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Establishing business membership

Eligibility and documentation for opening business accounts at Verity

Verity is a community chartered credit union. That means people and businesses in our community can join more than 36,000 Verity members in socially-responsible banking.  

All businesses, regardless of type, are required to meet the following eligibility requirements:

  • Business formed in the State of Washington
  • Washington business license
  • More than 50% of business principals eligible for membership at Verity
  • Corporations: stock must not be publicly traded
  • Personal identification for each principal and signer
  • Proper documentation for your business account type (refer to chart below)

To open business membership and accounts, we require some documentation about your business, and the needed items vary depending on the type of business. Check out the table below for required documents so you can be prepared. When you're ready, you can start your business account application and submit documents online.

If you'd like additional assistance, you can schedule an appointment to visit a branch, or email our business team

Business type Documentation required for membership
Sole proprietor
  • Tax Identification Number (TIN) or Employee Identification Number (EIN) displayed on a letter or print-out from irs.gov
  • May use Social Security Number (SSN) if chose not to apply for a TIN or EIN
Limited Liability Company (LLC)
  • Tax Identification Number (TIN) or Employee Identification Number (EIN) displayed on a letter or print-out from irs.gov
    • LLC with one member can use SSN if chose not to apply for a TIN or EIN
  • Operating Agreement (not required for single-member LLC)
    • Operating Agreement must identify member(s) and specify powers or limitations of power for member(s) regarding financial and banking authorities
Corporation (including nonprofit corporation)
  • Tax Identification Number (TIN) or Employee Identification Number (EIN) displayed on a letter or print-out from irs.gov
  • Articles of Incorporation (AOI)
    • AOI or Bylaws must identify corporation officers and specify  powers or limitations of power for each officer or specific officers regarding financial and banking authorities
  • Bylaws, only if referenced in the AOI
    • Bylaws often specify financial and banking authorities
Non-revenue-generating club or association
  • Tax Identification Number (TIN) or Employee Identification Number (EIN) displayed on a letter or print-out from irs.gov
  • Signed documentation on letterhead naming the club/association officers (meeting minutes acceptable)
General partnership and limited partnership
  • Tax Identification Number (TIN) or Employee Identification Number (EIN) displayed on a letter or print-out from irs.gov
  • Partnership Agreement or Statement of Partnership Authority
    • Must specify powers or limitations of power for partners regarding financial and banking authorities

 

Ready to let Verity help with your business?

Contact Business Services