Business Account FAQs

Business Accts Hero

We’re committed to meeting the evolving needs of your business.

There is no one better to handle your daily business needs than HVFCU. Our staff can provide you with solutions for your business that will save you time and money, such as business checking accounts, business savings, Health Savings Accounts, and more.

Email us or stop into any of our branches for assistance.

Featured Rates

Business Savings .10%
Annual Percentage Yield
Enhanced Business Checking .15%
Annual Percentage Yield

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What documentation do I need to establish a business membership?

To establish a new business membership, must provide the following documentation, depending on your business type:

  • Sole Proprietor: Assumed Name Certificate (Business Certificate/DBA)
  • Partnership: Partnership Agreement or Assumed Name Certificate (Partnership Certificate/DBA)
  • LLC: A Tax Filing Receipt from State of Incorporation
  • Limited Partnership: Partnership agreement or Assumed Name Certificate (DBA)
  • Corporation: A Tax Filing Receipt from State of Incorporation
  • S-Corp: A Tax Filing Receipt from State of Incorporation

What types of business accounts are offered?

We offer savings accounts, non-interest and interest bearing checking accounts, money market accounts, and certificate accounts for businesses. Trust accounts are not offered. HVFCU Financial Services can assist you with opening business retirement accounts.

How are business accounts opened?

Business accounts can be opened at any of our branch locations or through the mail. Please note, when opening accounts, you will need an Assumed Name Certificate (Business Certficate/DBA), Partnership Agreement or Assumed Name Certificate (Partnership Certificate/DBA), or a Tax Filing Receipt from State of Incorporation, as applicable to your business

What are the account balance requirements and fees for business accounts?

For information regarding balance requirements and fees, please refer to our list of Business Services Fee Schedule.

Do you guarantee checks on business accounts?

Yes, the amount of the check is frozen and continues to earn interest until the check clears.

Do you accept business night drop deposits?

Yes, business night drop deposits are accepted at any of our branch locations. Additionally, night drop bags can also be purchased at any of our branch locations. Refer to our Business Services Fee Schedule for the cost of this service.

Is Bill Pay available to business members?

Bill Pay is available to business members through Internet Banking.

Are eStatements available for business accounts and loans?

Yes. If you would like to enroll in eStatements, you can do so directly through Internet Banking.

Do businesses receive their cancelled checks?

No, but businesses can view check copies through Internet Banking, at no charge. Check copies can also be requested through the Contact Center or any of our branches. Refer to our Business Services Fee Schedule for the cost of this service.

Do you offer merchant services?

For merchant services, we recommend Transfirst to our business members. Email us to request more information about merchant services through Transfirst.

Do you offer tax payment services?

You may pay your federal taxes online through the Electronic Federal Tax Payment System (EFTPS) website. First-time users need to enroll using: your Employer Identification Number (EIN), HVFCU’s Transit Routing Number (221979363), and your HVFCU account number and type (checking or savings). During enrollment, be sure to select “EFTPS – Direct” as your payment method. Please note, we are not able to process coupon tax payments in our branches at this time.

Do you offer Visa Check Cards/ATM cards for business owners?

Business Visa Check Cards can be issued to all business types (sole proprietor, LLC, etc).

Are there transaction limits on any business accounts?

For savings and money market accounts, refer to Regulation D. For checking accounts there are no limits on the number of transactions allowed, however, a low balance fee may be assessed for both checking account products. Please refer to our list of Business Services Fee Schedule for more information.

Is overdraft protection available for Business Checking accounts?

Overdraft protection is available from a Business Line of Credit Loan ONLY. Overdraft protection is NOT available from a Business Savings Account.

Do you accept coin from business owners?

We accept rolled coin from businesses. You may also use the coin machines in any of our branches.

    © 2016 Hudson Valley Federal Credit Union

    PO Box 1071, Poughkeepsie, NY 12602-1071
    ph: 845.463.3011 / 800.468.3011

    Routing Number : 221979363
    HVFCU Prepaid Visa Routing Number: click here

    Unauthorized Access Warning – Access to Internet Banking is restricted to authorized HVFCU members only.