Business Checking & Savings
Every day is a new day with your business and we have the flexible checking and savings options you need for your day-to-day operations.
| Business Basic | Business Plus | Regular Savings Account | Money Market Account | |
|---|---|---|---|---|
| Minimum Initial Deposit | $50.00 | $50.00 | $5.00 | $2,500.00 |
| Monthly Service Fee | See Details | See Details | See Details | See Details |
| Interest Bearing | No | Yes | Yes | Yes |
| Transaction Limitations | Maximum of 50 per statement cycle | None | None | None |
| MC Debit Card | Yes | Yes | No | No |
There is specific information we are required to open a business account —Sole proprietorship, General Partnership, Limited Liability Company or Corporation and other non-natural person entity, such as an association or organization. Before opening an account for a business LFCU will verify the existence of the business by making a copy of the Original or Certified Original documentation. For any type of business, except a Sole Proprietorship, we are required to get information on all owners who own 25% or more of the business, regardless of if they are a signer on the account or not. Please note, we will not be able to open the account if the business is awaiting the issuance of its Federal Tax ID Number.
The perfect account designed for small business with a maximum of 50 deposit items each month.
- The minimum deposit to open this account is $50.00
- A $250.00 average monthly balance is required
- A $5.00 monthly maintenance fee is assessed if the average monthly balance is less than $250.00
- This account does not pay dividends
