4637).

Do I pay an additional fee for Bank of America Small Business Online Banking?

No. There are no additional fees to sign up for and use Bank of America Small Business Online Banking. In fact, once you sign up you'll have access to our online and mobile features such as mobile check deposit, online account management tools and access to your account online 24/7. Fees may apply for additional services.

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