Business Savings & Checking

Businesses, located in our field of membership; Lower East Side See map, Central Harlem See map, East Harlem See map, or the North Shore of Staten Island See map; or operated by at least one individual who qualifies for membership can open a Business Savings and Checking accounts at LES People’s FCU and enjoy our low-maintenance business accounts. Money Market Accounts and Certificates of Deposits are also available for Business members.

Business Share (Savings) & Share Draft (Checking) Account Requirements

A Business/Organization Savings Account requires a minimum deposit of $25 and an annual account maintenance fee of $5. The minimum deposit to avoid a $3 monthly maintenance fee is $75.
A Business/Organization Checking Account requires a minimum initial deposit of $50. There is no monthly maintenance fee, no minimum balance required and it provides unlimited transactions (teller or ATM deposits, checks, debit transactions, telephone or online transfers).

Requirements to open a Business Savings Account by legal type of the business:

Sole-Proprietors

  • Completed Business Application Package (Download the business/nonprofit package here)
  • Business Certificate necessary only when business and owner’s names are not the same.
  • Business Proof of Address
  • Employer Identification Number (EIN) from IRS
  • Personal Information from business owner

Partnerships, Limited Liability Companies (LLCs), Corporations

  • Completed Business Application Package (Download the business/nonprofit package here)
  • Certificate of Incorporation
  • Business Proof of address
  • Employer Identification Number (EIN) from IRS
  • Personal Information from all business owners:

Personal Information of Officers/Owners:

  •  A valid government picture ID such as Driver’s License, State issued ID, Passport, NYC ID, Consular ID, or Benefit card
  • Present a most recent proof of address such as a utility bill, pay stub, voter ID or a notarized letter of residence.

*  If account is open in person, all owners/ partners/ officers must be present at the credit union to open the business account.

Business Rates and Fees

Contact our Member Service Representatives if you have additional questions at 212-529-8197 or lespfcu@lespfcu.org 

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