In order to help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies all persons opening new accounts or being added as signatories to existing accounts. The Woodford State Bank cannot waive this requirement.
What this means to you:
When you open an account, or are being added as a signatory to an existing account, we will ask you for the following information:
Name
Physical Address
Mailing Address, if different than Physical Address
Date of Birth
Social Security Number or Tax Identification Number
Copy of a government issued photo ID (such as driver’s license, passport, State issued ID, etc.)
Additional data or identification, as required under the USA Patriot Act, may also be gathered depending on the type of account being opened.
IMPORTANT INFORMATION ABOUT OPENING A LEGAL ENTITY ACCOUNT
Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.
EACH time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for:
Each individual that has beneficial ownership (25% or more); and,
One individual that has significant managerial control, of the Legal Entity.
If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.
A corporation, partnership, trust or other legal entity may need to provide other information, such as its principal place of business, local office, employer identification number, certified articles of incorporation, government-issued business license, a partnership agreement, or a trust agreement.
We may also require you to provide additional information, such as your net worth, annual income, occupation, employment information, etc.
What happens if I don’t provide the information requested or my identity can’t be verified?
You or your business may not be able to open an account or carry out transactions. If you or your business has already opened an account, you or they may have to close it.
Data on an existing customer will be gathered as they open or use additional services offered by the Bank. The USA PATRIOT Act requires the Bank to maintain records of the identification, verification information and to update existing information.
Confidentiality of this information will be maintained as required under the Privacy Act and all other applicable laws and regulations.
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I have been doing business with Woodford State Bank for 38 years with no problems. Yes, their service is that good. Small town bank that can serve you right away with anything.
During the past year, our company has been working with Scott, Erik, and Rory. I can say that we have been more than satisfied with their services. With their expertise, they helped us through our PPP Loan process from start to finish. They took the time to answer all of our questions in detail and within a timely manner.
Your service is amazing. I was working with another large, national bank that took over 90 days, and I eventually canceled. Woodford State Bank made the process extremely smooth and easy.
Woodford State Bank has the resources and drive to satisfy the needs of their customers. They went to great lengths to secure the best possible terms for Sugar River Cold Storage. I highly recommend them for all your personal and commercial needs.
I want to express my appreciation for the excellent customer service your employees continually display. I am always welcomed with a warm smile and a personal greeting. Thank you for your great leadership and community involvement. It is a pleasure to bank with you and all the great employees at Woodford State Bank.
Woodford State Bank has been the bank of RBS Activewear, Inc., for over 30 years. It has also helped us grow our business. We plan to continue to work with them for all our future business needs.
I want to thank each and every person that I have been in contact with during my refinance and transfer of my home loan. During a stressful time for our world, this was made easier by the wonderful and efficient employees at Woodford State Bank. I feel content and secure knowing our forever home is in your hands!
I have worked with Michelle to refinance all three of my rental properties this year. She’s very prompt in returning my calls, looking into options for me and keeping me up to date on the progress as we went along. Woodford State Bank was great to work with, and I look forward to working with them in the future.
The employees of Woodford State Bank are incredibly giving and creative supporters of Big Brothers Big Sisters of Green County! We always look forward to their participation in our Bowl for Kids’ Sake events because they have and share such wonderful community spirit, both internally and outwardly. Our agency is grateful for such amazing support, especially throughout the past pandemic months. Our matches, board and staff thank you all for your support!
