Because opening a business account requires more documentation than opening a personal account, please visit one of our 17 branches where one of our Member Service Representatives will be happy to walk you through the process.  

We’ve put together a helpful business account checklist to prepare you for your visit.

In addition to bringing the proper documentation, please note that all business owners/partners with 25% ownership or greater in your business need to be present to open the accounts.

Federal law requires us to obtain information about the following designated persons for a business account: Authorized Signers, Beneficial Owners and Controlling Owners of the business, defined as follows:

  • An Authorized Signer can perform transactions on the business account including deposits and withdrawals, both in person and online/electronically.
  • A Beneficial Owner is anyone who owns 25% or more of the business. If a Trust owns 25% or more, the Trustee is a Beneficial Owner. A Beneficial Owner often benefits from the transactions on a given account, and may not be primarily responsible for the ongoing management of an account but could have some oversight.
  • A Controlling Individual/Owner is anyone whose responsibility is to control, open and/or manage an account on behalf of the legally defined business—typically, a CEO, COO, or CFO. Unlike the Beneficial Owner, a Controlling Individual/Owner will be involved in the ongoing management of an account, including input or decisioning on who has access.

We do not require this information for roles that don’t apply to your business. For example, if ownership of your business is distributed so no one person has 25% or more, there are no Beneficial Owners. Or, if you are a sole proprietor who is both the CEO and Authorized Signer, we will require your information as it applies to both roles.

Each business type has a set of necessary documents and information, which is detailed on the business account checklist.  

To set up an appointment to open your business account, call us today at 1 (800) 479-7928.