Deposit Accounts
Minimum opening deposit
$100.00
Free Transactions on Business Choice
350
True or False- All owners with 30% ownership must be present at the time of account opening?
F- all owners with 25% or more ownership must be present.
On a NEW business vehicle loan what is the MAXIMUM term?
72
True or False
When a business is applying for credit- the owners personal credit is taken into account?
What two types of accounts do we offer?
Business Choice/Premium
Free Transactions on Business Premium?
500
True or False
You can have a DBA under a corporation?
True- Any business can also have a DBA attached.
On a USED business vehicle loan what is the MAXIMUM term?
60
Do business credit cards have a fixed or Variable rate?
Variable – Meaning the interest rate will fluctuate with Prime. Prime plus the margin the member is approved for will be the interest rate for the business cards. The rate of the card will adjust on the 1st of the month following prime rate change.
Monthly Service Charge for Business Choice?
$8
Charge for Additional Trasactions?
.20 per Item
Letter awarding Non-Profit Status
MAXIMUM term on unsecured business loans?
36
True or false- The business must have a checking account in order to apply for a Credit card?
The business must establish a checking account to apply for a credit card.
Monthly Service Charge for Business Premium
$15.00
Business choice and Business Premium allowance for free cash Processing?
10k/25k
True or False
We can open Business accounts for Non-Digital members?
False- at this time we are only able to open accounts for digital members.
What percentage do we require down for business Auto & equipment loans?
20% of sales price.
Can business credit cards have Authorized users?
Yes, and they DO NOT have to be a member at the credit union.
Business Premium
Additional Charge for cash processing
$1 per $1000
What two items do we have to have in order to open a sole proprietor account?
Federal Tax ID number and Business License.
What is the fee for business loans? (non-real estate)
1% or $500
True or False-Our Business Credit Card is a rewards card?
True-The Business Credit Card program is currently set to have 0% interest and triple points on purchases for the first six (6) months. After that $1 equal 1 point.