Online Account FAQs
You can open an account as an individual or with joint ownership. An individual account is an account in the name of one person. A joint account is an account in the name of one or more persons. Online accounts can only be opened with two owners. The account owner(s) must have a social security number to open an account online. The primary account owner is responsible for any tax ramifications related to the joint account. The primary owner is generally the first person listed on the account unless the bank is notified otherwise. Persons under 18 years of age cannot open individual accounts.
Why do you need my email address?
We need your email address to complete the funding process when you elect to fund your account electronically. We may also send you important information regarding your account process.
Why is my social security number needed?
We obtain, verify and record your social security number for identification purposes. If you do not wish to enter your social security number online, please call us a 1-888-XXX-XXXX or visit your local branch to open an account.
Employment Status – "What is This"
This information is used to help us confirm your identity.
Employer Name - "Why do you need this information"
If you answered the employment status as either "employed" or "self-employed", we will ask for additional information in regard to your employer including the name, address and phone number. This information is used as a means of confirming your identity.
Occupation Description - "What is occupation description"
This is a brief description of what you do for a living. An example would be attorney, car dealer, construction worker, doctor, farmer, plumber, truck driver, etc. We will use this information to assist us in confirming your identity.
Electronic transfer is the method used to make your initial deposit. Your deposit will be transferred from an existing account at Generic Bank and Trust or from another account at a different institution.
A percentage of the interest or payments paid on your account will be withheld for income tax purposes. There are both civil and criminal penalties if you provide false information to avoid backup withholding.
