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business accounts

We offer savings and checking accounts for many business types, including Club/Organization, Corporation, General Partnership, Limited Partnership, Limited Liability Company, and Sole Proprietorship/DBA. The business must be established within the Greater Los Angeles, California area. To open a business account today, visit a LAFCU Branch.

Due to special Governmental Rules and Regulations, LAFCU does not offer business accounts with large volume of business activity on an ongoing basis. These accounts require ongoing enhanced level of due diligence and we are not equipped to adhere to these regulations. The information provided by the business will be reviewed to determine eligibility of their business account.

When opening any business account at LAFCU, we will ask you to provide:

  • Business Account Agreement
  • Letter from the Department of the Treasury confirming issuance of an Employer Identification Number (EIN)
  • Business License (If applicable)
  • Valid Social Security Number for each signer
  • Valid, unexpired, government-issued photo identification for each signer. The address on the Driver’s License/ID must be the signer’s current address otherwise the signer must provide a copy of a utility bill listing the current address (gas, electrical, cable tv, etc.).
  • Confirmation that you have reviewed our business account disclosure
  • Business Account Service Questionnaire
  • Certification regarding beneficial owners of legal entity customers

Below is a list of required documents for each type of business account. Depending on your type of business, additional documents may be required other than the ones listed below:

Club/Organization

  • Organization’s Bylaws or Meeting Minutes (on company letterhead) explaining the purpose of the club, naming all authorized signers and their positions
  • Club/Organization’s Tax Identification number/EIN number
  • Fictitious Business Name Statement (If applicable)
  • Corporation

  • Proof of publication if it is a new business.
  • Articles of Incorporation (Must be file-number stamped)
  • Certification from Secretary of State (Must be file-number stamped)
  • Copy of the Corporate Minutes or a Corporate Resolution to identify the corporate officers and signers of the Corporation
  • Corporate bylaws
  • Statement of Information
  • General Partnership

  • Proof of publication if it is a new business
  • Copy of the Partnership Agreement identifying partners and their authority (if available)
  • Limited Partnership

  • Proof of publication if it is a new business.
  • Copy of the Certificate of Limited Partnership (form LP-1)
  • Limited Liability Company

  • Proof of publication if it is a new business.
  • Copy of the Operating Agreement (if multiple members)
  • Copy of the Articles of Organization (form LLC-1), or copy of the Statement of Information (form LLC-12)
  • Statement of Information
  • Sole Proprietorship/DBA

  • Certified copy of your Fictitious Business Name Statement / DBA
  • Proof of publication if it is a new business.
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