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.

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.

Organization (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% or more of entities being established or updated.

  • Name
  • Date of birth
  • Residential address
  • Social Security number or tax identification number
  • Valid government issued ID (e.g., driver’s license, U.S. military ID, passport)

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

  • an executive officer or senior manager (e.g., chief executive officer, chief financial officer, chief operating officer, managing member, general partner, president, vice president, treasurer); or any other individual who regularly performs similar functions.

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

  • Non-Personal Account Application to be completed and signed by all authorized signers
  • Business Depository Resolution to be signed by all designated business owners
  • Certification of Beneficial Ownership to be signed by the designated control person for the entity
  • Sole Proprietorship
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    • All authorized signers must have an RBFCU primary savings account
    • Assumed Name Certificate (DBA) must be filed with the Texas County Clerk office in the county where the 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
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    • All authorized signers must have an RBFCU primary savings account
    • Assumed Name Certificate (DBA) must be filed with the Texas County Clerk office in the county where the 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)
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    • 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 (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)
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    • 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 (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)
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    • 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 (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 the Secretary, President or Treasurer. (Note: Meeting Minutes are not required if all directors are present at account opening.)
    • Bylaws
  • Limited Liability Company (LLC)
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    • 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 (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
  • Organization (Unincorporated Association or Club) Accounts
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    • The organization 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
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    • Candidate 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 210-945-3300, ext. 66950, then select option 2.

 

  • How can I open a business checking account?
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    Please schedule an appointment to open your business account at one of our branches and a representative will walk you through the process.

    You can also call 210-945-3300, ext. 66950, then choose option 2, and one of our Remote Member Assistance Representatives will assist you with the account-opening process or answer your questions.

  • Can I open a business checking account online?
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    RBFCU currently doesn’t open business checking accounts online, but we’re working to add that option to our Online Banking platform.

    Please schedule an appointment to open your business account at one of our branches and a representative will walk you through the process. You can also call 210-945-3300, ext. 66950, then choose option 2, and one of our Remote Member Assistance Representatives will assist you.

  • I have a business loan with RBFCU. Do I qualify for a discount on my business checking?
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    Monthly account maintenance fees will be waived for businesses that have a business loan balance over $50,000, or have one or more of the following products:

  • What qualifies as an item for a monthly transaction on my business checking account?
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    An item is any check, ACH funds transfer, teller cash withdrawal, ATM withdrawal, debit card purchase, fee, charge or other amount that is added to or subtracted from your balance.

  • I know I'm going to have more transactions than usual on my business checking account this month. Can I switch my account type?
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    We recommend that you find one business checking account that best suits your needs and use that account type as your default. However, if you determine a long-term business need to change account types, you may contact our Business Solutions Team at 210-945-3300, ext. 53800, then choose option 6, and they will assist you with making necessary updates to your account.

  • Should I own or lease my business location?
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  • Should I buy or lease equipment?
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  • Should I take advantage of trade discounts?
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  • What is my business worth today?
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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 210-945-3300 , ext. 66950, then choose option 2 (toll-free).

Ask RBFCU