No matter what field you’re in, hiring a new employee can be a busy time for your company. While managing all the necessary orientation tasks and administrative paperwork, it’s important to also remember the steps you need to take with your bank to get your new hire fully onboard.
If your new employee is going to have access to any of your business’ bank accounts, the first thing to do is notify the bank so his or her name and other basic information can be added to these accounts.
Next, you will want to go into your Business Online Banking account and add your employee as a new account user. If he or she is a “beneficial owner” on any account, the bank will be required to ask you for certain identifying information, like name, date of birth and social security number. We may also ask for a valid I.D. such as a driver’s license or passport. This is part of a new rule for all financial institutions enacted in May 2018 as part of the Bank Secrecy Act and is intended to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism.
Any signature cards associated with your company’s accounts will also need to be updated with your new employee’s signature. Similarly, any accounts that require a token for secure log in should be updated at this time.
Remember, if your company has multiple accounts (such as Business Checking, Business Savings and Business Certificates of Deposit), you will need to update each of them with the required information.
If you have any questions, please don’t hesitate to contact your local branch, business banker or our call center.