Checking Accounts Help
The Rule applies to all qualifying accounts for legal entity customers, including, for example, checking, savings, CDs, loans and leases.
In order to facilitate law enforcement efforts to combat various illegal activities, including drug trafficking, organized crime and terrorism, certain laws have been passed and government initiatives established to inhibit or identify money laundering. Laws and directives requiring action by banks, credit unions and other financial institutions include the Bank Secrecy Act, The USA Patriot Act and directives issued by agencies of the U.S. Department of Treasury (specifically, the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC)). The Rule requires the disclosure of key individuals who own or control a legal entity (Beneficial Owners).
Beneficial Owners are defined in the Rule as individuals who meet the following “Ownership” or “Control” criteria:
Ownership: Each individual who owns, directly or indirectly, 25% or more of the equity interests of the legal entity.
Control: An individual with significant responsibility for managing the legal entity, such as an executive officer or senior manager (e.g. CEO, CFO, COO, managing member, General Partner, President, Vice-President or Treasurer) or any other individual who regularly performs similar functions. While many legal entities will have more than one individual with significant management responsibility, only one of those individuals is required to be disclosed under the Rule.
An authorized representative of the legal entity will be required to provide and certify the accuracy of the following information for each identified beneficial owner:
- Full legal name;
- Date of Birth;
- Residential or Business Street Address (cannot be a PO Box);
- Social Security Number or Passport Number and Country;
- Ownership Percentage (not required for control person); and
- Copy of driver's license, passport or other valid government-issued photo identification.
Yes, anytime a legal entity expands its relationship with 1st Source Bank and at certain other times required by the Rule.
The above information regarding the beneficial owners plus additional information regarding the legal entity and the person opening the applicable account (or otherwise completing the form) will be collected in a Certification of Beneficial Owner(s) Form. The form will need to be executed by an authorized representative of the legal entity and can be submitted via hard copy in a banking center or via a secured electronic form.
Yes, most likely, if your business is a legal entity (i.e., corporation, limited liability company, partnership, etc.). Your banking representative will advise you if you are exempt. Notably, the Rule does not apply to individuals and sole proprietorships.
In our effort to balance client convenience with employee family life, all 1st Source's offices (including Banking Centers) will observe the holiday schedule below. For standard business hours, please reference our locations section:
2022 | |
---|---|
New Year's Day* Closed |
Saturday, Jan. 1 |
Martin Luther King, Jr. Day* Open |
Monday, Jan. 17 |
President's Day* Open |
Monday, Feb. 21 |
Good Friday** Early Close |
Friday, Apr. 15
Close at noon°
|
Easter Closed |
Sunday, Apr. 17 |
Memorial Day* Closed |
Monday, May 30 |
Juneteenth* Open - Non-processing day |
Sunday, Jun. 19 Observed Monday, Jun. 20 |
Independence Day* Closed |
Monday, Jul. 4 |
Labor Day* Closed |
Monday, Sep. 5 |
Columbus Day* Open |
Monday, Oct. 10 |
Veteran's Day* Open |
Friday, Nov. 11 |
Thanksgiving Day* Closed Open on Friday |
Thursday, Nov. 24 |
Christmas Eve** Early Close |
Saturday, Dec.24 Close at noon° |
Christmas Day* Closed |
Sunday, Dec. 25 |
New Year's Eve Open |
Saturday, Dec. 31 |
** Early Cut-Off - Items received after early cut-off will be processed the following business day.
° All times are local (either ET or CT).
When performing an edit check on My Location and My Regions, CardValet compares the geographic location of the mobile device as well as the Merchant’s information that is sent within the transaction. It is possible for the merchant’s information to be an address other than the physical location of the merchant i.e. Corporate or Regional address. In these instances, the transaction will bypass the CardValet edit checks since the information is not within the set boundaries.
Tagged under:
- Personal CardValet App Controls and Alerts Help
- FAQ Business Help
- Business CardValet App - Controls & Alerts FAQ Controls and Alerts Help
- Business Checking Account FAQ Debit Card Help
- Business FAQ Checking Accounts Help
- Personal CardValet App Help
- Help
- Business CardValet App - Registration FAQ Registration Help
- Help
- Business CardValet App - General FAQ General Help
Control settings take effect as soon as the Updating information message in the app stops.
Tagged under:
- Personal CardValet App Controls and Alerts Help
- FAQ Business Help
- Business CardValet App - Controls & Alerts FAQ Controls and Alerts Help
- Business Checking Account FAQ Debit Card Help
- Business FAQ Checking Accounts Help
- Personal CardValet App Help
- Help
- Business CardValet App - Registration FAQ Registration Help
- Help
- Business CardValet App - General FAQ General Help
Previously authorized recurrent payments will continue to process and will bypass the CardValet® edit checks.
Tagged under:
- Personal CardValet App Controls and Alerts Help
- FAQ Business Help
- Business CardValet App - Controls & Alerts FAQ Controls and Alerts Help
- Business Checking Account FAQ Debit Card Help
- Business FAQ Checking Accounts Help
- Personal CardValet App Help
- Help
- Business CardValet App - Registration FAQ Registration Help
- Help
- Business CardValet App - General FAQ General Help
The region shows the approximate area where the card can be used; the area must be greater than 5 square miles. CardValet® can typically map the transaction down to a ZIP code or city. If the city or ZIP code of the merchant overlaps with the selected region in the map, then the transaction can still go through. There are instances where a merchant location cannot be mapped down to a ZIP code or city, in which case CardValet® will default to a state-level match.
Tagged under:
- Personal CardValet App Controls and Alerts Help
- FAQ Business Help
- Business CardValet App - Controls & Alerts FAQ Controls and Alerts Help
- Business Checking Account FAQ Debit Card Help
- Business FAQ Checking Accounts Help
- Personal CardValet App Help
- Help
- Business CardValet App - Registration FAQ Registration Help
- Help
- Business CardValet App - General FAQ General Help
No. The location controls are applicable to in-store transactions only.
Tagged under:
- FAQ Business Help
- Personal CardValet App Controls and Alerts Help
- Business CardValet App - Controls & Alerts FAQ Controls and Alerts Help
- Business Checking Account FAQ Debit Card Help
- Business FAQ Checking Accounts Help
- Personal CardValet App Help
- Help
- Business CardValet App - Registration FAQ Registration Help
- Help
- Business CardValet App - General FAQ General Help
CardValet® is intended to provide enhanced security for your Resource Plus® debit card. None of our security features, including transaction monitoring, will change. Therefore, we ask that you continue to contact 1st Source when you intend to travel to ensure the best experience with your card.
If you decided that CardValet® does not meet your needs, no problem. However, you must delete your card from CardValet® BEFORE you uninstall the app. That's because your custom security settings are saved on our servers and will continue whether your app is installed or not. To avoid potential issues in the future, it will be necessary for our system to know your desire to stop using the app.