Español Locations Contact Rates Quick Links Toggle site search Personal Business Wealth About Insights News Login Jump to: Important Information about Account Opening Please read before opening a business account Contact Us Home Business Banking Business Checking Accounts Important Information about Account Opening BUSINESS STAGES Supporting your business Whether you're a startup or an established company, First American Bank is invested in your business plan. Explore Solutions Federal regulation streamlines the process At First American Bank, your business relationship is important to us. As such, our goal is to make the account opening process for businesses as efficient as possible. When opening a business account, First American Bank must ensure compliance with the Federal Government's Beneficial Ownership Rule (the “Rule”), which is aimed at helping the government fight against financial crimes and national security threats. Per the Rule, EACH time a new account (deposit, CD, loan, investment or safe deposit) is opened for a legal entity customer, we are required to ask the individual opening the account for identifying information (name, address, date of birth, and Social Security number for U.S. citizens or passport number for Non-U.S. individuals), as well as a photocopy of photo identification for the legal entities’ “Beneficial Owner(s)”, being: ONE individual that has significant managerial control of the legal entity; and If applicable, EACH individual that owns 25% or more of the legal entity. The individual opening the account on behalf of the legal entity will also be required to certify that the information provided is true and correct to the best of their knowledge. To prevent unnecessary delays, we suggest that you obtain the above information for each identified Beneficial Owner well in advance of opening a business account. If your business will frequently be opening new accounts, please keep Beneficial Owner information current and available to present EACH time you establish a new account. At the below link please find a Customer Guide to Beneficial Ownership with additional details regarding the Rule, a list of certain legal entities that are excluded from the Rule, as well as a Beneficial Owners Information Collection Form to aid in obtaining the necessary Beneficial Owner information. Customer Guide to Beneficial Ownership Should you have any questions, please do not hesitate to contact your relationship manager, or Customer Service at (847) 952-3700. First American Bank is a full-service bank with branches in Illinois, Wisconsin and Florida. Get Started Contact Us (847) 427-5000 Go to slide 1 Go to slide 2 We have been First American Bank customers for over 20 years and we have enjoyed excellent service. The bank staff is very friendly and we are always greeted personally when we visit. Share Your Story Business Articles Business Calculators Meet Our Business Experts Frequently Asked Questions Get More For Your Money Financing options for enterprises of all sizes Business Loans Streamline your business finances Digital Services We Do More For Your Money First American Bank in Illinois, Wisconsin and Florida offers valuable personal and business banking solutions including checking accounts, savings accounts, mortgages, commercial loans and much more. Bank online, with our mobile app or visit one of our conveniently located branches today. Customer Service Phone Number: (847) 952-3700 Routing Number: 071922777 Our Team FAQs Connect With Us Facebook icon Twitter icon Linkedin icon Instagram icon © 2021 First American Bank Careers Sitemap Website Accessibility Terms of Use Privacy & Security