Business Account Opening for New Applicants

Our Business Account Opening product provides your applicants with a simple flow that includes information entry, document upload, funding, and identity decisioning. Note: Currently, business account opening is available from a web browser, not our mobile app.

To manage pending or submitted applications, go to the Admin Platform and select Applications.

Open a New Business Account

To open a new business account from a web browser:

1. Applicants start at your financial institution's business account opening page. This URL varies by institution, so please contact your Narmi Relationship Manager to discuss setting up and accessing your URL.
   Applicants enter their first name, last name, and email address, then select Get started.
   Those who already started an application can select Continue it now to return to their application.
   
   
2. We verify identity by sending a verification code to the email address entered. The code expires after 10 minutes.
   Enter the code and select Next.
   
   
3. A page with eligibility questions appears. The first question asks whether the business has opened an account with your institution before. If the answer is Yes, and the applicant is eligible for an account per their answers to the other questions, they will be taken through the existing user flow. If the answer is No, they will continue through this new user flow. If the applicant forgets they already have an existing business account and answers No to the first question, when they enter the EIN (Employer Identification Number) in step 7, we check if they are an existing user and direct them to the existing user flow. This allows us to avoid creating duplicate business accounts.
   
   Your institution can customize the eligibility questions, but we recommend not changing the first question. There is a 128-character limit for each question, but no limit on the number of questions. The questions can include hyperlinks, which open in a new browser tab, so users do not exit the account opening flow. Please contact your Narmi Implementation Manager to customize these questions.
   
   After answering all questions, select Next.
   
   
4. If the applicant is eligible, a dialog appears with information about what is required for the application. Your institution can customize this list by contacting your Narmi Relationship Manager.
   Select Next.
   
   
5. On the Business type page that opens, the applicant can select the business type that applies to them. The steps involved in the application display on the left sidebar so the applicant can see their progress.
   As an independent, the option is Sole proprietor, which means the user has not registered their business with the state and they're the only owner. This includes Doing Business As (DBAs) or non-DBAs.
   As a business or company, the options are either Limited liability company (LLC), General partnership, or Corporation. For these options, users have registered the business with the state. They have certified documents and their business may have more owners than just them.
   After choosing a business type, select Next.
   
   
6. For sole proprietors, the next page asks whether or not they are a DBA (Doing Business As). A DBA allows business owners to conduct business under a business name instead of their legal name. Select Yes or No, then Next.
   
   
7. Next, a form specific to the selected business type appears for the applicant to enter personal and business details. This page includes the following fields.
   
   For sole proprietors, DBA or non-DBA (image shown below):
   • First name and Last name (auto-populated)
   • DBA Name (if applicable)
   • Social Security Number or ITIN (Individual Taxpayer Identification Number)
   • Date of birth (MM/DD/YYYY)
   • Business name – Your institution can opt to have non-DBAs enter a business name. This can be enabled in Institution Settings > Ask additional fields > Non-DBA Business Name. By default, if the sole proprietor is not a DBA, we do not show the Business Name field. 
   • EIN (Employer Identification Number) – Optional
   • Ownership percentage – Percentage of ownership in the business
   • Email address – This is auto-populated based on the email address entered in step 1 and cannot be changed once verified. We encourage applicants to update their email address via Digital Banking or by contacting your institution.
   • Phone number
   • Industry – Select your business’ six-digit North American Industry Classification System (NAICS) code from a list categorized by industry.
   • Physical address – The residential address
   • Mailing address – Your institution can opt to have the mailing address separate from the residential address. This is configured in Institution Settings > Has Mailing Address. This adds a Mailing address is the same as your residential address box, which is selected by default if added. Clearing the box opens a form to enter a different mailing address.
     Note: Different mailing and residential addresses are only supported on the following cores: Symitar, IBS, DNA, Correlation, Silverlake, and Enterprise Service Bus (ESB).
     If you would like to allow applicants to use P.O. boxes for mailing addresses, you can enable this in Institution Settings > Edit Allow P.O. boxes as mailing addresses for Digital Account Opening (DAO). Note: Support for P.O. boxes differs depending on your core and the way it is configured. Please contact your Narmi Implementation Manager for more information.
     
   
   For LLCs, general partnerships, or corporations (image shown below):
   • Business name
   • Phone number
   • Email address
   • Website – This is an optional field that can be enabled in the Admin Platform by selecting Institution Settings > Ask additional fields > Business Account Opening tab > Website.
   • Physical address – The residential address. The Mailing address is the same as my residential address box is selected by default. Clear the box to open a form where you can enter a different mailing address.
   • Business details:
     • Date of organization/partnership/incorporation
     • State of organization/partnership/incorporation
     • Tax ID or EIN (Employer Identification Number)
     • Industry  – Select your business’ six-digit North American Industry Classification System (NAICS) code from a list categorized by industry.
       
       Select Next to continue.
       
       
8. For LLCs or corporations, the next page asks the applicant if they are a beneficial owner (for LLCs, this is 25% or more of the business, for corporations, this is 10% or more of the business). For partnerships, the next page asks if they are a partner of the business. This page does not appear for sole proprietors. If the applicant selects No, they’ll have to enter their Role in the form below.
   
   The ownership page includes the following fields:
   • First name and Last name (auto-populated)
   • Social Security Number or ITIN (Individual Taxpayer Identification Number)
   • Ownership percentage– Percentage of ownership in the business 
     • For corporations or LLCs, your institution can set the percentage at which owners are required to be reported on the application. For example, you can enter 10%, which means an application only requires individuals who own 10% or more of the corporation/LLC to be reported on the application. This setting is in the Admin Platform under Institution settings > Minimum ownership percentage corporation or Minimum ownership percentage LLC. Note: it is recommended to keep this setting at 10% for corporations and 25% for LLCs in order to comply with the Bank Secrecy Act (BSA) regulation.
   • Date of birth (MM/DD/YYYY)
   • Role – This shows for applicants who are not beneficial owners. If your institution would like to enable the "Role" field for all owners, go to the Admin Platform > Institution Settings > Ask additional fields > Business Account Opening tab > turn on Role toggle.
   • Email address – This is auto-populated based on the email address entered in step 1 and cannot be changed once verified. We encourage applicants to update their email address via Digital Banking or by contacting your institution.
   • Phone number
   • Address
   • I am a control person for this business – The applicant can check the box to indicate whether they are the control person, which means they have the ability to control, manage, or direct the business. To comply with BSA regulations, there must be at least one control person indicated to proceed with the application.
   • Partner details – The applicant can also select to add another owner/partner to the application and enter their information. The applicant can check the box to indicate that the additional owner/partner is a control person and/or check the box to indicate that the additional owner/partner is an authorized signer, meaning they are legally permitted to spend or commit monies on behalf of the business.
     
     The example below is an ownership form for an LLC.
     Select Next to continue.
     
     
9.  At this point, we check whether the Tax ID/EIN entered in business details already exists in our database or the core. If the Tax ID/EIN does not exist in our database or the core, the applicant must upload business documents. The required documents vary depending on the business type:
   • LLC – Articles of Organization, EIN Verification Letter (optional)
   • General Partnership – Business Registration
   • Corporation – Business Registration
   • Sole Proprietor (DBA) – DBA Certificate
   • Sole Proprietor (not a DBA) – No documents
     After application submission, your staff can view these documents in the Admin Platform, under Applications.
     After uploading, select Next.
     
     If the Tax ID/EIN entered in business details already exists in our database or the core, the following page appears. This provides a streamlined process for the applicant to continue applying. 
     Once they select Continue my application, we send a verification code to the core-provided email and redirect the applicant to a page where they can enter the code. If the code is correct, a page appears to confirm the account information before proceeding to account selection in step 10.
     
     
10. On the Choose your accounts page, the applicant selects which of your institution’s products they would like to open, such as Checking, Savings, or Certificates of Deposit. To customize the product offerings at your financial institution, including restrictions on the number of products that can be opened, required products, recommended products, and hidden products, please contact support@narmi.com.
    Select Next.
    
    
11. If configured by your institution, the Account activity page contains a list of customer due diligence questions for the applicant to answer. These custom questions give you the ability to capture an applicant’s intended usage of their accounts and help you build a risk profile for the account/applicant. For example, “Do you intend to send wire transfers from this account?”
    You can configure these yes/no questions in the Admin Platform under Institution Settings > Customer Due Diligence Business Questions. The questions and the applicant’s responses are displayed in the application view and Application Record/Membership Card of the Admin platform, and the "account_activity_answers" column of the Business Account Applications report.
    
    
12. Next, applicants choose a funding method—either link an external bank account or a debit/credit card. To enable/disable ACH or card funding, please contact your Narmi Relationship Manager.
    
    

    Option to Skip Funding
    During the Funding step, applicants who select account types with a $0 minimum balance amount have the option to skip funding by selecting “No” to “Do you want to fund your account now?” If the applicant selects “Yes,” options for funding appear. Your institution can configure this functionality in the Admin Platform under Institution Settings > When minimum balance is $0, and this setting is true, hide the funding page from the AO flow. If the applicant selects multiple products and at least one does not have a $0 minimum balance, they will see the funding page and this question is hidden. In this case, the applicant can choose to keep the funding amount as $0 for the account(s) with $0 minimum balance.
    

    In the "Choose a funding method" section:
    • To fund with a bank account by logging in, select Log in with your bank and follow the prompts to enter your banking credentials
    • To fund with a bank account by manually entering account information, select Manually link a bank account. Enter the routing and account numbers, and select the account type.
    • To fund with a card, select Use a credit/debit card and enter the card information
      The selected account information appears onscreen with an option to edit the account details.
      
      Next, below the funding method, enter the amount of funding for each new account. Amounts must be entered in $0.25 increments. Your institution can customize minimum balances and maximum funding limits by product. Please contact support@narmi.com for assistance with setting the minimum balances and funding limits. For information on funding limits, go to Funding Limits.
      
      Select Next.
      
      
13. The Review disclosures page can vary by financial institution and there may be multiple sections. Contact your Narmi Implementation Manager to customize.
    Check the boxes to accept the disclosures and select Next.
    
    
14. The final step is a review of the completed application before submitting it. Applicants can select Edit to update any information or select Submit application to complete.
    
    If the application is successful, a summary of the opened accounts and initial funding appears. A confirmation email is sent to the applicant. Your institution can customize this email from our Admin Platform under Institution Settings > Application Approved Template. Note: There are separate templates for business and consumer applicants. If your institution uses Narmi for Digital Banking, applicants can select Enroll in online banking to create a user profile.
    
    If additional documents are required, instead of the approval page, the applicant is prompted to take a photo of their government-issued ID as well as a selfie. This flow occurs only for institutions integrated with Vouched. Go to Application Statuses for more information about the Docs Requested flow.
    
    

Continue a Business Application

Users can easily continue a business application at the step where they left off, without having to re-enter their information. 

To continue an application:

1. From the account opening URL, select Continue it now.
   
   
2. Enter the email address used to start the application and select Next.
   
   
3. Verify the email address by entering the verification code sent to the trusted device and selecting Next.
   
   
4. The application in progress appears. Select the application, then select Next to continue applying.