How to Open a Business Account -
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How to Open a Business Account

Retail Store owner on the phone and working on laptop

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.

We collect information on businesses based on the type. For all businesses, we collect:

  • Name
  • Physical Address of business
  • Employer identification number (EIN) (we will not open an account if the business is awaiting the issuance of its EIN)

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

For authorized signers we collect:

  • Valid Texas issued Driver's License or Identification Card
  • Name
  • Date of Birth
  • Social Security Number
  • Address

Additionally, for one individual with significant responsibility for managing the legal entity and for any beneficial owner* of a Corporation, Limited Liability Company, or any other entity that is created by filing a public document with the Secretary of State or similar office, General Partnership, or any similar business entity formed in the U.S., we collect:

  • Name
  • Date of Birth
  • Social Security Number
  • Address
  • and for Non-U.S. Persons the passport number and country of issurance.

*Benefical owner is defined as any individual who directly or indirectly through any contract, arrangement, understanding, relationship, or otherwise, owns 25 percent or more of the equity interests of the legal entity.

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