Business Banking FAQs
Choose a question to see the answer.
Yes, we offer the following business accounts:
- Business share savings
- Business money market
- Business certificate of deposit (CD)
- Business checking
Visit our business banking page for more detailed information.
SECU business accounts should be opened at your local financial center, through our Virtual Financial Center, or through a business banker.
SECU business accounts should be opened at your local financial center, through our Virtual Financial Center, or through a business banker.
Required documentation to open a business account depends on the business you operate.
Sole proprietorship
- Copy of valid ID on all signers
- EIN Verification Letter, if EIN is not of the owners’ personal SSN
- State verification: Good standing verification page printed from MD SDAT website
- Trade Name Registration: Required if business using a name other than that of the owner
- Operating Agreements: Required for two (2) or more signers
Partnership
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Articles of Partnership: Certified copy printed from MD SDAT website
- Trade Name Registration if applicable
LLC
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Articles of Organization: certified Ccopy printed from MD SDAT website
- Trade Name Registration, if applicable
- Operating Agreements: Required for two (2) or more signers
Corporation
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Articles of Incorporation: Certified copy printed from MD SDAT website
- Trade Name Registration if applicable
- Board minutes
- By-laws
- If business is an HOA, operating agreements between HOA and management
Club, recreation, political campaign or similar
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Trade Name Registration: Applicable if the club is not affiliated with a university
- Documentation of Authorized Signers
- Operating Agreements if two or more signers
- Board of directors’ minutes
- Chapter meeting minutes
- List of officer’s names and titles listed on organization letterhead
- State Board of Elections documents (for political campaign candidates)
All signers: Address, Social Security number (SSN), date of birth (DOB), and valid photo ID
All owners: Address, SSN, DOB, % Ownership, and Valid Photo ID
Indirect owners with 25% or more ownership: Address, SSN, DOB, % ownership, and valid photo ID
Managerial controller: Address, SSN, DOB, and valid photo ID
Our minimum opening deposits for business accounts are:
- $10 for share savings
- $100 for checking accounts
- $2,500 for money market
- $100,000 for high-yield money market
Yes, business online banking is available for business accounts.
Yes, mobile deposit is available for business accounts. We also offer a business-specific remote deposit capture service with more of the features your business requires.
Visit our business savings page to view the features and benefits.
Business accounts can’t have beneficiaries.
Yes, we offer nonprofit checking accounts. You will need to following documentation to open a business nonprofit checking account.
Sole proprietorship
- Copy of valid ID on all signers
- EIN Verification Letter, if EIN is not of the owners’ personal SSN
- State verification: Good standing verification page printed from MD SDAT website
- Trade Name Registration: Required if business using a name other than that of the owner
- Operating Agreements: Required for two (2) or more signers
Partnership
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Articles of Partnership: Certified copy printed from MD SDAT website
- Trade Name Registration if applicable
LLC
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Articles of Organization: certified Ccopy printed from MD SDAT website
- Trade Name Registration, if applicable
- Operating Agreements: Required for two (2) or more signers
Corporation
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Articles of Incorporation: Certified copy printed from MD SDAT website
- Trade Name Registration if applicable
- Board minutes
- By-laws
- If business is an HOA, operating agreements between HOA and management
Club, recreation, political campaign or similar
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Trade Name Registration: Applicable if the club is not affiliated with a university
- Documentation of Authorized Signers
- Operating Agreements if two or more signers
- Board of directors’ minutes
- Chapter meeting minutes
- List of officer’s names and titles listed on organization letterhead
- State Board of Elections documents (for political campaign candidates)
All signers: Address, Social Security number (SSN), date of birth (DOB), and valid photo ID
All owners: Address, SSN, DOB, % Ownership, and Valid Photo ID
Indirect owners with 25% or more ownership: Address, SSN, DOB, % ownership, and valid photo ID
Managerial controller: Address, SSN, DOB, and valid photo ID
Once the change has been recorded with the State, bring that documentation to your local SECU financial center.
All current signers need to visit a local SECU financial center, along with supporting documentation, to make the changes.
