Business Accounts
We offer a variety of business accounts in order to best serve our membership. Let’s talk business today!
Business Savings
Your OTIS Business Savings Account establishes you as a member, and is your ownership share in the Credit Union.
Business Checking
We offer two different Business Checking Accounts to fit your financial needs: Business Checking and Business Premium Checking. Both feature a FREE OTIS Rewards Debit Card, FREE overdraft protection from your Business Savings Account, and more! Please refer to the rate table below for current rates.
Business Checking: Ideal for small businesses with a low volume of business transactions.
Business Premium Checking: Great for established businesses with a high transaction volume.
Business Account Rates
Business Account Rates
| Account Type | Dividend Rate | Annual Percentage Yield | Minimum Balance Required to Open/Obtain APY | Monthly Service Fee | Account Limitations |
|---|---|---|---|---|---|
| Business Savings | 0.05% | 0.05% | $25.00 | $0.00 | Minimum balance required to obtain the Annual Percentage Yield for the dividend period. |
| Business Checking | 0.00% | 0.00% | $0.00 | $0.00 | • 100 FREE items* per month. • $0.25/item* over 100. |
| Business Premium Checking | 0.00% | 0.00% | $0.00 | $5.00 | • 200 FREE items* per month. • $0.50/item* over 200. |
* Items are defined as cash deposits, checks (written or deposited), ACH debits, ACH credits, incoming and outgoing wires, and statement or check copies.
The rates applicable to your business account at OTIS Federal Credit Union are provided above.
OTIS Federal Credit Union may offer other rates for these accounts from time to time.
What You Will Need to Open Your Business Account
To open any type of business account, you will need to provide the same forms of identification as are needed for a personal account, including for any Authorized Signers. Please refer below for any additional documents that are required.
Sole Proprietorship/DBA
- Federal letter with assigned Tax ID (EIN)
- Social security number, if no EIN
Limited Liability Company (LLC)
- Federal letter with assigned Tax ID (EIN)
- Social security number, if no EIN
- Operating Agreement
- Certificate of Formation (Form MLLC-6)
- Business status according to the State of Maine: Active, Current, or In Good Standing
Partnership
- Federal letter with assigned Tax ID (EIN)
- Partnership Agreement
- Limited or Limited Liability Partnership: Certificate of Partnership (Form MLPA-6)
- General Partnership: Certificate of Association
- Business status according to the State of Maine: Active, Current, or In Good Standing
Corporation
- Federal letter with assigned Tax ID (EIN)
- Articles of Incorporation
- Corporate Resolution
- Business status according to the State of Maine: Active, Current, or In Good Standing
Organization/Association
- Federal letter with assigned Tax ID (EIN)
- Proof of authorization to open an account (e.g., By-Laws, Charter, letter of authorization)