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  • Business Flow

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    The document provides guidance for opening a business account at UMCU. It outlines the different account types available - Bronze, Silver, and Gold - and their associated features like minimum balances and service fees. It also mentions that UMCU offers business loans up to $49,999.99 tied to a personal SSN rather than the business. The checklist reviews required documentation like IDs, resolutions, and W-9s. It concludes with an overview of setting up debit cards, checks, online and mobile banking for the new business account.

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    The document provides guidance for opening a business account at UMCU. It outlines the different account types available - Bronze, Silver, and Gold - and their associated features like minimum balances and service fees. It also mentions that UMCU offers business loans up to $49,999.99 tied to a personal SSN rather than the business. The checklist reviews required documentation like IDs, resolutions, and W-9s. It concludes with an overview of setting up debit cards, checks, online and mobile banking for the new business account.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    51 views1 page

    Business Flow

    Uploaded by

    api-540227671
    The document provides guidance for opening a business account at UMCU. It outlines the different account types available - Bronze, Silver, and Gold - and their associated features like minimum balances and service fees. It also mentions that UMCU offers business loans up to $49,999.99 tied to a personal SSN rather than the business. The checklist reviews required documentation like IDs, resolutions, and W-9s. It concludes with an overview of setting up debit cards, checks, online and mobile banking for the new business account.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    BUSINESS ACCOUNT FLOW

    Welcome & get to know your members!


    Where do they live and work?
    How did they hear about UMCU?
    Why did they chose UMCU?
    What are they looking for in a business account?
    Efunds - Both the business and person(s)
    Product Review
    Bronze - Only savings
    Silver - Savings, Basic Checking with $200 minimum
    Gold - Savings, Advantage Checking with $2000 minimum
    Review Service Fees
    Which account type best fits their needs/wants?
    Mention that UMCU offers loans on Business accounts up to $49,999.99: the loan will be
    tied to their personal SSN. Not the business.
    Business name cannot be printed on credit cards
    Recommend a Basic Business Checking with debit card. Bronze level only allows 6
    withdrawals/deposits per month, which is because of Reg D.

    Checklist
    Review members documents
    Review UMCU business checklist on Maizenet for documents needed
    Scan ID
    Complete internal documents
    UMCU Resolution, Business Account Authorization, and W9 (if applicable)
    Out of state businesses - Need manager approval & Letter of Good Standing

    Account overview
    Create debit card & offer to order checks
    Review business account agreement, disclosures, and Welcome booklet
    To set up online banking, enter in a date of birth under Business in Symitar
    To set up Bill Pay, enter in mother's maiden name under Business in Symitar
    Set up mobile banking and explain the benefits
    Hand the member the folder with all paperwork and your business card.

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