Answers to your frequently asked questions about business accounts
Save some time and take a quick look at our list of FAQs for business accounts.
How do I obtain the paperwork to set up a business?
Unfortunately OECU can't provide legal advice for setting up a business but common online resources include the Oklahoma Secretary of State (www.sos.ok.gov) and the U.S. Small Business Administration (www.sba.gov ). Please consult an Accountant or Attorney if you need specific guidance.
What documentation does OECU need to open a business account?
The documentation required varies based on how your business is structured. Please visit Business Account Requirements for a detailed look at what we need.
I already have a Personal Savings, why do I need to open a Business Savings?
Your business is considered a new member by regulators and you must open a savings account to establish membership for your business.
How much do I need to deposit to open a business account? What is the minimum balance requirement to not be charged a minimum balance fee?
The minimum opening deposit for ONLY a Business Savings is $500. If a Business Savings AND Business Checking are opened at the same time, $5 must be deposited to the Savings and $500 must be deposited in to the Checking. The Checking must maintain a balance of $500 to avoid the Minimum Balance Service Charge. The [Business Rate and Fee Schedule] has all the details.
I want to open an account for my upcoming High School Class Reunion, is this a business account?
No. Accounts for a reunion, club, un-organized association, athletic or benefit group, etc. are considered personal accounts. You can modify the Account Description for your specific purpose. Keep in mind, account statements will be combined for the Tax Reported Owner.
Can I require two signatures on checks written by my business?
No, checks can be signed by any one of the authorized signers on the account.
I need to change authorized signers on my business account, what documentation does OECU need?
The documentation required varies based on how your business is structured. Please contact Business Services at 405.606.6328 for details.
I own XYZ, LLC DBA Smith Lawn Care. What documentation does OECU require to open an account?
Please visit [Business Account Requirements] for more information about opening an LLC and DBA.
I do landscaping as a side business and want to open an account to be able to cash checks payable to my landscaping business, can I open a personal account for this?
No, this is considered a Sole Proprietorship and you will need to open a business account.
I own a business and operate as a Sole Proprietor, do I need an Employer Identification Number (EIN)?
If you have no employees, you may utilize your personal Social Security Number (SSN). Otherwise, you will be required to obtain an EIN.
When and/or how should I obtain a Certificate of Fictitious Name?
For General Partnerships and Sole Proprietorships , the Certificate of Fictitious Name may be obtained from the Oklahoma Secretary of State.