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Business

You have a vision. We'll give it Wings.
Woman realtor showing client an apartment building

    At Wings, we know that business opportunities can arise quickly.

    Need extra space for your business to expand? Cost-effective account options to manage your finances? Wings Financial Credit Union offers Commercial Lending and Business Checking & Savings Accounts that can give your business a place to grow. See below for more information about Wings’ Business offerings and how to get started.

    BUSINESS CHECKING & SAVINGS

    Wings Financial Credit Union offers flexible account options featuring limited fee structures to make financial management easy and cost-effective. As a member of Wings Financial, you can establish your business accounts with us. See below if your business meets the required criteria.

    Business eligibility criteria:
    - Your business must meet one of the following criteria:
       - The business is located in an eligible county or school district
       - 50% of all owners qualify for Wings membership
    - Your account must be kept in the complete business name or your professional name
    - Special signatory requirements (e.g. two signers) are not available

    Man sitting at a iMac computer while holding his mobile phone in his hand_1

    Business Checking Comparison

    Business Checking Account Options Essential Business Checking Select Business Checking Advantage Business Checking

    Minimum Opening Deposit

    $25

    $25

    $25

    Monthly Service Fee

    $10 (waived with $1,000 balance or $15,000 in combined loan and deposit balances)

    $15 (waived with $10,000 monthly average balance or $50,000 in combined business loans and deposit balances)

    $20 (waived with $25,000 monthly average balance or $100,000 in combined business loans and deposit balances)

    Per-Item Cost

    $0.25 per item over 50 items monthly

    $0.25 per item over 250 items monthly

    $0.25 per item over 500 items monthly

    Cash Limits

    $2,500

    $5,000

    $7,500

     

    Documentation Requirements

    For all business types, signatures of each authorized signer are required at account opening. If all authorized signers are not present at account opening, have all required documents signed prior to opening and bring a photocopy of each owner’s and authorized signer’s ID.

    Business Type Required at Account Opening

    Sole Proprietorship

    Tax ID Type: EIN or SSN
    - Business Membership Application & Sig Card
    - Authorized Signer Information Form(s)
    - Certification of Beneficial Owners Form
    - One of the following:
       - Full legal name in business name
       - Certificate of Assumed Name/DBA Registration
    - IRS Letter/EIN Verification (N/A if using SSN)

    Corporation (Inc)

    Tax ID Type: EIN
    - Business Membership Application & Sig Card
    - Authorized Signer Information Form(s)
    - Certification of Beneficial Owners Form
    - Corporate Resolution
    - Articles of Incorporation
    - Corporation Bylaws
    - IRS Letter/EIN Verification

    General or Limited Partnership (LP, LLP)

    Tax ID Type: EIN
    - Business Membership Application & Sig Card
    - Authorized Signer Information Form(s)
    - Certification of Beneficial Owners Form
    - Unincorporated Resolution
    - Partnership Agreement
    - Certificate of Assumed Name
    - IRS Letter/EIN Verification

    Limited Liability Company (LLC)

    Tax ID Type: SSN (1 Owner) or EIN (2+ Owners)
    - Business Membership Application & Sig Card
    - Authorized Signer Information Form(s)
    - Certification of Beneficial Owners Form
    - Unincorporated Resolution
    - Articles of Organization
    - Operating Agreement
    - IRS Letter/EIN Verification (N/A if using SSN)

    Non-Profit Organization or Association

    Tax ID Type: EIN
    - Business Membership Application & Sig Card
    - Authorized Signer Information Form(s)
    - Certification of Beneficial Owners Form
    - Corporate Resolution
    - Articles of Incorporation
    - Corporation Bylaws
    - IRS Letter/EIN Verification
    - If HOA – Minutes showing HOA signers voted to board

    Doing Business as (DBA)

    Tax ID Type: Same number as main business
    - DBA Application & Sig Card
    - Certificate of Assumed Name or DBA Registration

     

    Open a business account today.

    Business Accounts may be opened in one of our branch locations. Make an appointment online to get prompt service on your schedule. Schedule as far out as 15 days, or as little as 2 hours ahead. Tell us about your needs, so we’re ready to help.

    Make an Appointment

    Coworkers sitting outside at a table and discussing a work project

    Business Account Rates

    Account Dividend Rate Annual Percentage Yield

    Business Share Savings

    0.15%

    0.15%

    Everyday Business Savings

    0.15%

    0.15%

    Essential Business Checking

    N/A

    N/A

    Select Business Checking

    N/A

    N/A

    Advantage Business Checking

    0.05%

    0.05%

     
    Premium Business Money Market Account Dividend Rate Annual Percentage Yield

    Balances less than $9,999

    0.10%

    0.10%

    Balances $10,000-$24,999

    0.35%

    0.35%

    Balances $25,000-$49,999

    0.45%

    0.45%

    Balances $50,000-$99,999

    0.55%

    0.55%

    Balances $100,000-$249,999

    0.65%

    0.65%

    Balances $250,000-$499,999

    0.75%

    0.75%

    Balances greater than $500,000

    1.26%

    1.26%

     

    Business Certificate Rates

    Business Certificates - 1 Year Dividend Rate Annual Percentage Yield

    $500 - $9,999.99

    0.65%

    0.65%

    $10,000 - $99,999.99

    0.70%

    0.70%

    $100,000 - $249,999.99

    0.75%

    0.75%

    $250,000+

    0.80%

    0.80%

     
    Business Certificates - 2 Year Dividend Rate Annual Percentage Yield

    $500 - $9,999.99

    0.80%

    0.80%

    $10,000 - $99,999.99

    0.85%

    0.85%

    $100,000 - $249,999.99

    0.90%

    0.90%

    $250,000+

    0.95%

    0.95%

     
    Business Certificates - 3 Year Dividend Rate Annual Percentage Yield

    $500 - $9,999.99

    0.95%

    0.95%

    $10,000 - $99,999.99

    1.00%

    1.00%

    $100,000 - $249,999.99

    1.05%

    1.06%

    $250,000+

    1.10%

    1.11%

     
    Business Certificates - 4 Year Dividend Rate Annual Percentage Yield

    $500 - $9,999.99

    1.05%

    1.06%

    $10,000 - $99,999.99

    1.10%

    1.11%

    $100,000 - $249,999.99

    1.15%

    1.16%

    $250,000+

    1.20%

    1.21%

     
    Business Certificates - 5 Year Step-Up† Dividend Rate Annual Percentage Yield

    $500 - $9,999.99

    1.10%

    1.11%

    $10,000 - $99,999.99

    1.15%

    1.16%

    $100,000 - $249,999.99

    1.20%

    1.21%

    $250,000+

    1.25%

    1.26%

     
    Business Certificates - 5 Year Dividend Rate Annual Percentage Yield

    $500 - $9,999.99

    1.25%

    1.26%

    $10,000 - $99,999.99

    1.30%

    1.31%

    $100,000 - $249,999.99

    1.35%

    1.36%

    $250,000+

    1.40%

    1.41%

     

    †Step-Up Certificates may be stepped-up one time. The step up rate will be determined by the current 5 year standard term certificate rate and will apply to the remaining term of the certificate.
    Annual Percentage Yields disclosed assume quarterly compounding for amounts less than $100,000 and monthly compounding for amounts $100,000 and greater.
    Minimum balance to open certificates $500. (Unless noted)
    Penalty applies for early withdrawal.
    New certificate deposits are limited each month. When new certificate deposit limit is reached each month, new certificate deposits will be discontinued until the beginning of the following month.

    Commercial Lending

    Flexible commercial lending solutions

    We’re committed to making the financing process simple and hassle-free. You’ll work directly with an experienced commercial lender, who can tailor the right lending solutions to your building purchase, expansion or refinance.

    Interested in learning more about our commercial lending options, contact our team.

    Scott Ramsdale

    Scott Ramsdale

    VP - Commercial Services
    612 741-9085 (Cell)
    952 997-8347 (Office)
    Send Message
    Lori Lynn

    Lori Lynn

    Commercial Lender
    612 760-6132 (Cell)
    952 997-8278 (Office)
    Send Message
    Jamie Johnson

    Jamie Johnson

    Commercial Lender
    651 271-4506 (Cell)
    952 997-8278 (Office)
    Send Message

    Ready to get started?

    Can Wings assist my small business affected by COVID-19?

    Wings does not currently offer SBA lending. However, we recognize many of our members are seeking assistance from recently announced relief programs. We are actively researching ways to offer these programs, but in the meantime, here are several resources where you can get more information.

    The SBA has announced two new programs to assist business owners who are impacted by COVID, the EIDL (Economic Injury Disaster Loan) and the PPP (Paycheck Protection Program).

    EIDL is provided directly through the SBA, applications may be submitted here:
    https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

    PPP loans are available through current SBA Approved lenders. Information on the program, and a link to SBA Approved Lenders can be found here:
    https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

    We are encouraging business owners to apply quickly for these programs, as funds are limited and are available on a first come, first served basis.   

    For members in Minnesota, resources are available through the Minnesota Department of Economic Development: https://mn.gov/deed/newscenter/covid/

    If you have further questions, please contact: CommercialServices@wingsfinancial.com