Onboarding

Why do I need to provide personal information to onboard?

To safeguard your company's funds, Benepass opens a business bank account on your behalf at Blue Ridge Bank and serves as a custodian of the account. The account serves several purposes:

  1. Funding source for Benepass card spending;
  2. Originating account for reimbursement ACHs sent to employees' personal bank accounts; and
  3. Clearing account for HSA contributions and paycheck deductions before distribution to employee's individual HSAs.

In order to open a business bank account, the bank will verify:

  1. The identity of the legal entity through registration and tax ID
  2. The identity of an executive officer or senior manager with significant responsibility to control, manage or direct the legal entity; and
  3. The identities of all individuals who own 25% or more of the company, either directly or indirectly. If no one owns 25% or more of the company, then this is not required.

For individuals, the following information be collected:

  1. Legal name
  2. Date of birth
  3. Address
  4. Identification number. For US citizens, this is your Social Security Number. For permanent residents, an ITIN may be accepted pending a SSN being issued. For non-US individuals, a passport number with the associated country may be used.

As required by federal regulations, this information is used for identity verification purposes as part of Blue Ridge Bank's Know Your Business / Anti Money Laundering compliance program.

It is not a credit check, nor will it affect the personal finances of those individuals identified.

 

For more details, please reference this document from the Federal Financial Institutions Examination Council.

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