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Business Services
Business Checking Accounts
What Makes it a Business Account
A business may be set up as a sole proprietor doing business as (DBA), partnership, corporation, limited liability company (LLC), or a non-profit organization.
Checks made payable to a non-natural person must be processed through a business account. (Estates and trust accounts are the exception – they can be opened under a consumer account.)
Checking Account Options
All business accounts must have a $5.00 base share account to establish their membership. They can also open a checking account, Money Market, Investor’s Choice or a certifi cate account. Ascentra off ers two business checking accounts.
- Simply Business Checking for “for-profit” businesses
- Simply Non-Profit Checking for “non-profit” businesses
| Simply Business Checking |
Simply Non-Profit Checking |
|
| Monthly Service Fee | $10.00 | $5.00 |
| Ability to Waive Fee | e-Statement - reduced by $5.00 |
e-Statement - reduced by $5.00 |
| Number of Free Check Clearings | 20 | 30 |
| Price Per Check Clearing Beyond Free Limit | $0.15 | $0.10 |
| Number of Free Deposit Items | 50 | 100 |
| Price Per Deposit Item Beyond Free Limit | $0.20 | $0.10 |
| Overdraft Protection | Yes | Yes |
| Courtesy Pay* | Yes | No |
| Interest Bearing | Yes | Yes |
| Minimum Average Daily Balance for Interest | $1,000.00 | $2,000.00 |
| Non-Sufficient Funds Fee/UCF**/Courtesy Pay | $27.50 | $27.50 |
electronic payments that overdraw your business checking
** UCF (Uncollected Funds Fee)
What do You Need to Open an Ascentra Simply Business or Simply Non-Profit Checking Account?
All owners, representatives and agents must provide appropriate identifi cation including name, address, Social Security number, date of birth and valid government issued ID, as required by the USA Patriot Act.
Sole Proprietorship
Provide one or more of the following:
- Fictitious Name Certificate/Certificate of Trade Name/DBA (Doing Business As), Registration/Business License/Current Tax Registration Certificate (sales tax, use tax etc.)
Partnership
Provide one or more of the following:
- Certificate of Limited Partnership/Fictitious Name Certificate/Certificate of Trade Name/DBA, Registration/Business License/Current Tax Registration Certificate (sales tax, use tax etc.)
Limited Liability Company (LLC)
Provide the following:
- Articles of Organization (Certifi cate of Existence, Certifi cate of Status, Articles of Formation)
- Corporate Resolution – (Ascentra Credit Union’s Authorization Resolution form)
Corporation
Provide the following:
- Articles of Incorporation or Certificate of Incorporation or the like
- Corporate Resolution – (Ascentra Credit Union’s Authorization Resolution form)
Non-Profits
Provide the following:
- IRS ruling letter or notarized statement on organization letterhead from officers or directors that the organization is exempt from tax reporting under IRC 501C.
- Authorization Resolution
