Opening a Business Account

Your business qualifies for membership if:

• Your business must be located or headquartered in San Mateo County, City of Palo Alto, or the following San Francisco zip codes: 94110, 94112, 94116, 94122, 94124, 94132, or 94134
• Your annual revenue does not exceed $10,000,000.
• Your monthly business activities does not require currency or coin transactions.
• Certain business types may also be prohibited from joining the credit union.

Business documentation depending on your business type:

• Sole Proprietorship
• Business Partnership
• Limited Liability Companies (LLCs)
• Unincorporated Association
• Corporation Checklist

A Controller is the Responsible Officer who designates Member Representatives, Beneficial Owners and Authorized Signers.
 

A Member Representative is anyone who is designated to open and/or manage an account and transact on behalf of the legally defined business—typically, a CEO, COO, or CFO.

A Beneficial Owner is anyone who owns 25% or more of the business. The U.S. government requires financial institutions to obtain, verify and record identifying information about the beneficial owners of legal entities. SMCU must comply with this regulation by identifying the beneficial owner(s) – the individuals who own or control the entity doing business with us. This information must be collected, whether or not the individual is applying to be on the business account. The regulation defines a beneficial owner as:

• Each individual who owns 25% or more of the equity interest of the business, or
• Each individual with significant control of the business (CEO, CFO, General Partner, Treasurer, etc.)

An Authorized Signer can perform transactions on the business account including deposits and withdrawals, both in person and online/electronically.