Opening a New Business Account
The first step in opening an account at Peninsula Credit Union is to establish your 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 we require documents showing the legal existence of your business entity through Washington State’s Department of Licensing (DOL), Department of Revenue (DOR) and/or Secretary of State Corporations Division to verify the validity of a your Washington State business. Your business must be registered with one or more of these Washington State agencies and be reporting as “Open” according to the DOR or “Active” according to the Corporations Division at account opening.
In general, the documentation found online at the DOL, is sufficient to establish a business account. In certain cases, where there is incomplete or insufficient information from the DOL, other documentation may be requested prior to opening the account, such as:
- Articles of Incorporation
- Partnership Agreements, etc.
In addition, we require a Tax Identification Number for the business. Depending upon the business type, this can be a Social Security Number (SSN) or and Employer Identification Number (EIN).
All signers on an account are required to provide:
- Residential Street Address
- Taxpayer Identification Number (Social Security Number)
- Date of Birth
- Current government issued photo identification and a second piece of identification such as a social security card, credit card, insurance card, voter registration card, employer ID, etc.
- Home Phone
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 their Social Security Number (SSN), although you may also use a Federal Employer Identification Number (EIN), especially when you have employees.
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.
All partners are required to be signers on the account.
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.
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.
Associations and Clubs
Informal groups that have a common purpose or goal. The Credit Union requires a registration of Club or Association names to be filed with the State of Washington in order to establish a bank account using that entity name. The State of Washington uses a “Uniform Business Identifier” number (UBI#) to register businesses. Clubs and Associations can apply for a UBI by completing a Master Application (business license) online at www.dol.wa.gov. Again, this application is used to register their your “entity” (club, bowling group, road maintenance association etc.) name.
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.
The Credit Union offers nonprofit checking accounts with no monthly fee.
For more information, contact a Peninsula member service representative at: 360-426-1601 or 800-426-1601
Under current law Federal credit unions cannot serve as “public depositaries” for state and local government funds.