business deposit services

Lafayette Federal Credit Union has the answers to your business needs!  With the ease and convenience LFCU is known for, we can offer you a more business-friendly alternative to the high fees you are used to at regular banks.  Because, after all, at LFCU we are Member-Owned, Member-Focused and Member-Operated.

Business Share Account

These basic dividend-earning savings accounts are the backbone of our savings program. Prime Share accounts earn dividends from the date of deposit to the date of withdrawal. Dividends are compounded and paid out each quarter.
A Prime Share account must be opened with a minimum deposit of $50. Subsequent deposits can be made in any amount. A minimum balance of $50 is required to retain your membership in the credit union.

Business Checking

LFCU offers two types of business checking accounts, based on the number of transactions performed within the account on a monthly basis.  Basic Business Checking is designed for those businesses that need a simple checking account and have lower transaction activity.  Business Commercial Checking is designed for businesses with high transaction activity each month. 

Both Business Checking Accounts Offer:

• LFCU MasterCard Debit Card
• Free Online Banking and e-Statements
• Night Deposit Service
• Access to over 55,000 ATMs nationwide
• Monthly statements and account reconciliation

Basic Business Checking

In addition to the features listed above for both Business Checking Accounts, Basic Business Checking also features:

• $100 minimum opening balance.
• No monthly maintenance fee.
• Allows 200 free transactions a month (see business fee schedule for details).
• Designed to make your business banking easy, convenient and affordable.

Money Market Accounts (New)

We offer both personal money market accounts and business money market accounts. The two accounts are similar in most respects. There’s no maintenance fee for either account. You can open either account with any deposit; however the minimum balance at which you start earning dividends for personal money market accounts is $2,500 and $10,000 for business money market accounts. You must maintain the minimum balance for the entire monthly statement cycle to earn dividends.

Accessing your account is easy with a money market account. You can do it in person at the credit union, of course, but you can save yourself a trip by using Online Banking. You can also use the checks we’ll issue you. Although money market accounts are more liquid than share certificates, withdrawals are subject to certain federal regulatory limits. Six transactions are permitted per month when withdrawals are done by telephone, audio response system, fax, online banking, transfer to another LFCU account or a third-party account, preauthorized, automatic or telephone agreement or bill payment transfer to another account of the member or a third party. (A fee is applied each time this limit is exceeded).

If you would like to open a Business Money Market Account, please complete the Amendment to Application for membership. Send completed forms either by a) fax 240-747-3379; b) mail 3535 University Blvd West, Kensington, MD 20895 Attention: Member Services; c) e-mail memberservice@lfcu.org. The completed forms should also be sent in with a valid driver’s license/state issued identification or passport. Members may fund their new Money Market account by sending us a check deposit, sending a secured message through online banking or sending us a written and signed letter with instructions to debit an existing LFCU account.

For more information about Business Money Market Accounts, contact Business Solutions at 301-929-7994 or email us at BusinessSolutions@lfcu.org. For Personal Money Market Accounts, please visit a branch or call us at 301-929-7990.

Business Commercial Checking

In addition to the features listed above for both Business Checking Accounts, Business Commercial Checking also features:

• $1,000 minimum opening balance.
• Allows 200 free transactions a month (see business fee schedule for details).
• Offers an earnings credit that can help you offset your transactions and maintenance fees.

Required Documents

To open a business account, the following documentation is required:

• Certificate of Fictitious Name, Corporate Charter, Partnership Agreement or Articles of Incorporation.
• IRS letter for non-profit status (if applicable).
• Proof of physical address of the business.
• Identification for each owner, officer or authorized signer
• Business TIN or EIN.