HOW TO OPEN A BUSINESS ACCOUNT:
To be eligible to open a Business Checking account, individuals must be at least 18 years old and first open a Business Share Savings Account with a membership fee of $10 and a “share” deposit of $50 or more. Once the savings account is open, your Business Checking Account can be started with an opening deposit of $50 or more.
BUSINESS SHARE (SAVINGS) & SHARE DRAFT (CHECKING) ACCOUNT REQUIREMENTS
To Open a Business Share Account, you need the following business information according to the legal type of the business:
CORPORATIONS |
PARTNERSHIPS |
-
Tax Identification Number (TIN, FEI, or EIN)
-
Social Security Number (for each officer and authorized signer)
-
2 Valid Photo Ids for ALL signers (Drivers Licenses, Passport)
-
Articles of Incorporation (Certified Copy)
-
Trade Name Registration (required for DBA only)
-
Other Information (if applicable):
-
Occupational Licenses
-
Meeting Minutes
-
Certification Regarding Beneficial Owners
|
-
Tax Identification Number (TIN, FEI, or EIN)
-
Social Security Number (for each partner and authorized signer)
-
2 Valid Photo Ids for ALL signers (Drivers Licenses, Passport)
-
Articles of Partnership Agreement (Certified Copy)
-
Trade Name Registration (required for DBA only)
-
Other Information (if applicable):
-
Occupational Licenses
-
Meeting Minutes
-
Certification Regarding Beneficial Owners
|
SOLE PROPRIETORSHIPS |
|
-
Social Security Number (SSN) for sole proprietor (owner) is used as the primary and the (SSN) for any (co-owner) or Tax Identification Number (EIN) for the business, if applicable)
-
2 Valid Photo Ids for ALL signers (Drivers Licenses, Passport)
-
Articles of Incorporation (Certified Copy)
Trade Name Registration (required for DBA only)
-
Other Information (if applicable):
-
Occupational Licenses
-
Meeting Minutes
|
LIMITED LIABILITY COMPANY (LLC) |
RECREATION, CLUBS, ORGANIZATIONS OR SIMILAR |
-
Tax Identification Number (TIN, FEI, or EIN)
-
Social Security Number (for each officer and authorized signer)
-
2 Valid Photo Ids for ALL signers (Drivers Licenses, Passport)
-
Articles of Organization or Operating
-
Agreement (Certified Copy preferred)
-
Trade Name Registration (required for DBA only)
-
Other Information (if applicable):
-
Occupational Licenses
-
Meeting Minutes
-
Certification Regarding Beneficial Owners
|
-
Social Security Number or Tax ID# (whichever is applicable)
-
Social Security Number (for each officer and authorized signer)
-
2 Valid Photo Ids for ALL signers (Drivers Licenses, Passport)
-
Board of Directors’ Minutes (or similar documentation authorizing who is allowed to open accounts and sign checks on behalf of the Club or Organization)
-
Trade Name Registration (required for DBA only):
-
Other Information (if applicable):
|
PERSONAL INFORMATION
In addition, the following personal information is required from all business owners:
-
A valid photo ID
-
Proof of eligibility for membership at WUHEFCU
-
A personal WUHEFCU membership is required
-
Proof of Address, such as utility bill, pay stub, voter card, notarized letter of residence
All owners/ partners/ officers must be present at the credit union to open the business account.