What do I need to set-up a Business Account?

Business Accounts are simple to set-up with the right documentation. Just stop by the credit union to complete an application. CMECU will need a mailing address that points to a physical location (not a Post Office Box or private mailbox) along with these basic documents:

  • Illinois State Business License

  • Certification of Business Identity

    CMECU requires evidence that the business was properly formed according to state law, by requesting a state-endorsed copy of the company's formation documents.
  • Corporations
    • Articles of Incorporation or Certificate of Incorporation
    • Annual report or meeting minutes reflecting the current officers/directors
    • Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation
  • Limited-Liability Companies
    • Articles of Organization and Partnerships
    • Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Organization or Certificate of formation
  • Sole Proprietorships
    • Certificates of Business Authority — often called "DBA papers" because they register a business name that people "Do Business As"
    • Business name filing document, such as a Fictitious Name Certificate or Certificate of Trade Name, showing both business and owner's name
  • Partnerships
    • Partnership Agreement showing business name and name of partners, or
      • For General Partnerships: Business name filing document, such as a Fictitious Name Certificate or Certificate of Trade Name, showing business name and name of partners
      • For Limited and Limited-Liability Partnerships: Business organizing document filed with and certified by state of Illinois official, such as Certificate of Limited Partnership or Certificate of Limited-Liability Partnership, showing business name and name of partners
  • Employer Identification Number or Social Security Number

    Businesses are legal entities subject to federal taxation. For that reason, all financial institutions participating in the National Credit Unions Association (NCUA) are required to obtain the taxpayer identification number for each account holder.
  • For companies, the taxpayer ID is an Employer Identification Number (EIN), which is obtained through the Internal Revenue Service (IRS) using Form SS-4. The IRS permits companies to file an SS-4 online for free, returning an immediate EIN at the end of the process. The EIN is included on a downloadable PDF on IRS stationery, which when printed will meet the credit union's need to verify the company's taxpayer ID.
  • Sole proprietorships do not have a formal legal existence apart from the business owner, so these companies will use the owner's Social Security Number instead.
  • Personal Identification

  • Acceptable forms of identification include a current driver's license or state issued identification card.

Signature Cards

In addition to the above documentation, every person who is authorized to disburse funds on the company's behalf must submit a formal signature card to the credit union. This card allows the bank to compare signatures on a specific check or other financial instrument against the file card, to determine if the signature is legitimate.