Business Share Accounts would be offered to smaller businesses- DBA's, or Partnerships. In order to establish membership- a share account would have to be opened and then a checking account could be opened. A money market does not establish membership.
The minimum balance for the share account should be $25.00 an the account would pay a dividend on a balance of $500.00 or more. The dividend paid would follow regular shares.
Depending on the type of business you have the following forms may be needed in order to open the account:
A certified copy of either a DBA certificate, Certificate of Incorporation from NYS, Partnership Agreement or Corporate Resolution.
A letter stating that the business is viable within the area.
If the business is "incorporated" they must place their corporate seal on the document signed to open the account.
If the business is a corporation, we need a corporate resolution by their Board of Directors authorizing the business to do business with the Credit Union.
Federal Tax ID#.
Government issued ID for individuals opening the account.