• Low monthly service fee
• No fees for deposits
• No fees for first 20 checks cleared each month
• Free 24 hour telephone access
• Merchant card services
• Free federal tax deposit
• No Fee for totaling customer checks
• Night depository at each branch

Opening a New Business Account

The first step in opening an account at Peninsula Credit Union is to establish business as a credit union member with an initial deposit of $5.00 which will remain in your business account as long as you are a member. 

When you are ready to open a business account, please provide the following information for your business type to a Member Service Representative.

Sole Proprietorships
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:

• Washington State Business License

• Valid Social Security# or Employer Identification#

• Signers' Information:
  The following information at a minimum must be provided for each signer on the account prior to establishing or updating an account:

• Name
• Residential street address
• Social security number
• Date of birth
• Current government-issued photo ID
• Mother's maiden name
• Home phone
• Occupation

Partnerships
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:

• Washington State Business License

• Secretary of State Registration (Certificate of Formation) for limited partnerships and Limited Liability Partnerships (LLP’s).
  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:
  The following information at a minimum must be provided for each signer on the account prior to establishing or updating an account:

• Name

• Residential street address

• Social security number

• Date of birth

• Current government-issued photo ID

• Mother's maiden name

• Home phone

• Occupation

 

Limited Liability Companies (LLC)
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:

• Washington State Business License

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

• Name

• Residential street address

• Social security number

• Date of birth

• Current government-issued photo ID

• Mother's maiden name

• Home phone

• Occupation

 

 

Corporations
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:

• Washington State Business License

• Secretary of State Registration (Certificate of Formation), If LLC or LLP is not designated on your business license.

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

• Name

• Residential street address

• Social security number

• Date of birth

• Current government-issued photo ID

• Mother's maiden name

• Home phone

• Occupation

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

• Washington State Business License, if applicable 

• TIN/EIN verification, if applicable.   

•   Signers' information:
  The following information at a minimum must be provided for each signer on the account prior to establishing or updating an account:

• Name

• Residential street address

• Social security number

• Date of birth

• Current government-issued photo ID

• Mother's maiden name

• Home phone

• Occupation

501(c) Nonprofit Corporations and LLC's
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:

• Washington State Business License

• 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

• Signers' information:
  The following information at a minimum must be provided for each signer on the account prior to establishing or updating an account:

• Name
• Residential street address
• Social security number
• Date of birth
• Current government-issued photo ID
• Mother's maiden name
• Home phone
• Occupation