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Business Membership

Your Business Growth, Our Local Expertise

Every business owner deserves a reliable partner who understands the local market and offers the essential products and services for growth. At TEG Federal Credit Union, we are committed to being your partner. With our solid community roots and extensive network, we’re equipped to support your business’s expansion. We analyze the trends driving the Hudson Valley business community forward, and our guidance will allow you to stay out in front of it all.

Benefits of Business Membership

Lower Costs – Since we are a not-for-profit cooperative owned by our members, we can charge lower fees and offer higher interest rates and lower interest rates on loans compared to the big for-profit banks.

Personalized Service – You’ll likely get to know our staff by name and receive more personalized attention to your business needs.

Community Focus – We reinvest profits into our local communities. If you want to do business with a financial partner that invests in your community, TEGFCU shares your values.

michael-mazzuca

Michael Mazzuca

Business Development Officer

Career Highlights


  • 20+ years of commercial lending experience in the Hudson Valley
  • Professional Real-Estate and Nature Photographer

Eligible Business Types

Sole Proprietorship/DBA (Doing Business As)

Partnership

Subchapter “S” Corporation

Corporation

Organization

Limited Liability Corporation (LLC)

Limited Liability Partnership (LLP)

Requirements

  • Business accounts are available to eligible businesses in or doing business in Dutchess, Orange, Ulster, Putnam, Sullivan, Westchester, or Rockland County and registered to do business in the State of New York.
  • The business must maintain one share ($5.00) in a primary savings account as a condition for membership.
  • All Officers & Authorized Signers must be present at account opening. If unavailable, special arrangements must be made to have all documents required to open the account notarized.

Required Documents by Business Type

  • Valid Photo ID for all Officers & Authorized Signers (Driver’s License, Passport)
  • Proof Of Residence – will be required if the address on the ID is not valid or is a P.O. box.
  • Written Proof of Tax ID # (TIN, FEI, or EIN)
  • Social Security Number – For all Officers & Authorized Signers
  • Articles of Incorporation – Certified by the State of NY
  • Corporate Resolution – Completed & signed by the Corporate Secretary, one other Officer, & all Authorized Signers
  • Trade Name Registration (for DBAs only)
  • Valid Photo ID for all Partners & Authorized Signers (Driver’s License, Passport)
  • Proof Of Residence – will be required if the address on the ID is not valid or is a P.O. box.
  • Written Proof of Tax ID # (TIN, FEI, or EIN) · Social Security Number -For all Partners & Authorized Signers
  • Articles of Partnership Agreement – Certified by the State of NY
  • Partnership Resolution – Completed & signed by all Partners & all Authorized Signers. Note if it is a Limited Partnership the general partner must sign all required forms.
  • Trade Name Registration (for DBAs only)
  • Valid Photo ID for all Managers & Authorized Signers (Driver’s License, Passport)
  • Proof Of Residence – will be required if the address on the ID is not valid or is a P.O. box
  • Written Proof of Tax ID # (TIN, FEI, or EIN). If the LLC has only one owner, a SS# can be used.
  • Social Security Number – For all managers & all Authorized Signers · Articles of Organization – Certified by the State of NY
  • Limited Liability Company Authorization Resolution – Completed & signed by all Managers & all Authorized Signers
  • Trade Name Registration (for DBAs only)
  • Valid Photo ID for Owner & all Authorized Signers (Driver’s License, Passport) · Proof Of Residence – will be required if the address on the ID is not valid or is a P.O. box.
  • Written Proof of Tax ID # (SSIN, TIN, FEI, or EIN)
  • Social Security Number – For Owner & all Authorized Signers
  • Trade Name Registration
  • Sole Proprietorship Resolution – Required only if there are other signers on the account in addition to the owner. Completed & signed by the Owner & all Authorized Signers.
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Federal law requires all financial institutions to obtain, verify, and record information identifying each person who opens an account to help the government fight the funding of terrorism and money laundering activities.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask for your driver’s license or other identifying documents.

We do not offer business membership to the following business types: companion, escort, and dating services; massage parlors; sexual encounter clubs and organizations; drug paraphernalia sales; cannabis-related businesses; lotteries or raffles; businesses dealing with the occult (e.g., psychics); pornographic material; pyramid schemes, multi-level sales, etc.; check cashing stores; issuer, seller or redeemer of money orders and traveler’s checks; currency exchange business; currency dealers; convenience store, gas station or private postal service that provides wire services through Western Union or provides check cashing services; funds transfer services (e.g., wire services); casinos and card clubs; offshore corporations and banks located in tax and/or secrecy havens; and any business engaged in illegal practices.

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