Account Opening Identification Requirements:
Important Information about new procedures for opening an account mandated by the USA PATRIOT Act
To help prevent the government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act, a Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account, including business accounts.
What this means for you:
When you open an account, we will ask for your name, address, date of birth and other information that will allow us to indentify you. We may also ask to see your Driver's License or other identifying documents. If you are opening an account on behalf of a business entity, documents relating to the business may also be requested.
Opening a banking relationship will require two pieces of identification:
Your primary identification document should be an unexpired government issued ID, which includes your picture such as a State of Florida Driver's License, Military Identification card, or a United States passport.
Your secondary identification document can be your utility bill, voter registration card, property tax bill, insurance card, credit card, or Social Security card.
Please contact us for more information on other alternatives that would also meet the ID requirements. We can also help with information on business and organizational document requirements. You can reach us at (561)624-4400
Joint Tenancy with Right of Survivorship
If two or more persons select a joint tenancy account on the Account Application for an account, the signers agree that they own that account as joint tenants with right of survivorship. This means we may pay out all or part of the funds in the account to, or upon the order of, any one owner of the account. Also, if an owner dies, the funds remaining in the account will be payable to the surviving owner(s). Except for transfer of ownership upon the death of one or more of the joint owners, the title and ownership of a joint account can be changed only by closing the account and opening a new account. This type of account ownership does not create a tenancy by the entirety.
Payable on Death
(Upon Your Death, the Account Balance is Payable to Your Designated Beneficiary).
If you open an account as trustee for a named beneficiary, without other formal trust papers, the account will be treated as a Payable on Death. You may make deposits, withdrawals, or close the account at your discretion, and you may change the beneficiary. After your death, the balance in the account will be paid to the beneficiary or to his or her legal representative if the beneficiary is a minor. This is subject to applicable law, and to the provisions of other documents covering the account. The owner, or any owner if there is more than one, may change the designated beneficiary (ies) without the consent of any other owner or the beneficiary (ies). Between owners, where there is more than one, the account is considered a joint account with right of survivorship, and is subject to the provisions referred to above for joint accounts. The beneficiary must survive both owners to receive the balance of the account.
Custodial Accounts for Minors
When you establish an account and make any deposit as custodian for the benefit of a minor, you are making that deposit under the Florida Uniform Transfers to Minors Act, and all deposits to that account shall be governed by that Act. If you would like, we will happily provide you with a copy of the Act for your records. Deposits may be made to an account controlled by an adult acting as custodian for a person who is not yet 18 years old (a minor). Once a deposit is made to the account, that deposit and the interest it earns belong to the minor. Until the child reaches the age of 18, control of the account generally remains in the hands of the custodian. Tax liability generally will be in the name of the minor, and the custodian must therefore include the minor's Social Security Number when the account is opened. Only one adult at a time may serve as custodian for a minor. Consult your tax adviser concerning this type of account.
You may establish other types of Accounts for the benefit of another person. These Accounts may be opened by a legal representative of another party, such as an executor, administrator or conservator of an estate, or trustee under a trust agreement. We may require you to provide us with documents, satisfactory to us, that authorize you to act as a fiduciary before we establish a fiduciary Account for you.