Opening A Business Deposit Account

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At DFCU, we understand business and empower our members to make sound financial decisions, improve planning, and avoid costly mistakes.

  1. Assess your current banking needs. Stop by one of our locations in Ann Arbor, Detroit, Grand Rapids or Lansing to meet our experts. We'll assess your current banking needs, match your business's needs to a DFCU business deposit solution and answer your questions about switching your business accounts to us.
     
  2. Gather documentation. Please have the documents needed to open your business deposit account based on the legal type of business you operate:
  3. Open your account(s). Forms and signatures are a necessary part of the account opening process. All owners of the business must sign the Business Resolution and a Business Membership Application (forms below).
    • Signature verification is required for all signers on the account, i.e., copy of valid driver's license, etc.
    • More than 50% of your business owners must qualify to be members at DFCU Financial. The owner(s) must live, worship, work, or attend school in Michigan's lower peninsula. 
    • Please do not mail completed forms to us. Final account-opening processing must be completed in person at a DFCU Financial branch.
    • If you have multiple owners who cannot come to our branch at the same time to complete this process, please download the Business Resolution and Business Membership Application so these may be completed and signed before others come in to sign the forms required to open specific deposit accounts.
      Note: If you are an owner or signer, but not a current business member, please fill out the Non-Member Record.
    • Business Resolution
    • Business Membership Application
    • Business Account Application
    • Business Non Member Record
  4. Switch to us--here's how. If you are moving your banking relationship from another financial institution, our representatives will help you determine which business accounts and services best meet your small business's banking needs. During our initial conversation, we'll explain how to use your DFCU Financial business accounts to your company's advantage in the future.

    We'll work with you to identify automatic payments transferred from your existing business account(s) and provide you with the necessary letters to make the transition to DFCU.

    We'll generate a letter for you to submit to your current financial institution to close your existing business account(s). Start to finish, we're here to guide you through the steps necessary to complete the switch:
    • Updating account information on websites you use often
    • Switching online bill-pay service, if applicable
    • Changing recurring transactions linked to an existing debit card
    • Business Switch Kit Checklist

We're here to help and answer your questions.

If you have questions any time throughout the process, please contact your local DFCU Financial Branch at 888.336.2700 or your DFCU Member Relationship Representative's direct line.

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*APY = Annual Percentage Yield. Paid and compounded quarterly. Dividend rates are determined by the principal balance when your certificate is opened. Dividend payments will not affect the dividend rate during the term even if the minimum balance for the next tier is met. Rates subject to change without notice at any time. Penalties may apply for early withdrawals. DFCU Financial deposit products are insured by the NCUA.

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While the DFCU Financial Board of Directors intends to pay Cash Back every year, and has done so since 2007, Cash Back is not guaranteed and will depend on our financial performance and other factors. Annual Cash Back payments are limited to an aggregate of $10,000 for each tax-reported owner. The IRS requires that Cash Back for an IRA be paid to the same IRA, and that it be open when Cash Back is deposited. Cash Back to Commercial / Business Banking members is subject to additional terms. Anyone who causes DFCU Financial a loss for any reason is not eligible for Cash Back.