Business Basic Savings
A Business Share Account is opened when a member starts a business relationship with us. A Business Share Account is required for the following types of business’:
- Sole Proprietorship/Doing Business as (DBA).
- Partnership or Limited Partnerships.
- Limited Liability Company (LLC).
- Corporations.
- Association/Organization Accounts.
The Business Share Account (Product Suffix) must be used when opening a business account. The Business will choose which type of Business Share Draft/Checking Account they wish to participate in based upon their business size and transaction usage.
Minimum Requirements
- Must meet credit union member eligibility requirements; and
- At least one business owner MUST qualify for membership, the business owner does not have to be a current member – but is highly encouraged to join the credit union to take advantage of the many products and services available to consumers and credit union members.
- Business owner must provide the required documentation to open the account i.e. Partnership Agreement, Certificate of
- Organization or Articles of Organization) Refer to the Business Account Guidelines for all required documentation.
- The all person/agents of the Business/Organization who are authorized to transact business on the account must complete and sign the Credit Unions Business Membership Account Agreement(s): and other supporting documents are required.
- All Authorized Owners, Signers on the account MUST go through the credit Unions CIP Program for proper identification.
- The authorization shall remain in full force and effect until any authorized persons listed in the authorization agreements gives written notice to the Credit Union of any change in the authorization.
- Minimum Balance of $5.00 to open account.
- Minimum of $50.00 to earn Dividends.
Product Fees
- Account subject to all Business Account Fees: (Refer to the Business Services Fee Guide)
- Monthly Inactive Account Fee (180 Days with no transactions): $4.00
- Monthly Below Minimum Share Balance Fee: $2.00
- Monthly Return Statement / Bad Address Fee: $4.00
Product Features
- Dividends are compounded on the Average Daily Balance of $50.00 or more.
- Dividends are paid monthly.
- Quarterly itemized statement.
- Federal Regulation D applies to transfers made to another account or third party during any calendar month. (limit is 6 transfers)
- Funds are Federally insured by the National Credit Union Administration. (NCUA)
Product Benefits
- Competitive Rates.
- Cash and Coin Handling – Included.
- Convenience.
- Low cost account for small business’.
