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Business Accounts

Every business is unique. From different products and services to different needs and wants, no two businesses are alike. That’s why Soo Co-op Credit Union developed a variety of convenient business services to meet the needs of just about any business owner. Whether your business is commercial or retail, sales or service, new or established, our services can help you save time and money. With Soo Co-op Credit Union, you can spend less time worrying about your finances and accounts and more time concentrating on your business.

Business Checking Accounts

Our Business Checking account requires no minimum balance, providing you and your business peace of mind.

  • No minimum balance
  • No maintenance fees
  • No per-transaction fee
  • Free conveniences including Online Banking, Mobile Banking, Online Bill Pay, and eStatements
  • Free MasterCard Debit Cards

All business accounts have a minimum savings balance of $5.

All members will need to provide:

  • Valid government issued photo ID
  • Proof of address if not listed on the ID*
  • Social security number
  • and will need to be present to sign onto the account**

If you are opening an account for your DBA please also provide:

  • A certified copy of your DBA
  • Your DBA may be listed under your SSN or you may have applied for an EIN which you would need to provide

If you are looking to open an account for your Corporation, Partnership, LLC or LLP, please also provide:

  • Proof of business such as; Articles of Incorporation or Organization (LLC or LLP), Partnership Agreement, etc.
  • The business's EIN (LLC may use TIN of owner if owned by a sole proprietor, otherwise they must obtain an EIN)
  • Businesses with more than one member or owner:
    • Signed corporate resolution or minutes, stating who the representatives and signers are with their titles
      • Blank resolutions and meeting minutes can be provided by Soo Co-op Credit Union

*Acceptable secondary proof of address may include: bank/investment/loan statements, paycheck stub with name, recent utility bill, home/car/renter insurance papers, most recent signed tax returns, property tax bill, voter registration card, organizational membership card, most recent W-2.

  • Contact Soo Co-op Credit Union to confirm your secondary proof of address is acceptable by calling 906-632-5300 and speaking with a Member Service Specialist, or email your inquiry to

**Existing members may be able to sign electronically.

  • Contact Soo Co-op Credit Union to confirm your eligibility for electronic signature by calling 906-632-5300 and speaking with a Member Service Specialist, or email your inquiry to

Your business must be licensed or registered in the State of Michigan.

Visit or for more information.

Why does my business have to qualify for membership?

Credit unions are restricted to serving members who meet specific eligibility criteria due to their nonprofit, cooperative nature. This targeted approach fosters a sense of community, enabling credit unions to offer tailored services and competitive rates to a specific, cohesive membership group.

ESI Excess Share Insurance


Qualifying Accounts* in Soo Co-op Credit Union are insured up to $5,250,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance from Excess Share Insurance Corporation (ESI).


NCUA’s basic federal coverage insures credit union members’ deposits up to $250,000. For details about federal deposit insurance, or how to structure your accounts to qualify for greater federal coverage, please check with your credit union or contact NCUA.

Qualifying Accounts exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $5,000,000 by ESI.


To be eligible for excess coverage, the credit union must comply with ESI’s rigid underwriting standards. Also, ESI’s insurance policy requires that every quarter the credit union submit financial statements and a listing of accounts eligible for excess coverage in order to continue coverage. Individual policies are not provided to members, and there is no direct cost to you for this coverage. It is important to note that excess deposit insurance is payable only upon the failure and liquidation of the credit union. The credit union or ESI may terminate or modify this coverage, but in either case you would be notified in writing of any change in the excess coverage.


Headquartered in Dublin, Ohio, ESI is a wholly owned subsidiary of American Share Insurance, a credit union-owned private deposit insurer founded in 1974 by credit unions, for credit unions. As a property and casualty insurer, ESI is subject to licensing and regulation by your state’s insurance department. Furthermore, the company’s financial statements are audited annually by an independent CPA firm and are available upon request through the credit union. ESI is not a federal or state government agency.

* Business and Government accounts who have funds on deposit over $250,000. Only accounts identified with User Defined Account Tracking Record ESI Share Insurance at Soo Co-op Credit Union are eligible for this level of added savings protection. Members who have funds on deposit over $250,000 and are not a Business or Government account, can structure their accounts to increase the base coverage of $250,000 provided by NCUA. Please see a credit union representative for details.

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