Business Services Frequently Asked Questions
Q. Will Suncoast open a Business Account for an out of state business?
No, a business must be licensed in the State of Florida & located within the counties we serve to qualify for a Business Account.
Q. What are the eligibility requirements to open a Business Account?
All officers of the business are required to be eligible for membership. See our eligibility section
or contact us for more details.
Q. I'm an existing member. Can I open my business account on my personal account?
No, all business accounts are assigned a separate account number.
Q. May I be the only officer on the business account?
That depends on how the business is filed with the state. You may have a one-signer account if the business is a sole proprietorship, a one-member LLC, or a one-officer corporation. For a partnership or LLC we need all named members on the account. For a corporation with multiple officers we need at least two officers on the account.
Q. Can I open separate accounts with different authorized signers?
No. All accounts will need to have the same signers. All signers have equal access to the account.
Q. Do I need an Employer Identification Number (EIN)?
Yes, a Partnership, Limited Liability Company, or Corporation will need an EIN however a Sole Proprietorship can be opened using the owner's Social Security Number.
Q. Will credit be pulled?
Yes. All signers on the account (business officers and authorized signers) need to meet a minimum credit score requirement. A credit report helps us further identify the signers, and confirms that your business account signers are responsible individuals.
Q. Can an account be opened for any type of business?
Certain restrictions apply. Businesses that contradict our mission as a credit union, businesses that require services we do not presently offer, and businesses that operate outside our service area cannot have a Suncoast business account. Unlawful Internet gambling transactions are prohibited from being processed through a Suncoast business account. Suncoast will not open accounts for members engaged in any Internet gambling business, including legal Internet gambling businesses.
Q. When will my business checking account be assessed a fee?
If the daily checking balance drops below the minimum balance at any time during the month a fee will be assessed. Fees are debited on the last day of the month.
Q. Do I receive a discount when I order business checks online?
No. Business members pay the regular price for checks, whether via phone, internet or in person.
Q. What financial software is compatible with SunNet online banking?
Quicken and MS Money are compatible with SunNet Online Banking.
Q. Does Suncoast accept federal tax payments for businesses (Form 941, 1120, etc.) at the service center?
No, however business members may make their tax payments electronically through the Electronic Federal Tax Payment System (EFTPS) which is a free Federal Business Tax Payment System. For more information please visit the EFTPS site
or see IRS Publication 966.
Q. Is there a limit on the number of checks for each deposit?
Yes, each deposit may have a maximum of 40 checks.
Q. Do you have a night drop location for bagged deposits?
Our night drops are not large enough to accommodate bulk deposits however deposit envelopes can hold up to a maximum of ten items.
Q. What about cash or coin deposits?
Suncoast is not equipped to handle large cash or coin deposits. Self-service coin machines are available at each branch for small coin deposits. Fees do apply
Q. How about cash or coin orders?
Suncoast is not equipped to supply cash or coin orders to businesses.