Business Accounts

LAFCU has your business needs covered.

To establish a business savings or checking account, you must join through Los Angeles Charitable Association Inc. (LACA) at a LAFCU branch, and your business must be located in Southern California. To get started, you must have a valid unexpired, government-issued photo ID for each signer, and filled out a Business Account Service Questionnaire.

Please select your business type below to learn what additional documentation requirements are needed to open a business account at LAFCU. Please bring these documents with you when you open a business account at a LAFCU branch.

Sole Proprietorship/DBA

Document requirements:

• Fictitious Business Name Statement or Business License, unless utilizing full legal name
• Proof of Publication within 90 days of filing
• Social Security Number of owner or Employment Identification Number (EIN) letter 

Limited Liability Company

Document requirements:

• Articles of Organization filed with the State of California
• Statement of Information filed with the State of California
• Operating Agreement: needs to specify banking authority
• LLC Resolution for Financial Institution if applicable
• Employement Identification Number (EIN) letter

Corporation

Document requirements:

• Articles of Incorporation filed with the State of California
• Statement of Information filed with the State of California
• Corporate Bylaws
• Corporate Resolution, needs to specify banking authority
• Employment Identification Number (EIN) letter 

 

Club/Organization

Document requirements:

• Meeting minutes 
• Organization Bylaws
• Fictitious Business statement if applicable
• IRS determination non-profit letter 
• Employment Identification Number (EIN) letter 

General Partnership/Limited Partnership

Document requirements:

• Partnership Agreement, General Partnership includes partnership name, all partners' names, and signatures
• Certificate of Limited Partnership filed with the State of California, if appliable
• Statement of Partnership Authority, if applicable
• Fictitious Business Name Statement/Business License and Proof of Publication (within 90 days of filing) 
• Employment Identification Number (EIN) letter

 

VISIT A BRANCH TO OPEN A BUSINESS ACCOUNT

 

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.

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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.

APPLY FOR A BUSINESS LOAN

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Business Calculators

LAFCU’s Business Calculators can help you determine business startup costs, see if you need help with business financing, and more.

BUSINESS CALCULATORS