The success of your business is important to you. So we've made that our focus.
Central Minnesota Credit Union offers a full array of financial products and services including business accounts and loans. CMCU is a top agricultural-lending credit union in Minnesota. As a member-owned organization, our vision is enhancing the lives of members and community through strength, service, and growth.
We partner with all members to make mutually beneficial decisions and are committed to serving our communities. These commitments are the foundation of your credit union, the reason for our success and why we remain financially strong. Check out the business financial solutions we can help you with today:
What you need to apply in a branch
Click on your business entity type below to learn about the documents and information you will need to apply for a business account at your local CMCU branch.
What is the beneficial ownership regulation and why does it matter?
The U.S. Department of Treasury recently issued a final rule titled “Customer Due Diligence Requirements for Financial Institutions” (31 CFR 1010.230) that creates new due diligence obligations for credit unions and other financial institutions. All financial institutions are now required to collect and verify the identities of certain individuals who own or control legal entity customers, including corporations, limited liability companies (“LLCs”), partnerships, and other legal entities. Individuals who own or control legal entity customers are considered “beneficial owners” of that entity. The regulation is aimed at making financial institutions safer for their customers and protecting the country’s financial system.
What is required?
The regulation requires CMCU to gather the following information from beneficial owners of its new and existing legal entity customers:
- Date of birth,
- Current physical residential address or business address, and
- Social Security Number (or other government issued identification number for non-U.S. citizens without a SSN).
Most U.S. publicly traded entities, regulated entities, and government entities will be excluded from these requirements.
How will the new requirement impact me?
A CMCU representative may ask to review the following documentation:
- A document verifying your identity and date of birth, such as a driver’s license or passport. A copy of the identification document may also be requested.
- A document verifying your current address, if not listed on the document.
While we understand the information requested is personal and sensitive, we need to obtain this information in order to comply with the law. As always, we will treat all information collected with the utmost care. We appreciate your business and are committed to providing you with extraordinary service for years to come.
To apply: Find a Branch