Credit unions are typically not-for-profit organizations, so they often have lower fees and better interest rates than banks. Your money is also safe at a credit union: Deposits are insured by the National Credit Union Administration up to $250,000 per account.
 
Credit unions like Patelco are also member-owned, so they tend to offer more personalized service and support. Patelco offers a wide range of small business accounts and services, including business checking and savings accounts, credit cards, overdraft protection and merchant services.

It’s important to consider your business needs and budget before you open your small business account.
 
Some things you should consider:

• The types of transactions you will be making
• The number of transactions you will be making each month
• The amount of money you need to keep in your account
• The features and services you need
• The fees associated with the account

A business account can lend credibility to your small business and opens your small business up to greater investment opportunities. It may also offer liability protection and make financial transactions easier. Finally, a separate business account can make it easier to manage your business finances and accounting.

• Sole proprietorships, meaning an individual who operates and owns a business on their own.
• General partnerships
• Limited partnerships (LPs)
• Limited Liability Partnerships (LLPs)
• Limited Liability Companies (LLCs)
• S Corporation
• C Corporation
• Incorporate Association
• Unincorporated Association

Here’s some of the information we’ll ask for:

• The location of your business (physical and mailing address)
• Tax Identification Number (TIN)
• Business status – is it woman-owned or minority-owned?
• Information about the owner(s) or person in charge, including full name, date of birth, Social Security Number, residential address, personal phone number, and valid ID
• Business entity type (sole proprietorship, general partnership, Limited Partnership, etc.)

We’ll also need additional documents based on the type of business you own. We’ll provide the list when you meet with Virtual Branch.
We’ve created an easy to follow checklist that outlines what an individual must have in order to establish a business membership with Patelco.