Products
Account required for membership and services.
Business Member Share
A type of savings account that is mostly used by members who want to segregate their savings for a specific purpose such as Payroll, New Equipment, Bonus', Emergency, etc. and requires a minimum $1 deposit to open.
Business You-Name-It
A type of business where it has only one owner and receives all profits however the owner is help liable for all debts and losses.
(50 Bonus Points if you can give examples)
Sole Proprietorship
(Examples: Personal trainer, Housekeeper, Tutor, Life Coach, etc.)
What products does ACCU offer where electronic deposits and withdrawals ARE available?
*Hint there are 3
Business Member Share, Business Classic Checking and Business Value Checking
An account that earns higher dividends and requires a $5000 minimum deposit to open.
Business Money Market
An type of savings account where the funds are not liquid, earn higher dividends and requires at least a minimum $1,000 deposit to open.
Business Certificates
A type of business entity that has been incorporated under state laws to operate for purposes rather than making profits.
(50 bonus points if you can give examples)
Not-for-Profit Corporation
Sports Clubs, Foundations, Museums, Churches, etc
A business must be established for a minimum of 3 years and must have been profitable in each of the last 3 years. This is a requirement for what type of ACCU business product?
Any business loan
A type of account that ACCU offers that is designed for businesses with lower transaction activity and does not earn any dividends.
Business Value Checking
A type of account that ACCU offers that is designed for businesses with larger balances to earn dividends to offset transactional fees and requires a $2500 minimum balance in order to earn dividends.
Business Classic Checking
A type of business where two or more individuals agree to share responsibilities, assets, profits, and financial and legal liabilities of a jointly-owned business.
(100 bonus points if you can give examples)
General Partnership
(Examples: Law firms, medical practices, spouses or families who run a business together)
What are the types of business loans that are prohibited? (50 extra bonus points per type of loan named)
Unsecured, Overdraft Protection, Construction Loan Financing, Flooring Lines of Credit. ACCU will also not engage in the extension of a loan facility to hospitals, nursing homes, restaurants, bowling alleys or any entertainment related industries.
A loan that can help manage fluctuating cashflow and is great for short-term credit needs such as purchasing inventory, materials or equipment, or financing accounts receivable.
Business Line of Credit
A type of loan that keeps charges off personal credit reports and is the most common method to use to help establish business credit history.
Business VISA Gold Credit Card
Can John Smith request a business cross-member transfer form if he has a General Partnership account, "Smith Architecture Services" with Mike Duncan with with ACCU? John has an account with his wife, Anne Smith and Bob has an account with his brother, Brad Duncan.
No, John Smith would need to have a personal/joint account with Bob at ACCU in order to initiate a cross member transfer since Anne and Brad are not partners of "Smith Architecture Services".
Johnson & Johnson, Sony, Nike, PepsiCO are all examples of what business entity?
(200 bonus points if you can explain the entity)
Limited Liability Company (LLC)
(A hybrid business structure that offers limited liability protection to its members (owners) while providing flexibility in management and taxation. It is separate legal entity from its members, which means members' personal assets are generally protected from business liabilities)
A business structure that is permitted under the tax code to pass its taxable income, credit, deductions, and losses directly to its shareholders.
S-Corporation (S-Corp)
A type of loan that is ideal for building or buying new office space, manufacturing facilities or a warehouse to store inventory.
Commercial Real Estate Loan
A type of loan that is perfect for long-term financing and can help the business afford capital for bigger investments.
Term Loans
Microsoft, Coca Cola, Amazon, Apple and McDonalds are all examples of what business entity?
(300 bonus points if you can explain the entity)
Corporation
(A legal entity that is separate and distinct from its owners. Corporations possess many of the same rights and responsibilities as individuals. They can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes.)
A legal structure in which the owners, or shareholders are taxed separately from the entity. They are also subject to income taxation.
C-Corporation (C-Corp)