Business Checking

Business Checking Accounts

All checking accounts require a $50 initial deposit when opening the account.

Business Basic Checking

Designed for accounts that have less than 50 transactions per month.

  • No minimum deposit
  • No monthly maintenance fee
  • Per debit fee: $0.25 per debit after 50

Business Checking

Designed for accounts that have between 100 and 250 transactions per month.

  • No minimum deposit
  • Monthly maintenance fee: $6 plus tax
  • $500 minimum average daily balance to avoid maintenance fee
  • Per debit fee: $0.25 per debit after 100

Commercial Checking

Designed for accounts that have more than 250 transactions per month.

  • No minimum deposit
  • Dividend-bearing (see rates)
  • Monthly maintenance fee: $25 plus tax
  • $5,000 minimum average daily balance to avoid the maintenance fee and to earn dividends
  • Per debit fee: $0.15 per debit after 400


Mastercard Guide to Benefits for Small Business Cardholders

Business Savings & Money Market Accounts

A $5.00 deposit to savings is required to establish membership.

Business Savings

  • Dividends paid and compounded monthly (see rates)
  • Dividends paid on balances over $500
  • Dividend tiers at $1,000 and $25,000
  • Limit 3 withdrawals per month: $1 per debit after 3

Business Green Money Market Account

  • Dividends paid and compounded monthly (see rates)
  • Dividends paid on balances over $10,000
  • Dividend tiers at $100,000, $250,000 and $500,000
  • Limit 3 withdrawals per month: $10 per debit after
  • Green Accounts can be opened with New Money or with funds from maturing GreenState Certificates

Business Mega Money Market Account

  • Dividends paid and compounded monthly (see rates)
  • Dividends paid on balances over $25,000
  • Dividend tiers at $50,000, $100,000 and $250,000
  • Limit 3 withdrawals per month: $10 per debit after 3

Documentation Needed to Open a Business Account

To open a business deposit account, GreenState will need to obtain information to verify your business as well as the individuals associated with it. Basic information you must provide about individuals associated with the account include: name, address, date of birth, SSN and a valid current drivers' license or other government issued photo ID for all authorized signers, all beneficial owners of 25% or more of the business, and for the person controlling the business or organization. Please find the applicable business type in the list below and review the documentation needed in order to open an account. You must have the documentation listed below or we will be unable to open your account.

DBA/Sole Proprietorship

  • Trade Name Form 1
  • Copy of driver’s license

Organizations/Associations/Clubs

  • Meeting Minutes stating authorized signers and titles
  • Organization/Association Articles or Bylaws
  • EIN
  • Basic information and copies of driver's license for all authorized signers.
  • Basic information and copies of driver's license for the control person for the organization, association or club. (club president or treasurer, HOA president or treasurer, etc.) 

Partnerships

  • Partnership Agreement
  • EIN
  • Basic information and copies of driver's license for all authorized signers.
  • Basic information and copies of driver's license for all owners of 25% or more of the partnership. 
  • Basic information and copy of driver's license for the person controlling the partnership. 

Limited Liability Companies

  • Certificate of Organization
  • Operating Agreement 2
  • EIN
  • Fictitious Name Certificate or Statement, if applicable
  • Basic information and copies of driver's license for all authorized signers.
  • Basic information and copies of driver's license for all owners of 25% or more of the LLC. 
  • Basic information and copy of driver's license for the person controlling the LLC. 

Corporations

  • Articles of Incorporation
  • Bylaws 3
  • EIN
  • Fictitious Name Certificate or Statement, if applicable
  • Basic information and copies of driver's license for all authorized signers.
  • Basic information and copies of driver's license for all owners of 25% or more of the corporation. 
  • Basic information and copy of driver's license for the person controlling the corporation. 

Resources

EIN - Visit the IRS website to obtain an EIN number

Trade Name Form

Beneficial Owners Form

Statement in Lieu of Operating Agreement (for Single Owner LLC)

Statement in Lieu of Bylaws (for Single Owner Corporation)

1 -

The Trade Name Form is only necessary if the member’s last name is not included in the business name.
2 -

If you do not have an Operating Agreement and are a single owner LLC, GreenState Credit Union will accept a “Statement in Lieu of Operating Agreement”.
3 -

If no bylaws exist and are a single owner corporation, we will accept a “Statement in Lieu of Bylaws”.

Business Accounts