Business Accounts
Small businesses – DBA’s, Partnerships, and more
Business Share Accounts are available for DBA’s, Partnerships, and other local small businesses. In order to establish membership, a share account must be opened.
A deposit of one share – $5.00 – is required for membership. Shares held in a savings account are the primary benefit of that ownership.
Business Share (Savings) Accounts
Dividends are declared and paid quarterly by the Board of Directors. Statements are sent to members quarterly along with a copy of our newsletter. Our share dividend rate is often competitive to other local credit unions. View our full savings rate schedule here.
All business accounts are subject to the same fee schedule as member accounts.
When a member’s Share Account is inactive for twenty-four months or more, an account fee of $15.00 is charged each quarter. An account is considered “inactive” when there is no deposit or withdrawal by the member. Payment of dividends is not classified as account activity. We will attempt to contact members before any dormancy fees are assessed. After five years of inactivity, the account is declared abandoned under New York State Law and turned over to the Office of the State Controller.
The following forms are needed in order to open the share account:
- A certified copy of a DBA Certificate or Certificate of Incorporation from NYS
- Federal Tax ID number
- Government issued ID for individuals opening the account
Business Share Draft (Checking) Accounts
Our checking account service is available to every qualified member who has a share account. There are no minimum balance requirements for share draft accounts. Share Draft accounts do not earn a dividend. You may apply for an ATM or Visa® Debit cards to be used with this account, and your first 30 checks are free.