Everything you need in small business checking
Manage your finances with a simple, low-cost checking account and a trusted, local partner.
Overview
You’ve got big dreams for your business and having a simple, affordable checking account will help you achieve them. The Business Essential account has everything you need to get your small business to the next level.
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1
Complete the application
It will only take a few minutes!
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2
Make a deposit
Put at least $100 in your account.
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3
Start banking
Easily manage your business expenses and watch your business grow.
Why Choose RCU?
At RCU, we’re passionate about helping our Members improve their lives. If you want a credit union that keeps your unique needs in mind and helps you envision and manage your financial future, the friendly experts at RCU are here for you.
Named one of America’s Best Credit Unions by Newsweek
Recognized by Forbes as one of America’s Best Small Employers 2023
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Businesses must qualify for Membership with RCU by meeting any of the following criteria:
- Primary operation of business must be in one our fields of Membership: Sonoma County, Marin County, Napa County, Mendocino County, Lake County, San Francisco County, Solano County, or Contra Costa County.
- If the business is a Sole Proprietorship and the owner is an existing Member.
- Existing business Members that will be establishing an additional account for the same business.
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RCU can open accounts for the following entity types:
- Sole Proprietor
- General Partnerships (GP)
- Limited Partnerships (LP)
- Limited Liability Partnerships (LLP)
- Limited Liability Companies (LLC)
- Corporations (Corp / Inc)
- Unincorporated Associations
- Community Organizations
- IOLTA
Corporations, Limited Liability Corporations (LLC), and Limited Partnerships (LP) can be filed in another state and still qualify for Membership. The business’ primary operations must be in one of the qualifying counties and the business must be registered with the California Secretary of State as a foreign company doing business in California.
The business must provide the appropriate TIN depending on type of business (Sole Proprietor, Partnership, LLP, etc.).
Businesses may operate under other names known as DBAs. (Doing Business As.) If the business is using a DBA they must provide us with a Fictitious Name Statement for each DBA. The Fictitious Name Statement may include multiple DBAs. The EIN on the account must match the Primary Business Name.
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Yes. In fact, monthly business checking fees may be waived for qualifying non-profits.
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
Get everything you need with Business Essential Checking
Enjoy hassle-free money management.
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1Redwood Credit Union’s Business Sweep feature is only available on Business Essential, Business Choice, Business Analysis, Active Business, and Premium Business checking accounts.
2Redwood Credit Union partners with select third-party vendors to provide merchant services as a benefit to our Members. All fees/rates are set and charged by the third-party vendor and are separate from RCU.
3Business must lease or purchase scanner and have specific system requirements to utilize Remote Deposit Capture. Certain restrictions may apply. Learn more about Remote Deposit Capture here.
4Certain restrictions may apply. Service is not guaranteed. Business must apply for and be granted access to business wires. Additional fees may apply.
All Highlights
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Business Sweeps
Automatically transfer (or “sweep”) surplus funds from your checking to a higher-yield business savings or money market account.1
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Low or no monthly fees
Pay a low monthly fee of $8 or waive the fee with an average daily checking balance of $1,000 or combined average daily business balance of $5,000. Free for non-profits and those enrolled in RCU merchant services.2
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Remote Deposit Capture
Save time and make multiple check deposits into your business account from your home or office scanner.3
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Business wires
Use the business wires feature in digital banking to make secure payments directly into your recipient’s account.4
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Free digital banking
Get instant access to your account online or via the RCU mobile app. Check balances, make mobile deposits, transfer money, make payments, pay bills and more—anytime and anywhere.
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Nationwide ATM access
With access to over 30,000 ATMs, it’s easy to get cash when you need it.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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