Business Checking & Savings Your business backed by a solid account

Every day is a new day with your business and we have the flexible checking and savings options you need for your day-to-day operations.

  Business Basic Business Plus Regular Savings Account Money Market Account
Minimum Initial Deposit $50.00 $50.00 $5.00 $2,500.00
Monthly Service Fee See Details See Details See Details See Details
Interest Bearing No Yes Yes Yes
Transaction Limitations Maximum of 50 per statement cycle None None None
MC Debit Card Yes Yes No No

What Do I Need To Open A Business Account?

There is specific information we are required to open a business account —Sole proprietorship, General Partnership, Limited Liability Company or Corporation and other non-natural person entity, such as an association or organization. Before opening an account for a business LFCU will verify the existence of the business by making a copy of the Original or Certified Original documentation. For any type of business, except a Sole Proprietorship, we are required to get information on all owners who own 25% or more of the business, regardless of if they are a signer on the account or not. Please note, we will not be able to open the account if the business is awaiting the issuance of its Federal Tax ID Number.

  • What do I need to open a Sole Proprietorship:
    • Identification for all authorized users
    • Registration of Trade Name (filed with the Secretary of State), if business not in owner name
    • Federal Tax ID Number/SSN
    • Business License of Occupational Tax Certificate (if Applicable) Trade Name / Fictitious Name / DBA (if Applicable)

  • What do I need to open a General Partnership:
    • Identification on Partner opening the account 
    • Partnership Agreement (if any)
    • Application for Registration of Trade Name (filed with Secretary of State and County Clerk)
    • Federal Tax ID Number
    • Trade Name / Fictitious Name / DBA (if applicable)

  • What do I need to open a Limited Partnership:
    • Identification on General Partners & signers
    • Registration of Trade Name (filed with the Secretary of State)
    • Federal Tax ID Number
    • Partnership Agreement
    • Trade Name / Fictitious Name / DBA (if applicable)
    • Foreign: Registration of Foreign Limited – Partnership to Transact Business (File with the Secretary of State)

  • What do I need to open a Limited Liability Corporation (LLC):
    • Identification on Managing Member, if any
    • Certificate or SSN of one-person LLC Application for Registration of Trade Name (filed with Secretary of State and county clerk)
    • Operating Agreement
    • Federal Tax ID Number
    • Articles/Certificates of Organization / Formation; or Proof of Good Standing from Secretary of State
    • Trade Name / Fictitious Name / DBA (if Applicable)
    • Foreign: Certificate of Authority Limited Liability Company (stamped “filed” by Secretary of State)
    • For LLP: Statement of Qualification as a Limited Liability Partnership (filed with the Secretary of State)

  • What do I need to open a Corporation:
    • Federal Tax ID Number
    • Articles/Certificates of Incorporation; or Proof of Good Standing from Secretary of State
    • Trade Name / Fictitious Name / DBA (if Applicable)
    • Identification of corporate secretary
    • Application for Registration of Trade Name (filed with Secretary of State and county clerk)
    • Foreign: Certificate of Authority (stamped “filed” by Secretary of State)
    • Minutes

  • What do I need to open an Organization/Informal Organization/Association:
    • Federal Tax ID Number
    • Evidence of Organization (Articles of Organization; Bylaws; Last Meeting Minutes, etc.). 
    • Business License of Occupational Tax Certificate (if Applicable)
    • Trade Name / Fictitious Name / DBA (if Applicable)
    • Identification of Signers

Liberty First offers ACH for businesses that provide fast, secure and convenient options resulting in fewer checks being purchased and reconciled.

Save time with these features:

  • Direct Deposit for payroll
  • Pay dues, vendors and loans
  • Collect payments from customers

Fees Include:

  • Setup: $30.00
  • Monthly Fee: $10.00
  • Per Item Fee: $0.10 per item over 25 transactions

The perfect account designed for small business with a maximum of 50 deposit items each month.

  • The minimum deposit to open this account is $50.00
  • A $250.00 average monthly balance is required
  • A $5.00 monthly maintenance fee is assessed if the average monthly balance is less than $250.00
  • This account does not pay dividends

Are you a business that carries a higher monthly balance or has more than 50 deposit items each month? Then this account is for you!

  • The minimum deposit to open this account is $50.00
  • Check out our rates to see the dividends you can earn based on your balance
Minimum Balance & Fees
Monthly Balance Monthly Fee
$1,000.00* $15.00
$5,000.00* $12.00
$10,000.00* $10.00
Over $10,000.00* No Fee
*excludes MasterCard Credit Card and Home Equity Line of Credit Balances

See Current Rates

This basic savings account is required to establish your membership. This provides you with access to all of our services, the ability to vote for our volunteer Board of Directors, and the opportunity to represent the membership through election to our Board.

  • An opening deposit of at least $5 equals one share at the credit union, establishes your membership, and makes you an owner.
  • A low $5 minimum balance is required to retain the benefits of membership.
  • Dividends are calculated on a daily balance using rate tiers and paid monthly. 

See Current Rates

When you're looking to earn more on your savings while retaining liquidity, consider our money market share account. Its higher minimum balance rewards you with a premium dividend rate, and its flexibility enhances your ability to achieve your savings goals. 

  • Minimum opening balance is $2,500
  • Dividends are calculated on a daily balance using rate tiers (link the word rates to rates page)
  • Transfers to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no more than three by check, check card, or similar order to third parties
  • A maintenance fee of $5.00 is assessed per statement cycle if the monthly ledger balance is below $2,500. An activity fee of $3.00 will be assessed on any debit over six per statement cycle, Account may be used as collateral for a loan

See Current Rates