Corporation Account

A Corporation Account is a legal entity that is used to hold funds belonging to a corporation. The account is opened in the corporation’s legal name. It allows a business to keep its finances separate from the personal finances of its owners.

WHAT TO BRING TO THE BANK

Bring the following documents to open a Corporation Account:

• Employer Identification Number (EIN) CP-575 letter issued by the IRS. Note: The EIN should match the legal name of the corporation as it is registered with the Secretary of State.
• Valid US or MA government-issued photo for each signer. Note: if you do not yet hold any other account at WSB, you will be required to bring an additional form of ID (such as a credit card, Social Security Card, or a Health Insurance Card)
• Customer Information Form and Business Information Form completed by all signers
   

WHO WILL NEED TO COME TO THE BANK

Various account documents will need to be signed by the appropriate parties at the Bank:

• Signature Card: All authorized signers
• Resolution: All authorized signers and Secretary/Clerk or Treasurer must certify
• Business Account Questionnaire: One authorized signer
• Beneficial Ownership: All parties that own 25% or more of the business must be listed and present a valid ID, even if they will not be signers on the account.
• Business Online Banking:
  • Application: Senior Administrator
  • Resolution: Clerk or Secretary
  • Agreement: Senior Administrator

TIPS

To expedite the account opening process:

• Call 617-928-9000 to schedule an appointment with a Personal Banker at a nearby WSB branch location. 
• Send copies of the required documents, such as the Customer Information Form and Business Information Form, prior to the first appointment to: support@watertownsavings.com and include in your email the name of the Personal Banker you will be meeting with.

Take these extra steps to prepare your documents:

• The fastest way to get your Employer Identification Number (EIN) is to go to irs.gov and search for “EIN”. Remember: it is free. Save the CP-575 form.
• Be prepared to answer a New Business Account Questionnaire. 
  • Questions will address these areas: Business Description, Expected Types of Transactions (domestic/foreign deposits/withdrawals, volumes, cash/wires), Account Classification, Ownership Structure (identify anyone who owns 25% or more of the business), and Special Requirements.

Once your account is set up, you will be able to take advantage of Watertown Savings Bank’s business services:

• Enroll in WSB Business Online Banking during your appointment with a Personal Banker to access your account through watertownsavings.com
• Once you are enrolled in WSB Business Online, you will also be able to access your account on the WSB Business Mobile Banking app from iOS Store or Google Play. 

Thank you for your interest in opening a Corporation Account at Watertown Savings Bank.

Important: This guide provides general information only. Documentation requirements may vary based on the customer, account purpose, legal documents, and bank account-opening requirements.