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Please see details below about the types of businesses we serve, as well as a checklist of items you'll need to open our business accounts.

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Sole Proprietor

Here's what you'll need to open our business accounts as a sole proprietor:

  • Two forms of personal identification. Ex: Valid driver's license, state identification card, or passport.
  • Social Security Number (SSN)
  • Employer Identification Number (EIN) (if applicable) Ex: A unique nine digit number assigned to each business entity by the Internal Revenue Service (IRS). Formatted as XX-XXXXXXX. Also known as a Federal Tax Identification Number.
  • Employer Identification Number (EIN) Assignment Letter (if applicable) Ex: Document from the Internal Revenue Service (IRS) verifying your Employer Identification Number (EIN).
  • Assumed Name Certificate or Fictitious Name Certificate (if applicable) Ex: Legal document showing the operating name of a business (also known as “Doing Business As” or “DBA”), as opposed to the legal name of the business.

Additional documents may be required before your business deposit account can be opened. The list provided above may change as applicable state and federal regulations change.

General Partnership

Here's what you'll need to open our business accounts as a general partnership:

  • One form of personal identification for each General Partner Ex: Valid driver's license, state identification card, or passport.
  • Employer Identification Number (EIN) Ex: A unique nine digit number assigned to each business entity by the Internal Revenue Service (IRS). Formatted as XX-XXXXXXX. Also known as a Federal Tax Identification Number.
  • At least one form of business identification:
  • Partnership Agreement Ex: Legal agreement that explicitly details the relationship between the business partners and their individual obligations and contributions to the partnership.
  • Government Issued Business License
  • Employer Identification Number (EIN) Assignment Letter Ex: Document from the Internal Revenue Service (IRS) verifying your Employer Identification Number (EIN).
  • Assumed Name Certificate or Fictitious Name Certificate (if applicable) Ex: Legal document showing the operating name of a business (also known as “Doing Business As” or “DBA”), as opposed to the legal name of the business.
  • At least two General Partners must be present at account opening
  • The Controlling Party, along with any Beneficial Owner who owns 25% or more of a business, will be required to provide additional information. Click here to view the sample form.

Additional documents may be required before your business deposit account can be opened. The list provided above may change as applicable state and federal regulations change.

Limited Partnership

Here's what you'll need to open our business accounts as a limited partnership:

  • One form of personal identification for each General Partner Ex: Valid driver's license, state identification card, or passport.
  • Employer Identification Number (EIN) Ex: A unique nine digit number assigned to each business entity by the Internal Revenue Service (IRS). Formatted as XX-XXXXXXX. Also known as a Federal Tax Identification Number.
  • At least one form of business identification:
  • Partnership Agreement Ex: Legal agreement that explicitly details the relationship between the business partners and their individual obligations and contributions to the partnership.
  • Government Issued Business License
  • Employer Identification Number (EIN) Assignment Letter Ex: Document from the Internal Revenue Service (IRS) verifying your Employer Identification Number (EIN).
  • Assumed Name Certificate or Fictitious Name Certificate (if applicable) Ex: Legal document showing the operating name of a business (also known as “Doing Business As” or “DBA”), as opposed to the legal name of the business.
  • At least two General Partners must be present at account opening
  • The Controlling Party, along with any Beneficial Owner who owns 25% or more of a business, will be required to provide additional information. Click here to view the sample form.

Additional documents may be required before your business deposit account can be opened. The list provided above may change as applicable state and federal regulations change. 

Limited Liability Company (LLC)

Here's what you'll need to open our business accounts as an LLC: 

  • Two forms of personal identification Ex: Valid driver's license, state identification card, or passport.
  • Social Security Number (SSN), if the entity is a Sole Member LLC
  • Employer Identification Number (EIN) Ex: Document from the Internal Revenue Service (IRS) verifying your Employer Identification Number (EIN).
  • Assumed Name Certificate or Fictitious Name Certificate (if applicable) Ex: A unique nine digit number assigned to each business entity by the Internal Revenue Service (IRS). Formatted as XX-XXXXXXX. Also known as a Federal Tax Identification Number.
  • Registered Articles of Organization Ex: Registered Articles of Organization Document filed with your state or regulatory agency to register the Limited Liability Company (LLC).
  • Operating Agreement listing the names of Member(s) and the Manager (if applicable) Ex: Formal document structuring the Limited Liability Company (LLC)’s financial and managerial functions and duties.
  • Employer Identification Number (EIN) Assignment Letter Ex: Document from the Internal Revenue Service (IRS) verifying your Employer Identification Number (EIN). Also known as Tax ID Certificate or Tax ID Verification Letter.
  • At least two LLC Members (or Manager, if applicable) must be present at account opening, unless the entity is a Sole Member LLC
  • The Controlling Party, along with any Beneficial Owner who owns 25% or more of a business, will be required to provide additional information. Click here (link to beneficial owner form) to view the sample form.

Additional documents may be required before your business deposit account can be opened. The list provided above may change as applicable state and federal regulations change.

Limited Liability Partnership (LLP)

Here's what you'll need to open our business accounts as an LLP:

  • One form of personal identification for each authorized signer Ex: Valid driver's license, state identification card, or passport.
  • Employer Identification Number (EIN) Ex: A unique nine digit number assigned to each business entity by the Internal Revenue Service (IRS). Formatted as XX-XXXXXXX. Also known as a Federal Tax Identification Number.
  • Registration of Limited Liability Partnership (LLP) Ex: Document filed with your state or regulatory agency to register the Limited Liability Partnership (LLP).
  • Limited Liability Partnership Agreement, including the names of the Partners Ex: Formal document that sets forth the provisions and conditions of the relationship between the partners.
  • Employer Identification Number (EIN) Assignment Letter Ex: Document from the Internal Revenue Service (IRS) verifying your Employer Identification Number (EIN). Also known as Tax ID Certificate or Tax ID Verification Letter.
  • All LLP Partners must be present at account opening
  • The Controlling Party, along with any Beneficial Owner who owns 25% or more of a business, will be required to provide additional information. Click here (link to beneficial owner form) to view the sample form.

Additional documents may be required before your business deposit account can be opened. The list provided above may change as applicable state and federal regulations change.

Corporation

Here's what you'll need to open our business accounts as a corporation:

  • One form of personal identification for each authorized signer Ex: Valid driver's license, state identification card, or passport.
  • Employer Identification Number (EIN) for the Corporation Ex: A unique nine digit number assigned to each business entity by the Internal Revenue Service (IRS). Formatted as XX-XXXXXXX. Also known as a Federal Tax Identification Number.
  • Registered Articles of Incorporation Ex: Filing with your state or regulatory body to legally document the creation of the Corporation.
  • Employer Identification Number (EIN) Assignment Letter Ex: Document from the Internal Revenue Service (IRS) verifying your Employer Identification Number (EIN). Also known as Tax ID Certificate or Tax ID Verification Letter.
  • Assumed Name Certificate or Fictitious Name Certificate (if applicable) Ex: Legal document showing the operating name of a business, as opposed to the legal name of the business (also known as "Doing Business As" or "DBA").
  • At least two Officers of the Corporation must be present at account opening
  • The Controlling Party, along with any Beneficial Owner who owns 25% or more of a business, will be required to provide additional information. Click here (link to beneficial owner form) to view the sample form.

Additional documents may be required before your business deposit account can be opened. The list provided above may change as applicable state and federal regulations change.

Association or Organization

Here's what you'll need to open our business accounts as an association or organization: 

  • Employer Identification Number (EIN) for the Association or Organization Ex: A unique nine digit number assigned to each business entity by the Internal Revenue Service (IRS). Formatted as XX-XXXXXXX. Also known as a Federal Tax Identification Number.
  • By-laws, Charter, Constitution or other governing document Ex: Document defining the rules, regulations and day-to-day operating procedures of the Association/Organization.
  • Employer Identification Number (EIN) Assignment Letter Ex: Document from the Internal Revenue Service (IRS) verifying your Employer Identification Number (EIN). Also known as Tax ID Certificate or Tax ID Verification Letter.
  • Assumed Name Certificate or Fictitious Name Certificate (if applicable) Ex: Legal document showing the operating name of a business, as opposed to the legal name of the business (also known as "Doing Business As" or "DBA").
  • At least two representatives of the Association or Organization as identified in the governing document must be present at account opening.

Additional documents may be required before your business deposit account can be opened. The list provided above may change as applicable state and federal regulations change.

Limitations

We do not currently open accounts for the following businesses/entities. By applying for our business accounts, you are certifying that you do not now (nor will you in the future) participate in activities related to: 

  • Proprietary/Non-Bank Owned ATM/ATM Services Provider – BFCU is unable to maintain the degree of oversight required of a financial institution maintaining accounts for privately (non- bank) Owned ATM Services Providers.  This means we are unable to open an account for you if you have an ATM on premises that is not directly owned by a financial institution.
  • Marijuana-Related Business – While the growth, sale, and distribution of marijuana is legal in some states, these activities remain illegal at the federal level. As a federal credit union, we are unable to provide banking services to the marijuana industry or any groups or industries affiliated with it in any way. This includes businesses that receive funding from the marijuana industry or associations established for the promotion of retail or medical marijuana sales.
  • Political Action Committees (PACs) – BFCU does not have the appropriate account structure established at this time and is unable to maintain the degree of oversight required of a financial institution maintaining accounts for PACs.
  • Interest on Lawyer Trust Accounts (IOLTAs) – BFCU does not have the appropriate account structure established at this time and is unable to maintain the degree of oversight required of a financial institution maintaining IOLTAs.
  • Internet Gambling Business – The Illegal Internet Gambling Act of 2006 prohibits certain transactions related to internet gambling.
  • Money Services Business (MSB) – BFCU is unable to support the types and volume of transactions generally required by an MSB at this time. Nor can we maintain the degree of oversight required of a financial institution maintaining accounts for Money Service Businesses (this includes accounts for Agents acting on behalf of a larger MSB).
  • Third-Party Payment Processors (TPPPs) – BFCU is unable to maintain the degree of oversight required of a financial institution maintaining accounts for TPPPs.

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Please note that Best Financial Credit Union does not currently open accounts for the following businesses/entities: proprietary/non-bank owned ATM/ATM service providers, marijuana-related businesses, political action committees (PACs), Interest on Lawyer Trust Accounts (IOLTAs), internet gambling businesses, money services businesses (MSB), and third-party payment processors (TPPPs).