Product Picks
A checking account with a $0 monthly service charge and 150 monthly allowable transactions, best for small businesses and non-profits
What is a Community Checking?
The letter that we are required to collect when a business does not report under a SSN
What is an EIN Letter?
A business structure where a single individual owns and runs the business
How an authorized signer would sign their name on any business DNA forms
What is "Signature, Signer"?
A checklist, found in ScreenSteps, that can be used as a reference when a new business member wants to open accounts with us but does not have time to stay and complete the account opening process
What is the Business Account Opening Checklist?
This service comes free with a Build or BuildStrong checking account, but costs $5.99/month with a Community checking or Money Market Demand Account
What is Member Perks?
A required document for opening a Sole Proprietorship, that proves the business has been registered with the city or town where it is located. This document has a different name in MA and NH
What is a Business Certificate (MA) or a Trade Name Certificate (NH)?
When a business operates under a different name from it's legal business name
What is Doing Business As (DBA)?
The Business Card Authorization Form has two signature lines - The "Card Holder Signature" line, which always needs to be signed, and the "Business Owner Signature" line, which only needs to be signed by the owner when dealing with this type of business
What is a Sole Proprietorship?
A report used to run a risk assessment at account opening - like eFunds, but for businesses
What is BizChex?
A checking account designed to pay higher yields on higher balances, best for business that want to earn more with tiered interest rates while having everyday access to their funds
What is a Money Market Demand Account (MMDA)?
This document, required for an LLC, shows if a business has registered with the state and is in good standing. It can be found on the MA & NH state websites, and has a different name in each state
What is a Certificate of Organization (MA) or Certificate of Formation (NH)?
A corporate structure where the members of the company cannot be held personally liable for the company's debts or liabilities
What is a Limited Liability Company (LLC)?
This form lists any individual who owns 25% or more of the business and must be completed for any business that registers with the state
What is the Certification of Beneficial Owners Form?
A required questionnaire that is used by FRM to verify and monitor the activity of a business
What is the Business Verafin Questionnaire?
This checking account needs a minimum daily balance of $10,000 to earn interest, has unlimited monthly allowable transactions, and is best for businesses with high transaction volumes
What is BuildStrong Checking?
When an LLC has more than one signer, we require this document that states banking and lending powers within the business
What is an Operating Agreement?
A business entity organized for purposes other than generating profits, such as public benefit, charity, or education. Because their work benefits the public, this business type can receive tax-exempt status
What is a Non-Profit?
This form lists the permissions of the authorized signers on a business account, and must be signed by each authorized signer
What is the Business Account Resolution?
A classification code that helps identify the industry in which a particular business operates - you'll need to search their website to find a particular code
What is a NAICS code?
The company JDCU has partnered with to provide business members with Merchant Services, Payroll Services, and Human Resource Services
What is Payroc?
Depending on the type of business, we might require this document, which is a an official written record of the business meeting where approved signers and banking powers were decided
What are Meeting Minutes?
An interest-bearing account established by lawyers or law firms to hold client deposits for a short period of time. Note: This type of account can be opened ONLY by the Business Services Dept)
What is an Interest on Lawyers Trust Account (IOLTA)?
This form can only be used when a trigger even occurs AND we have verified that the previous Certification of Beneficial Ownership Form is less than a year old and still contains accurate information
What is the Re-Certification of Beneficial Ownership Form?
After conducting a Business Search on the MA or NH State websites, if a business is listed as this, you cannot move forward
What is Dissolved?