What types of business accounts are available?

DLFCU offers two business checking accounts; The Business Builder and Business Advantage accounts. Both accounts accrue a monthly earnings credit if the required minimum balance is maintained (see the chart below). The Earnings Credit can offset any fees that may be incurred due to transactions made on the account during the month. With both business accounts, the member can make as many deposits or withdrawals (up to their available balance) as necessary each month.

What other accounts are available to businesses?

A commercial member may also open any of the following accounts:
• Regular Savings – limited to 6 withdrawals per month (See Reg. D)
• Money Market Account – limited to 6 withdrawals per month (See Reg. D)
• CD or IRA deposits
When does DLFCU credit the deposits made to a business account?
DLFCU offers SAME DAY CREDIT on all business deposits!

What are the standard features of the business accounts?

Standard features also include FREE ePalOnline Banking, Automatic Courtesy Pay, and FREE ATM transactions at both DLFCU-owned ATMS and foreign ATMs (although they may be charged by the institution that owns the ATM).

What are the standard Business Account services offered by DLFCU?

DLFCU features many other services to help businesses save time and money, like:

What is the Business Rewards program?

Benefits of the Business Rewards program are offered to members that have a Business Account (either Business Builder or Business Advantage) AND use DLFCU’s Merchant Services for their credit card transactions.

Members may also qualify if they maintain a combined deposit balance over $50,000.

How are the monthly account fees determined?

DLFCU uses an Account Analysis method to determine the monthly fees. Each Credit and Debit transaction made on the account is assigned a specific charge which is recorded at the time of the transaction. At the end of the month, our system “analyzes” (or counts) the total number of Credit and Debit transactions, then issues the appropriate fee based on the total amount of transactions performed during the month.

Other fees charged to the account may be posted at the time of the transaction, such as:

• Coin/Currency charges – the purchase of rolled coin or straps of cash
• MSR/Teller assisted services – Notary, Wire Transfers, Tax Payments, Cashiers Checks, etc.
• Collection Items – NSF checks, Courtesy Pay, Stop Payments, etc.
• Ancillary Services – Safe Deposit Box, Debit Card replacement, Check orders, etc.

Both business accounts feature a monthly Earnings Credit, which may help offset any fees. Business Accounts earn the credit if the average monthly minimum balance is maintained throughout the month (similar to an interest-bearing checking account). This Earnings Credit is applied to the account, with fees charged against the it and the difference is deposited or withdrawn from the account at month-end.

How can DLFCU help me with my Coin/Currency needs?

DLFCU offers a complete line of coin/currency options that gives us a powerful advantage over our local competition, including:

Who is eligible to open a Business Account?

DLFCU may open business accounts for the following classifications:

The business must be certified to operate in the State of Louisiana and agree to all the terms and conditions set forth in “Business Account Terms and Agreements” brochure.

How are Business Checks ordered and what is the cost?

After the account is opened, a business representative may choose their style of checks from the Liberty Check Brochure (available at any DLFCU FRC or you may visit www.libertysite.com to view check styles). Once you decide on a specific style, a DLFCU Member Service Representative can place your order over the phone or at any FRC.

If a standard style of business checks is chosen, the first order of checks is free. Otherwise, DLFCU will credit your business $32 towards your first purchase of business checks.

If a business chooses to use DLFCU for its Merchant Services, the business will receive a FREE “Starter Kit” that includes a check portfolio, carbonless deposits slips, and a self-inking endorsement stamp.

Are temporary checks available for business?

Yes. Business members can get temporary checks from a DLFCU representative prior to receiving their first shipment from Liberty.

What are the Necessary Paperwork/Forms/Documents I need to open a Business Account at DLFCU?

The business must provide the following:

• Certificate of Incorporation or comparable document (i.e.; Partnership Agreement, Article of Incorporation, etc.)^
• A signed copy of DLFCU’s Corporate Resolution [download the form] (signed by the appropriate agents of the business, as outlined in the document)
• A signed copy of DLFCU’s Business Account Card [download the form] (signed by the appropriate agents of the business, as outlined in the document)
• Tax ID Number*
• Proper ID and Social Security number of all account signees
• An Assumed Name Certificate if the company is doing business as another name
• If out of state charter, need Certificate of Authority to do Business in Louisiana.

* Organizations such as a Church Club must obtain a Tax ID. Cannot use the Church's Tax ID.

Before the account is opened, DLFCU will verify that the business entity is eligible to conduct business in Louisiana and must operating in the parishes where we are authorized for membership. We will also verify the identity of each business account agent that signs the Business Account card (as per the Patriot Act regulations).

What are “Merchant Services”?

Dow Louisiana Federal Credit Union has partnered with First Data (formerly Concord EFS) to provide our members businesses with quality equipment and comprehensive merchant services. If your business needs to process credit cards, ATM/Debit cards and personal checks at the register or over the internet with the same level of confidence and ease as accepting cash, DLFCU and First Data can supply you with innovative solutions!

Our merchant services allow your business to:
• Accept all major credit cards, purchasing cards, ATM/Debit cards, and personal checks without risk
• Improve funds availability, reduce processing & handling fees, & increase efficiency with check services/check conversion
• Increase customer spending and encourage repeat business with Gift/Loyalty Cards
• Process online card-present and card-not-present payment transactions quickly and safely
• Have integrated equipment solutions and advanced Point-of-Sale terminal equipment
• Have access to personal support from highly trained local representatives

Contact Our Business Account Specialist!