How to Open a Business Account

When it comes to your business, you have special needs that require solutions.

Austin Telco Federal Credit Union is here to meet the financial needs of your business, as well as your business savings, lending and investment goals. In order to open a business account at ATFCU, your business must exist within our field of membership.

Information collected on businesses: The following information is collected from a business (sole proprietorship, partnership, or corporation and other non-natural person entity, such as an association or trust,) opening its first account at ATFCU:

Name;
Address or place of business;
Employer identification number (EIN)

ATFCU will not open the account if the business is awaiting the issuance of its EIN.

Information collected on authorized signers:

Valid Texas issued Driver's License or Identification Card

Authorized signers are individuals authorized and designated by the business entity to conduct transactions on behalf of the business.

Business Types and Documents Required

Sole Proprietorship

Assumed Name Certificate/ DBA (Original or Certified Copy)

General Partnership

Partnership Agreement (Original or Certified Copy)
Assumed name certificate - if necessary (Original or Certified Copy)

Limited Partnership

Limited Partnership Agreement (Original or Certified Copy)
Assumed name certificate - if necessary (Original or Certified Copy)
Verification through Texas Secretary of State

Registered Limited Liability Partnership (LLP)

Registered Limited Liability Partnership Agreement (Original or Certified Copy)
Assumed name certificate - if necessary (Original or Certified Copy)
Verification through Texas Secretary of State

Corporation

Articles of Incorporation (Original or Certified Copy)
Certificate of Organization (Original or Certified Copy)
Assumed name certificate - if necessary (Original or Certified Copy)
Verification through Texas Secretary of State

Limited Liability Company

Articles of Organization (Original or Certified Copy)
Certificate of Organization (Original or Certified Copy)
Assumed name certificate - if necessary (Original or Certified Copy)
Verification through Texas Secretary of State

Non-Profit Associations & Corporations

Articles of Incorporation - if necessary (Original or Certified Copy)
Charter, Bylaws, Letter of Authorization, Minutes of Meeting (unincorporated only)
Assumed name certificate - if necessary (Original or Certified Copy)
If corporation - verification through Texas Secretary of State

Special Requirements for Money Services Businesses (MSBs)

A business that meets the definition of an MSB (as defined by the US Department of Treasury of the United States under the Bank Secrecy Act) must register with the Financial Crimes Enforcement Network - FinCEN, of the US Department of Treasury. ATFCU is required to retain a copy of the FinCEN Certification. The State of Texas also requires an MSB to file with the State. ATFCU is required to retain a copy of the State of Texas Registration.

The term "money services business" (MSB) includes any person doing business, whether or not an a regular basis or as an organized business concern, in one or more of the following capacities:

Check casher
Currency dealing or exchange
Issuer, seller or redeemer of traveler's checks or money orders
Money transmitter
U.S. Postal Service

To meet the definition of an MSB, a person must conduct more than $1000 in business with one person in one or more transactions (in one category of activity listed above) on any one day. A business in an MSB for each activity for which it meets this threshold. However, there is one exception. No activity threshold applies to the definition of money transmitter. A person that engages as a business in the transfer of funds is a money transmitter and an MSB, regardless of the amount of the transfer activity.