Where Members Come First!
Business Services

Accounts

  • Primary Savings: ( More details )
    The first business account you open at WECU® will be a primary savings account. Your initial deposit of $5.00 will remain in your business account as long as you are a member. Savings dividends are calculated using the average daily balance method. The average is determined by adding the balance in your account at the end of each day in the period and dividing the sum by the number of days in the period. These dividends are paid on the last day of each quarter.
  • Business Checking: ( More Details )
    Once your business savings account has been established, you then have the option of adding a business checking account to further meet your financial needs. When the minimum balance is maintained in your business checking, there is no monthly fee.

    Business Economy Checking is available for Sole Proprietors, Clubs/Associations, and Nonprofits. Business Basic Checking is available for Partnerships, Corporations, and Limited Liability Companies.
  • Loan Accounts: ( More Details )
    When you are ready to grow your business, we are ready to help. We offer a variety of loan products to meet your business needs.

Business Accounts

At WECU®, your business is our business. We focus on developing lasting relationships with our business members.

Getting Started

When you are ready to open a business account, please provide the following information for your business type. To print out a list of required documents according to business type, click here.

Sole Proprietorships

Checking Account Type: Business Economy

This type of account is the most common form of business structure. It is created when a single person or a married couple does business under their own names. Sole proprietorships are also known as "dba" accounts because the individual is "doing business as" the trade name for the business. Sole proprietorships are generally operated under your Social Security Number (SSN), although you may also use a Federal Employer Identification Number (EIN), especially when you have employees. When opening a sole proprietorship account please provide the following:

  • Business license to operate in Washington State
  • Beneficiary information if using social security number
  • Signers' information as listed below
Partnerships

Checking Account Type: Business Basic

A partnership is the association of two or more persons to carry on a for-profit business as co-owners. There are a variety of different types of partnerships. Partnerships are generally formed with a formal written agreement and should have an employee identification number (EIN). An account for a partnership will be opened with an EIN rather than any one of the partner's own Social Security numbers. When opening a partnership account, please provide the following:

  • Business license to operate in Washington State
  • Secretary of State Registration (Certificate of Formation). Note: general partnerships are exempt from this requirement.
  • Partnership Agreement: Must include the names of those authorized to transact business on the account and must be signed by all partners
  • TIN/EIN verification
  • Signers' information as listed below
Limited Liability Companies (LLC)

Checking Account Type: Business Basic

A limited liability company (LLC) is a separate legal organization. While structured similarly to a corporation, it is not a corporation. When opening a Limited Liability Company account please provide the following:

  • Business license to operate in Washington State
  • Secretary of State Registration (Certificate of Formation)
  • Operating Agreement: Must include the name(s) of those authorized to transact business on the account.
  • TIN/EIN verification, if applicable
  • Signers' information as listed below
Corporations

Checking Account Type: Business Basic

A corporation is a more complex business structure. A corporation is a "chartered legal entity," meaning that it takes on its own life under the law, and is seen as a separate and distinct entity. When opening a corporation account, please provide the following:

  • Business license to operate in Washington State
  • Secretary of State Registration (Certificate of Formation)
  • Articles of Incorporation and/or Bylaws: Must include the name(s) of those authorized to transact business on the account.
  • TIN/EIN verification
  • Signers' information as listed below
Associations and Clubs

Checking Account Type: Business Economy

Informal groups that have a common purpose or goal. When opening an association or club account, please provide the following:

  • Business license to operate in Washington State, if applicable
  • A copy of meeting minutes that specifically lists the name(s) of those authorized to transact business on the account.
  • Copy of bylaws or charter, if they exist.
  • TIN/EIN verification, if applicable
  • Signers' information as listed below
501(c) Nonprofit Corporations and LLC's

Checking Account Type: Free Checking

Nonprofit organizations are formal groups that have a common purpose or goal. This account may be in the name of an informal social club, religious or charitable organization, or other group. When opening a nonprofit corporation account, please provide the following:

  • Business license to operate in Washington State
  • Secretary of State Registration (Certificate of Formation)
  • Articles of Incorporation: Must include the name(s) of those authorized to transact business on the account.
  • IRS 501(c) designation
  • TIN/EIN verification, if applicable
  • Signers' information as listed below

Signers' Information

The following information must be provided for each signer on the account prior to establishing or updating an account:

  • Name
  • Address
  • Social Security Number
  • Date of Birth
  • Current Government-issued Photo ID
  • Mother's Maiden Name
  • Home Phone
  • Work Phone