Business Share (Savings) Accounts
Business Share Accounts are available for small businesses- DBA’s or Partnerships. 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.
Dividends are declared and paid quarterly by the Board of Directors. E-Statements are sent to members quarterly along with a copy of our newsletter. ATM service is available for withdrawals from Shares (Savings) Accounts and Share Draft (Checking) Accounts.
All business accounts are subject to the same fee schedule as member accounts.
When a Share Account is inactive for two or more years and the balance is less than $100, an account fee of $6.00 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. 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:
1. A certified copy of a DBA Certificate or Certificate of Incorporation from NYS
2. Federal Tax ID number
3. 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® Check cards to be used with this account, and your first 50 checks are free.