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Business Accounts
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Primary Savings
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. For our current rates, please review our service rates & fees schedule.
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Business Checking Accounts
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 Non-Profits. Business Basic Checking is available for Partnerships, Corporations, and Limited Liability Companies. Please review our service rates & fees schedule.
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Merchant Services (Credit Card Acceptance)
As a business, accepting the method of payment that your customer prefers is important. That is why WECU has partnered with Merchant Card Services to make sure your business has what it needs. For more information, click here.
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Online Account Management (Maximum Access)
Our Maximum Access technology gives you 24 hour access to your WECU accounts. There is no charge to use these services. For more information, click here.
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Payroll Services
You’re busy, so anything that can make your life a little easier and your business run more smoothly is an asset. For just this reason, WECU is proud to offer you PayChex Payroll Services. Everything from Payroll to Employee Benefits to Human Resources can be found here! For more information click here.
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Loan Accounts
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. For more information, click here.
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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 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 furnish the following:
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Partnerships
Checking 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 furnish 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
- Statement of Resolution
- Signers' information as listed below
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Limited Liability Companies (LLC)
Checking 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 furnish 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
- Statement of Resolution
- Signers' information as listed below
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Corporations
Business Basic Checking
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 furnish 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
- Statement of Resolution
- Signers' information as listed below
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Associations and Clubs
Checking Type: Business Economy
Informal groups that have a common purpose or goal. When opening an association or club account, please furnish 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.
- Statement of Resolution
- Signers' information as listed below
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501(c) Nonprofit Corporations and LLC's
Checking 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 furnish 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
- Statement of Resolution
- Signers' information as listed below
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Signers' Information
The following information must be provided for each signer on the account prior to establishing or updating an account:
- Name
- Address
- Address verification if different than ID
- Social security number
- Date of birth
- Current government-issued photo ID
- Mother's maiden name
- Home phone
- Work phone
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Contact information
For more information, contact Member Services 360.676.1168 x7350
To discuss your business lending needs, please contact:
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