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Checking Accounts for Minors

Minors cannot open a checking account alone. A parent, guardian, or other adult with acceptable and valid state or government-issued identification (ID) must be a joint owner on the account and able to sign the signature card, which serves as the deposit contract.

Once a minor turns 18, a parent or guardian can be removed from the account. The account owner, as well as the parent/guardian(s) to be removed from the account, will need to visit the bank to sign for these changes.

As always, WGSB offers Young Savers Club and traditional Statement Savings accounts for children of all ages. To open an account for a child, you will need to provide a legal copy of the child’s Birth Certificate or their original Social Security card. The parent(s) or guardian(s) to be included on the account will also need to provide an acceptable and valid state or government-issued ID.

Adding a Joint Account Owner

If you would like to add someone to an existing account, visit the bank with the person you wish to add. The individual to be added must provide the bank with an acceptable and valid state or government-issued ID and must qualify for the account. You and any individual being added to the account must also sign to acknowledge the changes.

Address Change

Address changes can be requested through WGSB’s website at https://www.theguarantybank.com/online-address-change-request or within GOLD, our online banking website. Important: if you make your request in one of these ways, an employee of WGSB will contact you during regular business hours (Mon-Fri: 8AM-5PM) at the phone number we have on record for you to verify your identity, confirm the information provided, and process your change. If we do not have a current phone or cannot reach you for some other reason, we will not be able to process your request. If you do not hear from us, feel free to follow-up your request with a phone call to us at 800-564-2735.

Address change requests are also accepted by mail, in person, or by telephone (verification of your identity will be required with these methods too).

Death of an Account Owner

When an account owner passes, a death certificate for that individual should be provided to the bank as soon as possible. If the account owner had an individual account (vs. a joint account), court appointed estate documents will also be required before funds can be disbursed.

If the deceased account owner had one or more beneficiaries on their account, New Hampshire regulation mandates a 90-day waiting period from the date of death before the bank can disburse funds to any beneficiary. After 90 days, the funds can be disbursed and the account will be closed.

Estates

To open an estate account for someone who has passed, you will need to provide the bank with a copy of the death certificate, the court documents showing the appointed executor/co-executor, and the IRS Taxpayer Identification Number (TIN) Assignment letter for the estate name.

In Trust For (ITF) Accounts (also known as Payable on Death or POD Accounts)

If you do not have a formal trust agreement, you can still designate one or more beneficiaries of your account funds with an ITF account. To open or change an account to an ITF, simply provide the bank with each beneficiary’s name, date of birth, and Social Security number (SSN). An address and phone number for beneficiaries is not required, but can be helpful in the event we need to contact them. A beneficiary does not need to be present for you to make these changes.

Name Change

If your name has changed, you should update your name with the bank as soon as possible. To do this, you will need to provide a copy of the legal document certifying the change (ex. marriage certificate, divorce decree, or official name change certification). You will also need to provide a copy of your updated state or government-issued ID when you have it.

In order to get an updated ID, you will need to first update your information with the Social Security Administration office.

Opening a Business Account

We often receive questions about what is needed to open a business account, but the answer is not a simple one and varies with the type of business you are operating. If you would like to open an account for a business, please contact a branch and speak with a customer service representative, who will be able to identify and gather all of the necessary documents.

Generally, if you would like to open an account for an LLC, Partnership, or Corporation, you will need to provide the bank with Beneficial Ownership information – that is, any individual who has a vested interest in 25% or more of the company will be required to provide their name, SSN, date of birth, physical address, and an acceptable and valid form of state or government-issued ID.

All businesses, including a Sole Proprietorship (DBA), are required to register their trade name with the Secretary of State. A copy of this registration must be provided at account opening.

Trust Accounts

To open or convert an existing account to a trust, you will need to provide the bank with the full trust document or a completed Certification of Trust form. Your attorney may provide you with a certification form when your trust is created or amended. If one is not provided to you, or we can provide you with a blank copy to complete.

If the trust is under a Taxpayer Identification Number (TIN), rather than one of the owners’ SSNs, we will also need a copy of the IRS TIN Assignment letter.

Wire Transfers

You may request a wire transfer in person at any of the bank’s office, with proper identification and sufficient funds.

For domestic wires, you will need to provide:
  • Receiving bank’s name, address, and routing number
  • Beneficiary’s name, address, and account number
  • Purpose of the wire
  • Any wire instructions provided by the beneficiary or receiving bank

For international wires, you will need to provide ALL of the information above, as well as:
  • Currency type (ex. U.S. Dollars, CAD, Euros)
  • Receiving bank’s Swift, Sort, or Bank Code
  • Beneficiary’s IBAN (20-34 alpha/numeric characters), if applicable
  • Transit code (for Canadian wires only)
  • Wiring instructions from the beneficiary are highly recommended for international wires (the beneficiary should contact their bank for these instructions, to ensure the wire is delivered without delay).

You may receive a wire transfer from another person to your WGSB account.

To receive a wire, you will need to provide the sender:
  • Bank name: Woodsville Guaranty Savings Bank
  • Bank routing number: 211770132
  • Your name
  • Your physical address
  • Your WGSB account number