You can create a new subaccount by navigating to the left-hand tool bar and clicking the “New” button, and then “New Subaccount”.
First, you will enter a unique Account Name/ID to easily identify the account from the dashboard. This is typically used as the “nickname” of the subaccount. You will also designate the type and residence status of the beneficiary (if applicable), and assign the subaccount to a folder.
You will also see a question regarding beneficial ownership on the modal. This is to ensure that the correct ownership documentation has been submitted to the FI in case of change in organization ownership to ensure there are documents in place for compliance purposes.
Depending on the requirements set by your financial institution, the individual signer may be prompted to electronically sign a signature card via DocuSign as part of the account opening workflow. You will not see this requirement if your financial institution does not require a signature card.
For subaccounts that have a beneficiary assigned, you will then be prompted to select one of two options for providing the required information needed for tax-ownership and reporting purposes:
Option 1: Email W-9 or W-8BEN to Beneficiary - This option is for scenarios where you do not have the physical documentation of the beneficiary already in your possession. If selected, this workflow prompts you to enter an email for the beneficiary, which in turn sends them an invitation via DocuSign to complete an electronic W-9 or W-8BEN.
Option 2: Manual Upload - If you have already collected a signed W-9 or W-8BEN for the beneficiary, a digital copy of the form can be uploaded manually. If this option is selected, you will be required to manually enter the information on behalf of the beneficiary and digitally upload a signed copy of the corresponding tax form.
Action Required: If any of the previous steps are not completed, the subaccount will be listed in a “pending” status. Once all required documentation has been completed, the account status will automatically update from “pending” to “open”. Please note that only accounts that are in an open status are eligible to receive incoming deposits.
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I am getting an error when I try to upload a W-9 or W8-BEN. What do I do?