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What to bring to open a Business Account

IU Credit Union offers business services to all business types.

To open a Business account, visit any branch.

If you have questions about these services, please call 812-855-7823, toll free 888-855-6928.

Sole Proprietorship Account

The sole proprietor (owner) must be a member or be eligible for membership. A membership savings account with a minimum $5 deposit is required at account opening.

Additionally, we will need the following:

  • Certificate of Assumed Business Name showing the business name recorded with the county in which the proprietorship conducts business if the business name does not contain the surname (last name) of the sole proprietor (i.e. John Doe DBA Eagle Heating and Electric.) or valid Registered Retail Merchant Certificate showing the business name. Please note that a recorded Assumed Name Certificate can only show one name.

  • Sole proprietor's Social Security number (SSN) or the Employer Identification Number of the business.

  • Name, physical address, email, Social Security number, date of birth, mother's maiden name, primary identification (i.e. driver's license), secondary identification (i.e. state ID, student ID, employment ID, insurance card), employer and occupation of each signer.

 

Partnership Account

The partners must be a member or be eligible for membership. A membership savings account with a minimum $5 deposit is required at account opening.

Additionally, we will need the following:

  • For General Partnerships - Certificate of Assumed Business Name showing the business name recorded with the county in which the partnership conducts business if the business name does not contain the surname (last name) of all the partners or valid Registered Retail Merchant Certificate showing the business name.

  • For Limited or Limited Liability Partnerships – Certificate of Limited Partnership must be filed with the State and the business must show active on the Secretary of State web site.

  • Employer Identification Number of the partnership

  • Name, physical address, email, Social Security number, date of birth, mother's maiden name, primary identification (i.e. driver's license), secondary identification (i.e. state ID, student ID, employment ID, insurance card), employer and occupation of persons opening account on behalf of the legal entity.

  • Name, date of birth, physical address, primary photo identification (such as driver's license or passport- photocopy is acceptable) and social security number for each individual who directly or indirectly owns 25% or more of the equity interests of the legal entity. Ownership percentage will be needed.

  • Name, title, date of birth, physical address, primary photo identification (such as driver's license or passport- photocopy is acceptable) and social security number for the one individual who has significant responsibility for managing the legal entity.

 

Corporation Account (Profit & Nonprofit)

All owners and/or persons operating the corporation must be a member or be eligible for membership. A membership savings account with a minimum $5 deposit is required at account opening.

Additionally, we will need the following:

  • Secretary of State website must show the business as active and Articles of Incorporation are filed

  • Certificate of Assumed Name filed with Secretary of State – only required if doing business as (DBA) a different business name

  • Employer Identification Number of the corporation

  • Name, physical address, email, Social Security number, date of birth, mother's maiden name, primary identification (i.e. driver's license), secondary identification (i.e. state ID, student ID, employment ID, insurance card), employer and occupation of persons opening account on behalf of the legal entity.

  • Name, date of birth, physical address, primary photo identification (such as driver's license or passport- photocopy is acceptable) and social security number for each individual who directly or indirectly owns 25% or more of the equity interests of the legal entity. Ownership percentage will be needed. This information is not required for nonprofit corporations.

  • Name, title, date of birth, physical address, primary photo identification (such as driver's license or passport- photocopy is acceptable) and social security number for the one individual who has significant responsibility for managing the legal entity.

If the corporation is owned by more than one person or is a nonprofit corporation, please note that the secretary of the corporation will be required to sign the Credit Union's Account Resolution regardless if they are a signer on the account.

 

Limited Liability Company Account

All members of the LLC must be a member or be eligible for membership. A membership savings account with a minimum $5 deposit is required at account opening.

Additionally, we will need the following:

  • Articles of Organization for the LLC must be filed with the Secretary of State and the business must show active on their web site.

  • Certificate of Assumed Name filed with Secretary of State – only required if doing business as (DBA) a different business name

  • Employer Identification Number (if you are a single-person LLC, you may use your Social Security number)

  • Name, physical address, email, Social Security number, date of birth, mother's maiden name, primary identification (i.e. driver's license), secondary identification (i.e. state ID, student ID, employment ID, insurance card), employer and occupation of persons opening account on behalf of the legal entity.

  • Name, date of birth, physical address, primary photo identification (such as driver's license or passport- photocopy is acceptable) and social security number for each individual who directly or indirectly owns 25% or more of the equity interests of the legal entity. Ownership percentage will be needed.

  • Name, title, date of birth, physical address, primary photo identification (such as driver's license or passport- photocopy is acceptable) and social security number for the one individual who has significant responsibility for managing the legal entity.

 

Lodge, Association & Club Account

The officers establishing the account must be a member or be eligible for membership. A membership savings account with a minimum $5 deposit is required at account opening


Additionally, we will need the following:

  • Employer Identification Number of the lodge, club, association or organization.
  • Name, physical address, email, Social Security number, date of birth, mother's maiden name, primary identification (i.e. driver's license), secondary identification (i.e. state ID, student ID, employment ID, insurance card), employer and occupation of each signer.

 

Political Campaign Account

If the campaign account is owned by the individual candidate, the candidate must be a member or be eligible for membership. If the campaign account is owned by a committee, the treasurer must be a member or be eligible for membership. A membership savings account with a minimum $5 deposit is required at account opening.

Additionally, we will need the following:

  • Copy of Candidate's Statement of Organization (CFA-1) showing it has been filed. If the candidate is not required to file a CFA-1, a copy of their Declaration of Candidacy that has been filed.
  • Social Security number (SSN) for an individual campaign account or EIN for a committee campaign account.
  • Name, physical address, email, Social Security number, date of birth, mother's maiden name, primary identification (i.e. driver's license), secondary identification (i.e. state ID, student ID, employment ID, insurance card), employer and occupation of each signer.