Business Accounts

WESTconsin Credit Union is committed to making the business banking process as stress-free and streamlined as possible. You will experience a variety of benefits with a Business Account from WESTconsin, including:

• Separation from personal accounts reducing tax preparation time and cost
• Build your business relationship with WESTconsin
• Business accounts can be opened with as little as $5
• Minimal business account fees^*
• Earn dividends on Business Savings, Checking Accounts, and Money Market Accounts
• Easily access and manage accounts in WESTconsin Business Connect through WESTconsin Online or the Mobile App

*See Service Charges and Fee Schedule

What you need to open a business account

WESTconsin Credit Union strives to provide top service to our business members. We comply with State and Federal regulators to make sure your account is properly set up. When we open up a new Business Account, make changes or add a service to an existing Business Account, we are required to verify the identification of all owners who own 25% or more of the business. We also need to verify this information on an individual who has significant responsibility for managing the business. Required documents are listed below. These documents must be presented at time of account opening or when adding a new service to an existing account.  

Business Types

Deciding what type of business is required may be confusing. We encourage our business members to talk with their accountant or an attorney before they open an account. Information on business types can be found here and for our Minnesota members, here.

Information Required at Account Opening

Sole Proprietor, no hired employees

• Business owner’s Social Security Number

Sole Proprietor, with one or more employees

• Provide an EIN

Unincorporated Organization

• Provide EIN
• We may ask for further supporting documentation

General Partnership

• Partnership Agreement (must include list partners, name of business, date business started)
• Provide EIN

Limited Liability Company (LLC)

• Articles of Organization
• Provide EIN

Limited Liability Partnership (LLP)

• LLP Registration Statement
• Provide EIN

Limited Partnership (LP)

• Certificate of Limited Partnership
• Provide EIN

Corporation

• Articles of Incorporation
• Provide EIN

Wisconsin Non Stock Corporation

• Articles of Incorporation
• Provide EIN

Minnesota Non Profit Corporation

• Articles of Incorporation
• Provide EIN

Additional Requirements

The following information is required for all individuals who own 25% or more of the business and an individual with significant responsibility for managing the business such as CEO, CFO, Office Manager, Treasurer, Secretary, etc. Please obtain Beneficial Ownership information so we can promptly serve you.

• Name
• Address
• Social Security Number
• Date of Birth
• Copy of Driver’s License or Passport

Business documents can be obtained from:

www.wdfi.org | Wisconsin residents
www.sos.state.mn.us | Minnesota residents
www.irs.gov | EIN–Employer Identification Number

Please contact WESTconsin Credit Union with questions and to schedule your appointment. We look forward to serving you!