Opening Your Business Account The Callaway Bank

Ready to get started with your Missouri business account or apply for a business loan? We’ll do everything we can to make your account opening process quick and easy. By law, you will need to provide various forms of ID among other items. To help the process go smoothly, please review the list below of what is needed to open your account.

For Business Checking, Savings, Money Markets, and CD’s:

Tax ID number
Employer ID number
Business paperwork
Driver’s license or passport for each signer on the account
If the address you wish to put on the account does NOT match the address on your ID, we ask that you bring in any official form showing your current address.
Also see Beneficial Ownership Rules/Requirements, below.

For Business Loans:

A loan application can be completed by calling or stopping by any of our bank lobby locations.
Most recent paycheck receipt covering one full month
Most recent W2’s for last two years (If you are self-employed, or if you receive commission income, also include a copy of two year’s most recent Federal Income Tax Returns complete with supporting schedules.)
Most recent statement for each investment/retirement account listed on the application
Name and phone number of the insurance agent who provides your property insurance
Your business’s balance sheet listing assets and liabilities
Driver’s license or passport
If the address you wish to put on the account does not match the address on your ID, please bring in any official form showing your current address.

Beneficial Ownership Rules/Requirements:

All banks are subject to rules under the Bank Secrecy Act imposed by the United States Department of Treasury. This federal requirement will help law enforcement investigate involvement in terrorist financing, money laundering, drug dealing, fraud, and other financial crimes.

EACH time an account is opened or an existing account’s structure is changed for a covered business, which the rule calls a Legal Entity, we will be required to ask you for identifying information (Name, Address, Date of Birth, and Social Security Number), as well as a copy of your driver’s license or government-issued ID for:

EACH individual that has 25% or more Beneficial Ownership in the Legal Entity; and,
ONE individual that has Significant Managerial Control of the Legal Entity.
You will be asked to certify that this information is true and accurate to the best of your knowledge. We will provide a Beneficial Ownership Form to collect this information.

Please be assured that we go to great lengths to protect and maintain our customers’ and our country’s privacy and security.

Please keep all of the documentation mentioned above current and available to present EACH time you come in to establish a new business account or make changes to an existing business account, for each identified individual.

Contact Our Business Banking Team