Business Account Requirements

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Sufficient legal documentation is required to open a business account:

 

Required documents vary based on the business type. If you have questions, please call (916) 444-6070 or use our
Contact Us form. Below are the types of businesses we service:

Sole Proprietorship

  • Social Security Number (SSN) of the owner of the business OR Employer Identification Number (EIN) issued by the IRS in the name of the business or in the name of the owner.
  • Fictitious Name Statement unless using member’s first and last name in title. Fictitious Name Statement must have been filed within the last 5 years in the county the business is located.

General Partnership
 
  • Employer Identification Number (EIN) issued by the IRS in the name of the business.
  • Current Partnership Agreement.
  • Fictitious Name Statement if doing business in another name or DBA. Fictitious Name Statement must have been filed within the last 5 years in the county the business is located.

Limited Partnership (LP)
 
  • Employer Identification Number (EIN) issued by the IRS in the name of the business.
  • Certificate of Limited Partnership (must be registered in California).
  • Business must be listed as “Active” on State of California Business Search.
  • Limited Partnership Agreement.
  • Fictitious Name Statement if doing business under another name or DBA. Fictitious Name Statement must have been filed within the last 5 years in the county the business is located.

Limited Liability Partnership (LLP)
 
  • Employer Identification Number (EIN) issued by the IRS in the name of the business.
  • Application to Register a Limited Liability Partnership.
  • Business must be listed as “Active” on State of California Business Search.
  • Limited Partnership Agreement.
  • Fictitious Name Statement if doing business under another name or DBA. Fictitious Name Statement must have been filed within the last 5 years in the county the business is located.

Limited Liability Company (LLC)
 
  • Employer Identification Number (EIN) issued by the IRS in the name of the business.
  • If organized in California - Limited Liability Company Articles of Organization.
  • If organized outside of California but doing business in the State (CA) - Application to Register a Foreign LLC to do business in California and business documentation for the state the business is organized in.
  • Business must be listed as “Active” on State of California Business Search.
  • Meeting minutes showing who can open and sign on the account.
  • Fictitious Name Statement if doing business under another name or DBA. Fictitious Name Statement must have been filed within the last 5 years in the county the business is located.

Corporation
 
  • Employer Identification Number (EIN) issued by the IRS in the name of the business.
  • If organized in California - Articles Of Incorporation.
  • If organized outside of California but doing business in the State (CA) - Statement and Designation by Foreign Corporation to do business in California and business documentation for the state the business is organized in.
  • Business must be listed as “Active” on State of California Business Search.
  • Corporate minutes showing who can open and sign on the account.
  • Fictitious Name Statement if doing business under another name or DBA. Fictitious Name Statement must have been filed within the last 5 years in the county the business is located.

Association or Club
 
  • Employer Identification Number (EIN) issued by the IRS in the name of the association or club.
  • Association Resolution.
  • Meeting minutes or a letter on letterhead showing who is allowed to open and sign on the account.

Additional Details
 
Owners, partners, and key executives need to be present at account opening and provide taxpayer identification number for the business such as an Employer Identification Number (EIN), individual taxpayer identification number or Social Security Number (SSN) for Sole Proprietorships.

Certification Regarding Beneficial Owners: Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer. Beneficial Owners are to provide their name, address, date of birth and SSN.
 
Two forms of identification are required for each signer. At least one of which must be a primary identification. All forms of identification must be current and unexpired.

Primary Identification: A State Driver's License/ID Card, Passport (US or Foreign), U.S. Military ID, Resident Alien ID Card/Green Card or Mexican Consulate ID is required.

Secondary Identification: Any primary ID not already used, valid credit card, current employer identification card, most recent utility bill from individual’s current residence, school ID with photo (current year or past year if during summer).

Sacramento Credit Union reserves the right to refuse membership to business entities classified as “High-Risk” in accordance with the Bank Secrecy Act (BSA). These may include, but are not limited to:
 
  • Financial, investment or credit service providers (foreign currency exchange, investment/securities brokers, money order sales, off shore/non-US based businesses and import/export companies)
  • Regulated or illegal products (internet gambling providers and anything related to marijuana-related businesses)
  • Unfair, predatory or deceptive practices
  • Other high-risk products or services (travel agencies or other travel-related services, membership clubs and multi-level marketing programs)
  • Cash intensive businesses, such as restaurants and convenience stores, laundromats, private ATM or vending machine operators