Association & Organization 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.

What Is Needed to Open an Association or Organization Account with Us?

The credit union shall accept funds from Associations and Organizations of members.  At all times, at least one signer on an Association or Organization account must be eligible for membership as per the Credit Union’s guidelines (see those guidelines here, Membership page).

In order to establish an Association or Organization 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 Association or Organization accounts.

Associations or Organizations who are granted membership will have the opportunity to apply for a debit card. 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.

You can open as many accounts as you need. You can open several types of accounts such as Certificates of Deposit, Holiday Club, Summer Club, or Nest Club accounts.

Benefits to opening Association or Organization Share (Savings) Accounts: 

• Access to accounts online via Home Banking.
• No monthly maintenance fee.
• 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 Association or Organization Share (Savings) Accounts: 

• 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

How to open an Association or Organization Share (Savings) Account: 

• Step 1 - Click on the OPEN AN ACCOUNT button below.
• Step 2 - Fill out and successfully submit the Open New Association/Organization (A/O) 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.