Business Accounts

Kenmore Teachers Federal Credit Union is a member-owned, not-for-profit financial institution. You become a member when you open your first Share (Savings) account.

Who Can Open a Business Account?

At all times, at least one signer on a Business account must be eligible for membership as per the Credit Union’s guidelines (see those guidelines here, Membership page).

The credit union at its sole discretion may choose to allow Business accounts so long as the corporate entity seeking to open a Business account meets the following criteria:

• In order to establish a Business account a separate Employer Identification Number (EIN) is required for proper tax reporting. You can go to the Federal EIN page to obtain an EIN. The use of an individual’s SSN is not permitted for Business accounts;
• The Business account is associated with a Sole Proprietorship, General Partnership, Limited Partnership, Limited Liability Partnership Corporation, Subchapter S Corporation, Limited Liability Company, Professional Limited Liability Company or any other corporate entity as defined by the US Internal Revenue Service;
• The corporate entity has no record of wrongdoing, existing judgments outstanding or any other pending legal action; and
• The corporate entity has a corporate ownership structure whereby principals who are members of the credit union have in aggregate of more than 50% of the voting control.

Business accounts will be opened in good faith for those who meet the above criteria. However, should the credit union be made aware of subsequent legal action against the business, the credit union will exercise the right to close the account as necessary.

The credit union reserves the right to deny membership to any corporate entity not meeting the above criteria.  Should the denied party choose to appeal the decision of the credit union, the Board of Directors will serve as the Committee of Appeal.  The decision of the Board of Directors shall be final.

Corporate entities who are granted membership will have the opportunity to apply for a debit card or credit card (see details below). The loan officers will consider the credit worthiness of the principals who are members in making the decision to issue the debit card. All Authorized Users will have to complete and sign the Debit/Check Card Application form.

Par Share and Fees for Business Accounts

Business accounts will be required to maintain a par share deposit of $100.00. Refer to the KTFCU Rate & Fee Schedule for specific Information.

Credit Cards

Principals of corporate entities will be eligible to apply for a credit card loan.  The maximum loan amount for business credit card lines will be $10,000.00.  The loan is personally guaranteed by all KTFCU members of the Corporation..

Debit Cards

Principals of corporate entities will be eligible to apply for a debit card and overdraft line of credit loan.  The maximum line amount for business lines of credit will be $2,000.00 and will be repaid monthly on the last business day in the amount of $100.00/month.  The rate charged on this loan type will be set by the board of directors.

Benefits to opening a Share (Savings) Account: 

• Access to accounts online via Home Banking.
• All deposits insured up to $250,000 (from NCUA).
• Remote Deposit is available as an optional service.
• No limit to the number of accounts.
• Each account is eligible for Direct Deposit.
• 24-hour access to Phone Banking (KATIE).

Important Documents to Review When Opening a Business Share (Savings) Accounts: 

• Business Membership & Account Agreement
• EFT Agreement and Disclosure
• Funds Availability Disclosure
• KTFCU Truth in Savings Disclosure
• Remote Deposit Capture Agreement
• Current Savings Rates
• Current Fee Schedule

Important Documents to Complete & Sign When Opening a Business Share (Savings) Account: 

• Business Account Membership Card
• Business Acct Authorization Designation Form

How to open Business Share (Savings) Account: 

• Step 1 - Click on the OPEN AN ACCOUNT button below.
• Step 2 - Fill out and successfully submit the Open New Business Account Form.
• Step 3 - We will call you to schedule a time to come into the Credit Union to complete and sign the necessary documents.