Business Accounts ALL_V1_20230712
Written by Hannah Powers
Updated at June 23rd, 2025
New Business Account Prerequisites
- Any business owner seeking membership with LFCU must adhere to the same eligibility requirements associated with personal account applications.
- All business owners (and authorized signers) must provide proper photo identification: Unexpired driver’s license, Military ID, Passport, Permanent Resident or Resident Alien Card, Employment Authorization card or any ID issued by the US government.
- As with personal accounts, an initial deposit of $50 is required; this $50 deposit purchases one share in the credit union, entitles the member to vote for the Board of Directors at the annual meeting, and serve LFCU in official elected capacity.
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All business account owners and signers must pass initial background and credit checks:
- ChexSystems: Provides previous negative banking history and derogatory credit information. Can be accessed through Meridian Link – Tools – Verification.
- OFAC Check: Accesses the Office on Foreign Assets Control list of unacceptable foreign nationals. The OFAC check is automatically run through ChexSystems.
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Business owners must provide valid and verifiable information in accordance with federal guidelines and LFCU C.I.P. requirements:
- Valid Social Security Number (or other such designations for non-US citizens, etc.)
- If a separate tax I.D. is associated with the business, proper documentation must be provided (see below).
- Business owners must provide a verifiable physical address of residence (P.O. Box and employment addresses are not acceptable as primary address but may be used as a secondary mailing address). Additionally, all owners must complete the Joint Member Application Addendum Form in its entirety.
- Pertinent information with regards to the business itself must also be provided. The Member Application Addendum for Businesses, Not-for-Profit Organizations and Other Entities must be completed in full.
Business Membership Application
- Business accounts are opened on KeyStone. The most recent version of Business Account Enrollment Form must be used.
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Additional documentation will be required for corporations, partnerships, etc.:
- Sole Proprietor: business license or trade name certificate
- Limited Liability Company (LLC): tax identification number (TIN), state sealed articles of organization or corporate charter
- Limited Liability Partnership: Certificate of Limited Liability Partnership
- Corporation: state sealed articles of incorporation or corporate charter
- Partnerships: original partnership agreement or certificate of partnership
- Non-profit: IRS determination letter (tax exempt) and organizational by-laws, or articles of incorporation or certificate of good standing
- Obtain a copy of photo identification for all owners and signers (valid driver’s license, military I.D., passport, or government issued I.D.).
- Run ChexSystems on all owners and authorized signers
Business Account KeyStone Workflow Steps
Via the Transaction work area Insert New to create a person profile for the business account.
- The full business name goes under Last Name field.
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Select the TIN Type from the drop down.
- For SSN enter tax person name in Tax Person field below
- For EIN enter the full EIN in the TIN field omitting spaces and dashes
- Do not use ITIN or ATIN
- Birth Date should indicate the business date of origin.
- Category field should reflect the Business Type (i.e. LLC, Sole Prop.)
Subrecords Tabs:
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Person Address Link:
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Address Category: Residence or Business (Physical address of business)
- Add additional address as appropriate (If mailing is different from physical address)
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Person Contact:
- Business Phone and Email
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Person ID:
- Category: Password
- Value: Security word from Business Enrollment Packet
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Person Employment:
- Click red X to remove
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Application:
- Type: Open New Business Membership
- Branch
- Channel: How application was received (Branch, In Person, etc.)
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Credit Pull:
- Click red X to remove
- Click Insert to finish creating new Business Person Record
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Address Category: Residence or Business (Physical address of business)
Via the new Business Person Profile, begin the application workflow in the Relationship Tree
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Business Membership - Applicant
- Ensure joints of the business are added on this page of the workflow to properly add them to the sub-shares later in the workflow (Membership – Additional Options “Add Person to all Savings”)
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Enter Years at Address to proceed (2 years minimum required)
- If less than 2 years, insert previous address history.
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Membership – Credit Pull
- This step cannot be completed and must be manually skipped via workflow in the relationship tree.
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Membership – Decision
- Should there be any reason to pause the application (missing docs, member issues, etc.) the Decision Option Type may be updated to Pending.
- If the application is ready to proceed the Type should be Approved
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Membership – Account Selection
- Account Default: Business or Not for Profit Business must be selected.
- Account Number should remain blank: KeyStone will generate this number.
- Account Legal Title must be manually completed: This is the name that will be displayed on tax/legal documents issued by LFCU
- Eligibility- Family Membership: Selected for businesses sponsored by current members.
- Savings Options: Share Savings is required.
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Membership - Additional Options
- Add Person to all Savings: Select previously added persons from Applicant page.
- Update Checking Lookup
- Card Maintenance: Best practice is to skip card creation here so that a proper Debit Card Request be made via KeyInsight Opportunity for Support Ops to fulfill. (The card number can be generated at this step of the workflow but it does not automatically ship the card out- either way Support Ops must be notified for the card to be issued).
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Business Membership – Documentation
- Use this page as an opportunity to review all Business Documentation before finalizing the account.
- No further action on this application section is required.
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Membership – Notes
- Optional: Only for placing Restriction Messages as applicable.
Via the Transaction window you may now fund the new Business Membership via any of the following options:
- Mail check to Headquarters addressed Attention: New Accounts
- Send an ACH transfer from another financial institution.
- Visit an LFCU branch or a co-op branch.
- Wire Transfer (No incoming fee)
- Transfer from existing LFCU membership.
Post-Opening Requirements for Business Accounts
The following procedures are mandatory for all business accounts.
KeyStone User Credit
Via the relationship tree, ensure your employee ID is recorded in the Opened By User field so that sales goals are updated appropriately.
Documentation
- The staff member who opened the account will sign and date the Membership application form and ensure that the authorized signers have done so as well. Applicable account resolution forms must be completed and signed by all authorized signers.
- The staff member will review and provide copies of all applicable account disclosures and the Schedule of Fees to the member / business owner / authorized signers on the account.
- Forward all documents to the Supervisor or Branch Manager for review.
- The Supervisor or Branch Manager must sign off on the Amendment to Application form.
- All documents must be scanned into AE within 24 hours.
The new account documents will be scanned and filed on the ApplicationXtender (AE) under Member Records. For more ApplicationXtender instructions see AE Scanning Procedure.
Proper order of scanned documents
- Business Account Checklist (2 pages; LFCU)
- Business Membership Enrollment Form (3 pages; LFCU)
- Addendum to Page 2 of Business Membership Enrollment Form (1 page; LFCU)
- Business Enrollment and Resolution Form (1 page; LFCU)
- Beneficial Ownership Verification Form (1 page; LFCU)
- Amendment to Application for Membership (1 page; LFCU)
- Member Application Addendum for Businesses, Not-For-Profit Organizations, and
- Accounts (1 page; LFCU)
- Qualifile Report on Business Entity (LFCU)
- Joint Member Application Addendum Form for Business Owners/Authorized one for each Business Owner/Authorized Signer) (1 page; LFCU)
- Qualifile on Each Business Owner and Authorized Signer (LFCU)
- IDs for each Business Owner and Authorized Signer (Member)
- EIN Verification Letter from IRS (Member)
- Certified Copies of Articles of Incorporation/Partnership Agreement (Member or State Verification Site)
- Trade Name Registration or Business License (Member or State Verification Site)
- Occupational License (Member)
- Meeting Minutes (Member)
- Board of Directors Minutes (Member)
- Statement of Good Standing/Verification of Business (State Verification Site)