Resources /

Customer Due Diligence

New requirements for establishing accounts?

When you open a new deposit account or loan, or change authorized signers on an account, on or after May 11, 2018, you will be required to provide information about your beneficial owners.

A Beneficial Owner is:

  • Each individual who owns 25% or more of the company.
  • One individual who has significant managerial responsibility for the company.

Why Do We Need This Information?

To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify and record certain business account information.

Section 326 of the USA PATRIOT ACT requires that financial institutions identify and verify the identity of the beneficial owners of all legal entity customers at the time a deposit or loan account is opened, or when authorized signers of the account are changed.


Legal Entities that Require Additional Information:

  • Corporation
  • Limited Liability Corporation
  • Partnerships
  • Business Trust

Information Needed:

  • Personal Name
  • Personal Address
  • Date of Birth
  • Social Security or Tax ID Number

Acceptable Forms of Identification:

  • Driver's License
  • State-issued Identification Card
  • Passport
  • Military Identification Card

Additional information regarding the Customer Due Diligence Rule can be obtained from the United States Department of the Treasury, Financial Crimes Enforcement Network, FINCEN.

CDD Technical Amendment

FinCEN FAQs


© 2024 Mercantile Bank

BBB Accredited Business Equal Housing Lender Member FDIC

Please note that by using this link, you will be leaving Mercantile Bank's (the 'Bank') web site. The Bank takes no responsibility and makes no warranties, either expressed or implied, for any of the services, products or information available via this outside web site. The Bank is not responsible for and does not monitor the content, performance, policies (including any privacy policies) or administration of this outside web site, which are the sole responsibility of their creators and do not represent, explicitly or implicitly, positions, policies or opinions of the Bank, its affiliates, its employees or its Board of Directors.