BUSINESS ACCOUNTS

 

How to open 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.

A $3.00 paper statement monthly fee is waived if you sign up for E-statements (Instructions are here).

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
  • 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
PARTNERSHIPS
  • 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)
  • 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
RECREATION, CLUBS, ORGANIZATIONS OR SIMILAR
  • 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)
  • Occupational License

Personal Information

In addition, the following personal information is required from all business owners:

  • A valid photo ID
  • Proof of eligibility for membership at the NYU FCU
  • 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.