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Business Savings

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New Beneficial Ownership Requirements for Legal Entity Customers

Your business relationship is important to us.  Our goal is to make the business account-opening process an efficient and enjoyable experience for you.  Effective May 11, 2018, all banks will be subject to new rules under the Bank Secrecy Act imposed by the United States Department of Treasury. This new federal requirement will help law enforcement investigate involvement in terrorist financing, money laundering, tax evasion, corruption, fraud and other financial crimes.

EACH time an account is opened for a covered Legal Entity, we will be required to ask you for identifying information:

  • Name
  • Address
  • Date of Birth
  • Social Security Number

as well as identification documentation for:

  • EACH individual that has 25% or more Beneficial Ownership in the Legal Entity; and,
  • ONE individual that has Significant Managerial Control of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, modifying signers on an existing account or adding a service to your account, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.

In order to make this process as efficient as possible, we suggest that you obtain the above information, along with a legible copy of the current Driver’s License or State ID and a legible copy of a second piece of identifying information (credit card, debit card or employee ID) for EACH identified individual. Please keep this information current and available to present EACH time you come in to establish a new account or make changes to an existing account.  If you have any questions please don’t hesitate to contact us.

Hometown Commerce Savings

  • Minimum opening balance: $100
  • $10 monthly fee if balance falls below $500
  • Earns interest on all maintained daily balances of $500 and over. Interest will be compounded quarterly, Interest will be credited quarterly.
  • 6 withdrawals per quarter with no fee. $2 fee per withdrawal after 6 per quarter.
    • To offer some relief to our customers needing easy access to their savings account funds during the pandemic, Hometown Bank is temporarily waiving the $2 excess withdrawal fee on all savings account.
  • Detailed quarterly statement or can be combined with your checking account statement to receive it monthly.

Certificates of Deposit

We offer federally insured, fixed-rate Certificates of Deposits with terms of 30 days to 60 months.