Opening an Account

USA PATRIOT ACT-Important Information About Procedures for Opening a New Account

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 each person who opens an account.

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 identify you. We may ask to see your driver’s license or other identifying documents. Among other questions, we will also ask you how you plan to use the account.

You can learn more about the Patriot Act here and the Bank Secrecy Act here and the Customer Due Diligence Rule better known as Ultimate Beneficial Ownership Rule here.

Can I open a personal account?

Yes, you can open a NOW account here and/or personal Certificate of Deposit account (also known as a Time Deposit) here.

What documents do I need to open a personal account?

To open a personal account, you need to provide a valid ID (eg driver’s license, passport), and a proof of address (utility bill, bank account statement, rent agreement) that is less than 90 days old. You will also need to advise us regarding your occupation and source of funds.

Can I open an account for my business?

Yes, you can apply for a business account here

What documents do I need to open a business account?

To open a business account, you need the company owner’s valid ID (driver’s license, passport), and a recent proof of address (utility bill, bank account statement, rent agreement). You also need to provide various business documents: Proof of Formation, Certificate of Registry, Articles of Incorporation, amongst others.

Most Business account applications usually take 3 - 5 business days to be approved, however, due to the nature of the business some application will take longer.

Do I need to be a US citizen or resident to open an account?

No, Medici Bank is able to bank people and businesses from over 150 countries around the world.

My ID is expired or close to expiring, can I use it to open an account?

No, all IDs presented must be valid for a minimum of six months.

Still confused? Need help? Send us an email at Support@Medici.Bank