Business Account Opening for Existing Businesses

Our Business Account Opening product allows existing organizations with accounts at your financial institution to open additional accounts. For example, a business with a Checking account may also want to open a Savings account. The business account opening flow for existing users is always enabled.

To open an account as an existing user from a web browser:

1. Existing users 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 from their answers to the other questions, they will be taken through the existing user flow. If the answer is No, they will be taken through the 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 the new user flow, 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.
   
   Note: If the applicant already has a business account at your institution for one business (for example, their restaurant), but wants to open an account for another business that they own (for example, a gym), they should answer No to the first question and go through the new user flow (assuming they have a unique EIN for both businesses). We currently do not support accounts for different businesses with the same EIN.
   
   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 contain hyperlinks. Please contact your Narmi Implementation Manager to customize these questions.
   
   After answering all questions, select Next.
   
   
4. Enter the business Tax ID/Employee Identification Number (EIN) and select Next. Sole proprietors that don’t have an EIN, should enter their Social Security Number.
   At this point, we check if the Tax ID/EIN entered matches an organization on the core. If an account is found, the applicant proceeds to step 5. If the account is not found, an error message appears and the applicant should contact your institution’s Support team.
   
   
5. If the organization’s account was found on the core, we verify identity by sending a verification code to the email address associated with the account. The code expires after 10 minutes.
   Enter the code and select Next.
   
   
6. A confirmation page appears with the existing business account information on file. Select Next if it’s correct.
   
   
7. On the Applicant(s) page that opens, the applicant can enter their personal details. The steps involved in the application show on the left sidebar so the applicant can see their progress. This is a much shorter version of the new applicant flow since we already have the existing business's information. The email address cannot be changed once it is verified.
   There are three actions at the bottom of this page:
   • Add an authorized signer – Select this option to add an additional owner/partner who is an authorized signer, meaning they are legally permitted to spend or commit monies on behalf of the business. Authorized signers are created at the account level, so this is the opportunity for business owners to add any signers.
   • I am a control person for this business – The applicant should select this box if 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.
   • Review and confirm (required) – The applicant must select the box confirming the information was reviewed and is correct.
     
     Select Next to continue.
     
     
8. On the Choose your accounts page, applicants select which of your institution’s products they would like to open, such as Checking or Savings. 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.
   Selected accounts are shown at the bottom under Your selection.
   Select Next.
   
   
9. 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.
   
   
10. Next, the applicant chooses a funding method—either 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 screen 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.
      
      
11. 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.
    
    
12. The final step is a review of the account(s) selected and funding. Applicants can select Edit to update any information or select Submit application to complete.
    
    
13. If the application was successful, a summary appears of the opened account(s) and initial funding. A confirmation email is sent to the email address associated with the account. Your institution can customize these emails from our Admin Platform under Institution Settings > Digital Account Opening > Emails.
    If your institution uses Narmi for Digital Banking, applicants can select Login to online banking to open online banking.
    
    To manage pending or submitted applications, go to the Admin Platform and select Applications.