Business Banking

Find answers to frequently asked questions about our products and services.


Business

Q: Can I open a business account online?
A: At present, SECU business accounts should be opened at your local branch or through a business banker.

Q: Does SECU offer business loans?
A: Yes, we offer a variety of loans including Business Lines of Credit, Commercial Mortgages, and Term Loans. To learn more, stop by a branch, call 410-487-7316, or email a business banker. If you would like to be contacted by a business banker, please complete our short request form and we will get back to you within 24 hours.

Q: What is the required opening deposit for a business account?
A: Our minimum opening deposits are $10 for Business Share Savings and $100 for Checking accounts.

Q: What do I need to open an account?
A: Required documentation depends on the business you operate:
  • For an LLC, you will need your EIN number and certified copy of articles of organization. If your business uses a trade name, the registration is needed.
  • For a corporation, you will need your EIN number and certified copy of articles of organization. If your business uses a trade name, the registration is needed.
  • For a partnership, you will need your EIN number and certified copy of articles of organization. As well if your business uses a trade name, the registration is needed.

Q: Can I use my phone to deposit checks into my business accounts?
A: Mobile Deposit is not available for business accounts. For business needs, we offer a business specific Remote Deposit Capture service with more of the features your business requires.

Q: I have changed my entity type. How do I update my account?
A: Once the change has been recorded with the State, bring that documentation to your local branch.

Q: Our organization is changing signers. What needs to be done?
A: All current signers need to visit the local branch, along with supporting documentation, to make the changes.

Q: Does SECU offer HSA accounts?
A: SECU does not, however, our payroll service provider Paychex does. To learn more, email a business banker.

Q: Can my business account have a beneficiary?
A: Business accounts cannot have beneficiaries.

Business Cash Back Visa Card


Q: How do I view and manage multiple credit card accounts with one online profile?
A:
  • 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.

Q: How do multiple cards under one business account earn cash back?
A: 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.

Q: How do I redeem cash back?
A: 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.


Ultimate Beneficial Ownership Rule


Q: Effective May 11, 2018 a new Ultimate Beneficial Ownership rule will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. What is the purpose of the Ultimate Beneficial Ownership Rule?
A: 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.

Q: Who does the rule apply to?
A: 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.

Q: Who is a Beneficial Owner?
A: 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.

Q: Are financial institutions required to collect any information about Ultimate Beneficial Owners?
A: 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.

Q: How will this information be collected?
A: 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.

Q: When does the information on Ultimate Beneficial Owners need to be collected?
A: 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.

Q: Does the rule apply to existing accounts?
A: 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.

Q: What if no one directly or indirectly owns 25% or more of the legal entity?
A: 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.

Q: Please give me an example of indirect ownership.
A: 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.

 

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