Business Savings and Checking

Business Share Accounts Return to Top

To establish membership, you must open a Share Account. The minimum required to open this account is the purchase of a share in the Credit Union of $25. Also, a daily balance of $200 is required to keep the account open.

Business Share Drafts Return to Top

To obtain the disclosed annual percentage yield, you must maintain a minimum daily balance of $1,000 in your account each day.

Activity is limited to 200 items clearing the account per statement cycle. Each item clearing over the 200 limit will be assessed a fee of $.10.

You will be required to have funds available in the amount of your draft order. Only share drafts and other methods approved by the credit union may be used to make withdrawals from this account. Paid share drafts become the property of the credit union and will not be returned either with the periodic statement of this account or otherwise.

Fees and Charges Return to Top

Monthly Maintenance Fee$10.00
Per Deposit (20 - 49 checks)$2.00
Per Deposit (50 or more checks)$5.00
Coin Deposits/supplied$.10/roll
Correction of Deposit error$2.00
ATM Card - new, more than two cards$2.00
Copy of Deposit Item$10.00
Items clearing over 200$.10 each
Draft Printing (price depends on style ordered)varies
Depository Bag (11 x 6)$5.00
Depository Bag (9 1/2 x 12 1/2)$7.00
Straps of Currency$.25 per strap

Sole Proprietorship Accounts Return to Top

A Sole Proprietorship is an unincorporated business that is owned by one individual. It is the simplest form of business organization to start and maintain. The business has no existence apart from you, the owner. Its liabilities are your personal liabilities and you undertake the risks of the business on your own tax return.

Example:

John Doe DBA Happy Handyman
John Q. Public DBA Happy Days Lawn Service

To Open an Account

The Account cannot be opened without these required items. A minimum of two signers is required on the account with a maximum of four signers.

  1. County occupational license - a city license will also be required if the business is located within city limits.
  2. Certificate of Fictitious Name from the state - if applicable.
  3. Social Security number of the owner or a Federal Tax I.D. number (Employer Identification Number) is required. If the owner pays wages or if a pension or excise tax return is required, you must have a Tax I.D. number.

Credit Union forms to be completed

  1. Business Account Agreement form and Resolution of Authority.
  2. Business Account Information form.
  3. Personal Guaranty Agreement.

When changing signers on your account, the following Credit Union forms must be completed

  1. Business Account Agreement and Resolution of Authority.
  2. Business Account Information form.

Nonprofit Organization Accounts Return to Top

Nonprofit Organizations are groups organized for charitable, scientific, educational, literary, or religious purposes, such as a group of people who join together to do some activity that benefits the public, such as running a homeless shelter or a low cost medical clinic. Making profit from these activities is allowed as long as the money is used for nonprofit purposes. The corporation does not pay income taxes. A nonprofit corporate charter is required through the state.

To Open an Account

The Account cannot be opened without these required items. A minimum of two signers is required on the account with a maximum of four signers.

  1. Federal Tax I.D. number (Employer Identification Number).
  2. Articles of Incorporation with the Secretary of state FILED stamp.

Credit Union forms to be completed

  1. Business Account Agreement form and Resolution of Authority.
  2. Business Account Information form.
  3. Personal Guaranty Agreement.

When changing signers on your account, the following Credit Union forms must be completed

  1. Business Account Agreement and Resolution of Authority.
  2. Business Account Information form.

"S" Corporation Accounts Return to Top

An eligible domestic corporation can avoid double taxation (once to shareholders and again to the corporation) by electing to be treated as an S Corporation. An S Corporation generally is exempt from federal income tax. Its shareholders include on their tax returns their share of the corporation's separately stated items of income, deduction, loss, and credit, and their share of nonseparately stated income or loss.

To Open an Account

The Account cannot be opened without these required items. A minimum of two signers is required on the account with a maximum of four signers.

  1. County occupational License - a city license will be required if the business is located within city limits.
  2. Federal Tax I.D. number (Employer Identification Number).
  3. Articles of Incorporation with the Secretary of State FILED stamp.
  4. Notice of Acceptance as an S Corporation.

Credit Union forms to be completed

  1. Business Account Agreement form and Resolution of Authority.
  2. Business Account Information form.
  3. Personal Guaranty Agreement.

When changing signers on your account, the following Credit Union forms must be completed

  1. Business Account Agreement and Resolution of Authority.
  2. Business Account Information form.

Partnership Accounts Return to Top

A Partnership is the relationship existing between two or more persons who carry on a trade or business. Each person contributes money, property, labor, or skill, and expects to share in the profits and losses of the business. A partnership is not a taxable entity. Each partner includes his or her share of the partnership's income or loss on his or her tax return.

To Open an Account

The Account cannot be opened without these required items. A minimum of two signers is required on the account with a maximum of four signers.

  1. County occupational license - a city license is required if the business is located within city limits.
  2. Certificate of Fictitious Name from the state or a letter from the Florida Department of State acknowledging the Partnership registration.
  3. Federal Tax I.D. number (Employer Identification Number).

Credit Union forms to be completed

  1. Business Account Agreement form and Resolution of Authority.
  2. Business Account Information form.
  3. Personal Guaranty Agreement.

When changing signers on your account, the following Credit Union forms must be completed

  1. Business Account Agreement and Resolution of Authority.
  2. Business Account Information form.