Business FAQs

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

1. Log in to online banking, then select Credit Card Management.
2. From the upper right select Add Card to add your additional cards to manage in one place.
3. Once you input the requested information, both cards will show.

Visit our business checking page to view all the features and benefits.

Yes, business online banking is available for business accounts.

Spendtrack is a tool where you can manage all your SECU business credit cards in one location including, turning your card on and off, travel notifications, balance transfers, and spending analytics.

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.

Cash back earned from all cards on the account are rolled up to the one card which was designated as the head of household when the account was opened.

Visit our business savings page to view the features and benefits.

In Spendtrack:

• Click on My Card
• Then click View Transactions
• On the right-hand side of the screen, select Uchoose
• Click on the small green check box

This will take you to Uchoose, where you can redeem your points for a statement credit

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.

The Financial Crimes Enforcement Network (FinCEN) issued the Ultimate Beneficial Ownership Rule to amend existing regulations in order to clarify and strengthen member due diligence requirements for financial institutions. The Rule outlines explicit member due diligence requirements and imposes a new requirement for financial institutions to identify and verify the identity of Ultimate Beneficial Owners of legal entity members.

All current signers need to visit a local SECU financial center, along with supporting documentation, to make the changes.

Yes.

Any corporation, limited liability company, partnership, or other legal entity created by the filing of a public document with a Secretary of State or similar office.

The rule does not apply to sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.

The rule defines Ultimate Beneficial Owners as follows:

• Each individual, if any, who, directly or indirectly, owns 25% or more of the equity interests of a legal entity; and
• A single individual with significant responsibility to control, manage, or direct a legal entity, including an executive officer or senior manager (e.g., chief executive officer, chief financial officer, chief operating officer, managing member, general partner, president, vice president, treasurer, or controller); or any other individual who regularly performs similar functions.

Yes. Financial institutions must collect the name, date of birth, address, social security number (or passport number or other similar information in the case of foreign persons), ownership percentage, and a government-issued photo ID for all Ultimate Beneficial Owners.

The rule does not apply to sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.

An Ultimate Beneficial Ownership (UBO) Certification Form will be used to obtain the required information. The UBO Certification Form must be signed by a person acting on behalf of the legal entity certifying that the information provided is complete and accurate to the best of his or her knowledge.

In addition to collecting the UBO Certification Form, we will need to collect a legible copy of a government-issued photo ID for each Ultimate Beneficial Owner.

This information must be collected when opening a deposit account, loan, or certificate of deposit, each time a loan is renewed, and prior to the first time an existing certificate of deposit (opened before 05-11-2018) is renewed.

Generally, the rule does not apply to existing accounts that were opened before May 11, 2018 with the exception of renewals of loans and the first renewal of a certificate of deposit. We may also ask about Ultimate Beneficial Owners if there is activity on the account that may indicate there could have been a change in ownership.

Simply write in “not applicable” in that section of the UBO Certification Form. Please note, however, that we will still need to collect the information for a single individual with significant responsibility to control, manage, or direct a legal entity, including an executive officer or senior manager (e.g., chief executive officer, chief financial officer, chief operating officer, managing member, general partner, president, vice president, treasurer, or controller); or any other individual who regularly performs similar functions.

ABC, LLC. is owned 50% by Suzie Smith and 50% by XYZ, Inc. XYZ, Inc. is owned 50% by John Davis and 50% by Henry Brown. Both John and Henry indirectly own 25% of ABC, LLC. Suzie Smith (50% direct owner), John Davis (25% Indirect Owner) and Henry Brown (25% Indirect Owner) are all considered Ultimate Beneficial Owners of ABC, LLC, for the purposes of this new member due diligence rule and we will need to collect their names, DOBs, SSNs, street addresses, ownership percentage, and government-issued photo identification.

For more information, please visit your nearest SECU financial center.