Business Accounts

Start your business on the path to savings and success

An RBFCU business account gives you access to the variety of business and merchant services RBFCU provides, including business loans, business checking and more.

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What you’ll need to open your business account

Membership Qualifications

All owners/managers of a business must qualify for RBFCU membership for the following entity types:
Sole Proprietorship, General Partnership, Limited Partnership (LP), Limited Liability Company (LLC), Limited Liability Partnership (LLP).

Corporation (for profit or nonprofit)
All legal directors/stockholders must qualify for membership or the entity must qualify on its own standing as an association of persons as a select group defined within our membership charter.

Organizations (Unincorporated Association or Club)
The organization must qualify on its own standing as an association of persons as a select group defined within our membership charter.

Designation of Beneficial Ownership
The following information is required for individuals owning 25 percent or more to entities being established or updated.

Additionally, one individual (control person) must be designated with significant responsibility to manage the legal entity being established or updated such as:

RBFCU will provide the following internal forms for applicable entity types:


Sole Proprietorship

  • All authorized signers must have an RBFCU primary savings account
  • Assumed Name Certificate (DBA) must be filed within the Texas County Clerk office in which business is being conducted
  • Social Security number or Employee Identification Number (EIN) documentation of sole proprietorship on IRS letterhead (if applicable)
  • Valid government-issued ID for all account signers (e.g., driver's license, U.S. military ID, passport)

General Partnership

  • All authorized signers must have an RBFCU primary savings account
  • Assumed Name Certificate (DBA) must be filed within the Texas County Clerk office in which business is being conducted
  • Employee Identification Number (EIN) documentation of partnership on IRS letterhead
  • Valid government-issued ID for all partners and account signers (e.g., driver's license, U.S. military ID, passport)
  • Partnership agreement signed by all parties

Limited Partnership (LP)

  • All authorized signers must have an RBFCU primary savings account
  • Certification of Limited Partnership listing legal ownership must be filed with the Texas Secretary of State
  • Assumed Name Certificate (DBA) must be filed with the Texas Secretary of State and the Texas County Clerk office(s) in which business is being conducted (if applicable)
  • Employer Identification Number (EIN) documentation of partnership on IRS letterhead
  • Valid government-issued ID for all partners and account signers (e.g., driver's license, U.S. military ID, passport)
  • Partnership agreement signed by all parties

Limited Liability Partnership (LLP)

  • All authorized signers must have an RBFCU primary savings account
  • Certification of Limited Partnership listing legal ownership must be filed with Texas Secretary of State
  • Assumed Name Certificate (DBA) must be filed with the Texas Secretary of State and the Texas County Clerk office(s) in which business is being conducted (if applicable)
  • Employer Identification Number (EIN) documentation of partnership on IRS letterhead
  • Valid government-issued ID for all partners and account signers (e.g., driver's license, U.S. military ID, passport)
  • Partnership agreement signed by all parties

Corporation (for-profit or nonprofit)

  • If the corporation qualifies for RBFCU membership as an association of persons, then only the corporation secretary must have an RBFCU primary savings account. Otherwise, all authorized signers must have a primary savings account.
  • Articles of Incorporation listing legal ownership must be filed with the Texas Secretary of State
  • Assumed Name Certificate (DBA) must be filed with the Texas Secretary of State and the Texas County Clerk office(s) in which business is being conducted (if applicable)
  • Employer Identification Number (EIN) documentation on IRS letterhead
  • Valid government-issued ID for all account signers (e.g., driver's license, U.S. military ID, passport)
  • Meeting Minutes – should list signatories for the business account, titles of directors, and must be signed by Secretary or President. (Note: Meeting Minutes are not required if all directors are present at account opening.)
  • Bylaws

Limited Liability Company (LLC)

  • All authorized signers must have an RBFCU primary savings account
  • Certificate of Formation listing legal ownership and registered with the Texas Secretary of State
  • Assumed Name Certificate (DBA) must be filed with the Texas Secretary of State and the Texas County Clerk office(s) in which business is being conducted (if applicable)
  • Employer Identification Number (EIN) documentation of business on IRS letterhead
  • Valid government-issued ID for all owners and account signers (e.g., driver's license, U.S. military ID, passport)
  • Operating Agreement signed by all legal business members and/or managing members

Club Accounts

  • Club must have an RBFCU primary savings account and qualify for membership as an association of persons
  • Employer Identification Number (EIN) documentation on IRS letterhead
  • Valid government-issued ID for all account signers (e.g., driver's license, U.S. military ID, passport)
  • Unincorporated Association or Club Account Certification and Authorization will designate authority of account signers and must be signed by all authorized signers

Campaign Accounts

  • Candidate and treasurer must qualify for RBFCU membership and open an RBFCU primary savings account
  • Employer Identification Number (EIN) documentation on IRS letterhead
  • Valid government-issued ID for all account signers (e.g., driver's license, U.S. military ID, passport)
  • Non-Personal Account Application must be completed and signed by all authorized signers
  • CTA Form (Appointment of a Campaign Treasurer by a Candidate) filed in the appropriate jurisdiction

* For other entity types including but not limited to franchise, satellite church and insurance agency, please contact Remote Member Assistance at 1-800-580-3300, ext. 66950, then select option 2.

 

FAQ FAQs

More FAQs

Calculators

  • Should I own or lease my business location? Should I own or lease my business location?
  • Should I buy or lease equipment? Should I buy or lease equipment?
  • Should I take advantage of trade discounts? Should I take advantage of trade discounts?
  • What is my business worth today? What is my business worth today?

To open a business account, RBFCU personal accounts of all principal owners must be in good standing. Programs and fees subject to change. Certain information regarding the nature and transaction types of your business will be gathered at the time of account opening. Check cashing is not available on business accounts, however, you may deposit and withdraw the funds. We do not offer Money Service Businesses (MSB) accounts. The Department of the Treasury and FinCEN defines a Money Services Business (MSB) as a business that conducts more than $1,000 in business with one person in one or more transactions on the same day in one or more of the following services: Money Orders, Traveler’s Checks, Money Transmission, Check Cashing, Currency Exchange, Currency Dealing and Stored Value. For complete details, contact our Remote Member Assistance team at 1-800-580-3300, ext. 66950, then choose option 2 (toll-free).