In this article, we’re explaining the meaning of “Name of Employer”. This will be specifically tied to the process of completing a bank account opening application.
In short, this refers to the name of the company that pays you. However, there are a few nuances you should know before submitting an account opening application.
This article is part of our series on bank account opening in different countries, which you can access for free by following the link above.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Meaning of Name of Employer
- Filling Out a Bank Account Application
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Meaning of Name of Employer
The meaning of “name of employer” on a bank account opening application is the name of the company you work for. Banks use this information to confirm your occupation, specific employer, the corporation that pays you, and even your position and job title within the corporation.
In certain instances, banks will also be looking for this information to confirm the official name of the corporation and reputation of your employer. In doing so, the bank will be able to make a more informed decision about whether they want you as a customer or not.
Filling Out a Bank Account Application
Filling out a bank account application involves many steps, including completing an onboarding application, providing supporting documentation, and providing certain government issued documents.
Here are explanations of a few key pieces of information that individuals will need to provide when completing a bank account application.
Name of Employer
Name of employer, meaning the company that you work for. Banks request this information to confirm that prospective clients are gainfully employed and are suitable clients for the bank.
Current Job Title
Current job title refers to the exact name of the position that you hold with your employer. This helps the banks understand your level of seniority and experience within a company. It can also help the bank understand which products and services are best suited to your client profile.
Employment History
Employment history refers to your current and past employment. With this in mind, you need to list the name of your current employer and past employers, meaning any company that you have worked for in the past (typically within the last five years).
What If I Don’t Have an Employer?
If you don’t have an employer, meaning you are between jobs, unemployed, or retired, you will typically place “Not applicable” or “N/A” in the field for the “Name of employer”. Alternatively, if you are applying for a job in person, you may want to ask the banker what you should insert based on your specific circumstances.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into the meaning of a name of employer. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Is an Example of an Employer?
An example of an employer is any company that regularly pays you for services provided. For example, if you work as a waiter or chef at a high-end restaurant, your employer is the high-end restaurant where you work. More specifically, your employer is the company that owns the high-end restaurant where you work.
What Do I Put for My Employer Name?
You will put your employer’s name in the place on the application where it specifically requests this information, meaning the name of the company you work for. In most cases, you will also have to provide additional employer details, including address and contact information so the bank can confirm that you do work there.
Does Employer Mean Company or Person?
In most cases, employer means company. However, in certain instances, the meaning of name of employer can include an individual if someone works directly for another person. For example, it is possible that the employer is a person. Examples of when this might happen include when working as a personal assistant, household staff, and other private contracts where someone works directly in the service of another person.
Who Is the Employer In a Job?
In a job, the employer is the company that owns the business, manages the operations, manages the employees, and hires and fires staff.
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