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Serving members worldwide since 1935.

Business Banking

  • Business Checking
  • Business Savings
  • Money Market Account

Find the accounts you need to help your business thrive.

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Our Business Solutions Program is designed to empower your business to achieve a brighter financial future.

Business Checking

We offer 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 Performance Checking is designed for businesses with high transaction activity each month.

Both Business Checking Accounts Offer:

  • Our Mastercard® Debit Card
  • Free e-Statements
  • Highly Competitive Rates

Business Basic Checking

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

  • $100 minimum opening balance
  • Low monthly maintenance fee (waived by meeting criteria below)
  • Allows 50 free transactions a month (see business fee schedule for details)
  • Designed to make your business banking easy, convenient and affordable

Business Performance Checking

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

  • 1.00% APY** on Checking
  • $1,000 minimum opening balance
  • Low monthly maintenance fee
  • Unlimited free transactions
  • Discounts on a variety of services
  • Designed to make your business banking easy, convenient and affordable

Compare Lafayette Federal Business Accounts

Business Basic Business Performance†
Monthly Maintenance $5 or $0* $20
Transactions First 50 Free Unlimited
Dividend Returns Dividends on Certificate Products 1.00% APY** on Checking
Per Item Charge $.35 per after 50 items None
**APY=Annual Percentage Yield.
†For eligibility to become Business Performance member, the business must have at least one of the following: LFCU Business Credit Card or Line of credit, or a Lafayette Federal Business Service product (Remote Deposit Capture, ACH SmartPay, Paychex Payroll, or FirstData Merchant Services)

Multiple Ways to Waive the Business Basic Maintenance Fee

*Lafayette Federal Business Basic account holders can waive the $5 monthly fee by meeting just one of the following criteria:

Business Savings

With the ease and convenience our credit union 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, we are Member-Owned, Member-Focused and Member-Operated.

Prime Share Accounts

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.

Variable-Rate Certificate Accounts

Variable-Rate Certificates are share accounts that are held for specific terms, in exchange for higher dividend rates. There are penalties for withdrawal before the end of the term, but you can make additional deposits in any amount at any time.

Fixed-Rate Certificate Accounts

We offer five-year, four-year, three-year, two-year, one-year, and seven-month fixed rate certificate accounts at very competitive rates. Fixed Rate certificate accounts are held for specific terms, in exchange for higher dividend rates. There are penalties for withdrawal before the end of the term.

Money Market Accounts

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.

Have Questions? Just ask.

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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.

Boost Your Employee Compensation Package

Become a Select Employee Group (SEG) at Lafayette Federal and give your employees membership to one of D.C.'s premier financial institutions. Your employees will enjoy special member benefits and there's no cost to your company. Find out more

  • 1% Checking Q2 2021

    Enjoy our 1.00% APY² Checking Account Bonus — earn an outstanding rate with simple terms.

    Maximize your hard-earned dollars

  • atm-cash-withdrawal

    Our members have access to Co-Op Network Shared Branches & ATMs for all basic transaction needs.

    Access branches and ATMs nationwide

  • Branch Locations

    Visit one of our eight branch locations, conveniently located in DC, Maryland and Virginia.

    Schedule a branch visit today