Business FAQs

Yes! We offer the following business accounts:

  • Business Share Savings
  • Business Money Market
  • Business Checking

Visit our Business Banking page for more detailed information. 

Yes. We offer the following business loans to fit your short and long-term needs:

  • Commercial Mortgage
  • Business Line of Credit
  • Business Term Loan
  • Business Credit Cards

Please visit your Financial Center or contact a business banker to open a business account.

At present, SECU business accounts should be opened at your local branch or through a business banker.

Required documentation depends on the business you operate:

  • For an LLC, you will need your Employer Identification Number (EIN), a certified copy of articles of organization, and an operating agreement
  • For a corporation, you will need your EIN, a certified copy of articles of Incorporation, bylaws, board of directors’ meeting minutes naming an account signor (For HOA’s, an operating agreement between the association and management company is required)
  • For a partnership, you will need your EIN and certified copy of articles of partnership and an operating agreement
  • For a RECREATION, CLUB, OR SIMILAR, you will need Board of Directors’ Meeting Minutes or Chapter meeting minutes (authorizing who is allowed to open accounts on sign checks on behalf of the organization)

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

If your business uses a trade name, registration is needed.

Minimum $100 opening balance for business checking accounts

Our minimum opening deposits are $10 for Business Share Savings and $100 for Checking accounts.

Yes! Business Online Banking is available for business accounts.

  • Register your business credit card at ezcardinfo.com.
  • Click Account Services.
  • Click Associated Card Accounts under Account Management.
  • Follow prompts under Add a new account.
  • If you don’t have a username and password, you’ll need the account number, expiration date, name on the card on file, last 4 of business owner SSN.
  • From the associated card accounts page, you can view the outstanding balance, pay now and click between all card accounts to view transactions.

Visit our Business Checking page to view all the features and benefits.

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.

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

The head of household must log into ezcardinfo.com. Click Redeem Cash Back. You can redeem for a statement credit to the head of households card or direct deposit into SECU savings or checking account.

Business accounts cannot have beneficiaries.

Yes. Required documentation depends on the business you operate:

  • For an LLC, you will need your Employee Identification Number (EIN), a certified copy of articles of organization and an operating agreement
  • For a corporation, you will need your EIN and certified copy of articles of Incorporation, bylaws, board of directors’ meeting minutes naming an account signor (For HOA’s, an operating agreement between the association and management company is required)
  • For a partnership, you will need your EIN and certified copy of articles of partnership and an operating agreement
  • For a RECREATION, CLUB, OR SIMILAR, you will need Board of Directors’ Meeting Minutes or Chapter meeting minutes (authorizing who is allowed to open accounts, sign checks on behalf of the organization)

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

If your business uses a trade name, registration is needed.

Minimum $100 opening balance for business checking accounts

Once the change has been recorded with the State, bring that documentation to your local branch.

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 the local branch, 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., a 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., a 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.