Business Accounts
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.
Requirements
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.
VISIT A BRANCH TO OPEN A BUSINESS ACCOUNT
Business Money Market
Earn dividends while maintaining access to cash for whatever you need.
Mobile App and Online Banking
We are committed to helping your business succeed by being your trusted financial partner. With our free mobile app (Apple, Google Play) and desktop online banking service, you’ll gain secure, convenient access to tools built specifically for businesses. Key Features Include:
• External Accounts: Connect accounts from other financial institutions to easily transfer funds between your business accounts.
• Sub-User Management: Assign roles, set permissions, and establish transaction limits for your team members.
• ACH Origination: Create and manage ACH templates, designate recipients, and schedule payments for payroll and vendor transactions.
• Business Wires: Initiate domestic and international wire transfers directly from your Mobile App or Desktop Online Banking.
• Alerts & Reporting: Access expanded alert options and detailed reporting tailored to your business needs.
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.
Business Financing
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.
Business Calculators
LAFCU’s Business Calculators can help you determine business startup costs, see if you need help with business financing, and more.
