Can I open a business account in a credit union online?
Yes, most credit unions offer online banking services that allow you to apply for and manage business accounts remotely.
To Open a Business Account Online at a Credit Union, first you should research different credit unions in your area or those that offer services that meet your business needs, such as account features, fees, and accessibility.
Ensure you meet the eligibility criteria set by the credit union for opening a business account. Requirements may include having a registered business and providing necessary documentation.
Navigate to the credit union’s official website. Most credit unions provide detailed information about their business banking services, including the option to open accounts online.
Locate the section on the website for opening a business account. You will typically find an online application form that asks for information such as your business name, type of business, contact information, and possibly details about your business structure (sole proprietorship, partnership, corporation, etc.).
Prepare the necessary documentation required to open a business account. This may include articles of Incorporation or Business Registration Certificate, identification documents for business owners or authorized signatories.
Complete the online application form and submit it electronically through the credit union’s secure portal. Ensure all information provided is accurate and up-to-date.
You will receive confirmation from the credit union. They will provide instructions on how to fund your account and access online banking services.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 7.75% | 840 |
| 20,000 | 10.75% | 1,165 |
| 20,000 | 13.75% | 1,490 |
| 50,000 | 7.95% | 2,153 |
| 50,000 | 10.95% | 2,966 |
| 50,000 | 13.95% | 3,778 |
| 100,000 | 8.15% | 4,415 |
| 100,000 | 11.15% | 6,040 |
| 100,000 | 14.15% | 7,665 |
| 200,000 | 8.35% | 9,046 |
| 200,000 | 11.35% | 12,296 |
| 200,000 | 14.35% | 15,546 |
You can see the similar FAQ at the link:
- Line of credit insurance from CIBC
- Overdraft protection from BMO
- RRSP loans from BMO
- What creditor insurance policies does CIBC offer?
- What is the CIBC loan number?
Details of companies offering the financial services:
First Ontario Credit Union
Head office’s address: 970 S Service Rd, Stoney Creek, ON
Contact center: 800-616-8878
Web-site: https://www.firstontario.com/
Meridian Credit Union
Head office’s address: 3280 Bloor Street West Centre Tower, Suite 2700 Toronto, ON, M8X 2X3
Contact center: 866-592-2226
Phone: 416-597-0165
Web-site: https://www.meridiancu.ca/
Swift code: MRCUCA21
Stock code: MRBK
BSB: 837
Servus Credit Union
Head office’s address: 51 Karl Clark Rd NW, Edmonton, AB
Contact center: 877-378-8728
Web-site: https://www.servus.ca/