As a full-service financial institution, Amplify is committed to keeping your business compliant with all banking regulations. This is why we periodically review the account activity and legal status of the organizations who bank with us. In this article, we explain why it is important to follow up with an Amplify representative if additional information about your account is required.

Key Takeaways:

• Amplify will periodically review business accounts for compliance purposes.
• You may receive a phone call or email from an Amplify banker to confirm your organization status or update information that may have changed since the account opening.
• If Amplify is unable to confirm important account information, your account may be restricted or closed.
• Questions? You can contact our team at (512) 836-5901 or schedule a virtual appointment here.

What are some triggers for a business account review?

As part of Amplify’s compliance efforts, our team is required to periodically review business and nonprofit accounts to make sure their documentation matches their registration with the State of Texas. We will also compare financial activity against the initial data provided by an organization to ensure the accuracy of our records.

Here are four of the more common triggers for a business account review:

• Business is reporting as inactive. If your organization shows up as inactive with the Texas Secretary of State, you may be required to provide updated documentation to maintain your accounts at Amplify.
• Discrepancies in business activities. If the volume or nature of your financial transactions does not match your application documentation, Amplify may reach out to confirm the status of your organization.
• Nonprofit status is lapsed. If Amplify has reason to believe that your nonprofit status has lapsed or been revoked, we may request additional documentation or tax information.
• Assumed Name Certificate has lapsed. Since Texas DBA designations are only valid for 10 years, Amplify may request a new Assumed Name Certificate for your organization if your has lapsed.

What if I have recently provided this information?

Even if you have recently spoken with a member of the Amplify team, significant changes to your organization may require you to provided updated documentation or transaction estimates. It is important to proactively keep Amplify informed of changes to your scope of business to ensure our accounts remain compliant with banking regulations.

What if I do not provide the requested information?

If Amplify is unable to verify your account status or transaction activities, we may be forced to close your accounts with the credit union.

Who can I talk to about my account?

If you would like to discuss your business relationship in more detail, you can contact our bankers at (512) 836-5901 or schedule an appointment with our virtual branch here.