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.

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.