Business Checking
Business Checking Gets Down To Business
Much like a personal account, a business checking account is great for day-to-day transactions. Heritage Valley offers three tiers of business checking to cater to your specific needs.
Basic business checking when you don’t make a lot of transactions during the month.
- $100 Opening Deposit
- No Minimum Balance
- 150 Free Transactions per Month
- No Monthly Fee
- Free Online and Mobile Banking
- Free Bill Pay and Voice Bill Pay
For businesses that do more volume and variety in transactions
- $100 Opening Deposit
- $2,500 Minimum Balance
- 250 Free Transactions per Month
- $20 Fee if Balance Falls Below $2,500
- Free Online and Mobile Banking
- Free Bill Pay and Voice Bill Pay
Have a higher cash deposit, and need more monthly transactions?
- $100 Opening Deposit
- $10,000 Minimum Balance
- 500 Free Transactions per Month
- $25 Fee if the Balance Falls Below $10,000
- Free Online and Mobile Banking
- Free Bill Pay and Voice Bill Pay
Account Opening Checklists
- Business Filing: If you are not using your full name in Business Title, we will require a Fictitious Name Certificate
- Social Security Number (SSN), Federal Tax Identification Number (TIN), or Employer Identification Number (EIN)
- Appropriate identification for all signers
- Signature of all authorized signers- must sign a Heritage Valley signature card
- Limited Liability Operating Agreement (sometimes called a company agreement)
- Proof of registration with the Secretary of State
- Social Security Number (SSN), Federal Tax Identification Number (TIN), or Employer Identification Number (EIN)
- TIN or EIN if multiple member LLC
- SSN for single-member LLC is acceptable
- Appropriate identification for all signers
- Signature of all authorized signers- must sign a Heritage Valley signature card and Beneficial Owner Form
- Partnership Agreement
- Proof of registration with the Secretary of State
- Social Security Number (SSN), Federal Tax Identification Number (TIN), or Employer Identification Number (EIN)
- TIN or EIN if multiple member LLC
- SSN for single-member LLC is acceptable
- Appropriate identification for all signers
- Signature of all authorized signers- must sign a Heritage Valley signature card and Beneficial Owner Form
- Corporate Bylaws
- Articles of Incorporation
- Proof of registration with the Secretary of State
- Social Security Number (SSN), Federal Tax Identification Number (TIN), or Employer Identification Number (EIN)
- TIN or EIN if multiple member LLC
- SSN for single-member LLC is acceptable
- Appropriate identification for all signers
- Signature of all authorized signers- must sign a Heritage Valley signature card and Beneficial Owner Form
- Meeting minutes- outlining who the Authorized Signers are and what will be their duties
- Federal Tax Identification Number (TIN) or Employer Identification Number (EIN)
- Appropriate identification for all signers
- Signature of all authorized signers- must sign a Heritage Valley signature card
Beneficial Owner FAQ's
Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. The credit union also requires beneficial ownership information per the Bank Secrecy Act. For more information, click here.
To help the government fight financial crime, Federal Law requires that we obtain, verify, and record information about the beneficial owners of legal entity members. 31CFR 1010-1023
For the purpose of obtaining beneficial owners, a legal entity includes a Corporation, Limited Liability Company, or other entity that is created by a filing of a public document with a Secretary of State or similar office, a General Partnership, and any similar business entity formed in the United States or a foreign country. Legal entity does not include Sole Proprietorship, Unincorporated Associations, or natural persons opening accounts on their own behalf.
The regulation defines a beneficial owner as:
- Each individual, if any, who owns directly or indirectly, 25% or more of the equity interests of the legal entity (e.g., each natural person that owns 25% or more of the share of a corporation); AND
- An individual with significant responsibility for managing the legal entity (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer).
You are required to provide the name, physical business or personal address, date of birth, and Social Security number (or passport number or other similar information, in the case of non-US persons) for the beneficial owner and individual with significant responsibility, as well as, provide a copy of each beneficial owner’s and significant responsible individual’s identification. Expired IDs will not be accepted.
