LAFCU has your business needs covered.
Savings and checking can be opened for a variety of business types including: Club/Organization, Corporation, General Partnership, Limited Partnership, Limited Liability Company, and Sole Proprietorship/DBA. Businesses must be established within Southern California.
When opening a business account, you must provide:
- A business account agreement
- Letter from the Department of Treasury confirming your Employer Identification Number (EIN) or Social Security Number (for Sole Proprietorships)
- Business license, if applicable
- A valid social security number for each signer
- A valid unexpired, government-issued photo identification for each signer
- Confirmation that you have reviewed our business account disclosure
- Business account service questionnaire and certification regarding beneficial owners of legal entity customers
Depending on your business type, additional documents may also be required. To open a business account to serve your financing needs, visit a LAFCU Branch.
Rules and Regulations
Due to special governmental rules and regulations, LAFCU does not offer business accounts with a large volume of business activity on an ongoing basis. These accounts require an ongoing enhanced level of due diligence and we are not equipped to adhere to these regulations. Your business information will be reviewed to determine the eligibility of your business account.
Are you an entrepreneur who needs a business loan to purchase goods, a new vehicle or commercial real estate? LAFCU offers business financing with competitive rates, high borrowing limits and no pre-payment penalties.
LAFCU’s Business Calculators can help you determine business startup costs, see if you need help with business financing, and more.