Conference 7.286::dcu

885.0. "Business Accounts" by TPSYS::FERREIRA () Fri Oct 07 1994 12:35

I sent mail to Mr.'s Gransewicz, Kinzelma, Gillett and Garrod.

The subject was "Business Accounts".

The DCU does not have Business Accounts, or DBA accounts. So, for now I have 
my checking and savings with DCU, and a Business Account with a bank. This is 
inconvenient and very expensive. 

	$5.00	Monthly service charge
	$ .50	Per deposit
	$ .10	Per item on deposit
	$ .19	Per each check cleared
					= about $7 to $10.00 per month.


I requested that would it be possible for members, to open up 
business accounts with 	DCU.
Paul got back to me quick, (geez, like right away) 

Thanks Paul.

Posted with permission is his reply.

	John


From:	US3RMC::"[email protected]" "kinzelman_paul"  6-OCT-1994 12:05:57.23
To:	tpsys::ferreira
CC:	[email protected], [email protected], [email protected]
Subj:	Re: DCU, Business Accounts

>	Would it be possible for members, to open up business accounts with 
>	DCU.
I just spoke to Mary Madden, she said that dba accounts are a good bit
different than normal accounts in the procedures area, for instance,
checking who can sign checks, etc. DCU's charter allows them and DCU
plans to offer dba accounts, probably next year sometime. It's just a
matter of getting the processes put into place and people trained,
etc. It may sound like a long time, but DCU has been doing a lot of
work in the area of making sure accounts are handled properly (trust
accounts, etc.).


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% From: [email protected] (kinzelman_paul)
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% To: tpsys::ferreira
% Cc: [email protected], [email protected], [email protected]
% Subject: Re: DCU, Business Accounts

This should generate some discussion...

Should there be fees on business/DBA accounts?

Do business/DBA accounts have activity patterns that are radically different
from personal accounts?

Does allowing business/DBA accounts encourage people to make DCU their
primary/only financial institution?

Bob

Business accounts are indeed very different than personal accounts in the
view of the SEC, IRS, etc. I would not expect business accounts to have the
same cost structure as personal accounts, nor would I expect them to be free
of fees. I still think DCU could offer business accounts that are 
significantly cheaper than commercial banks.

FWIW

Chris 

Please consider offering fee free dba accounts for
non profit groups that DCU members are involved in.
i.e. Girl/Boy Scouts, clubs, etc..  These normally
do not generate hugh volumes of checks or other
demands for service.  They would be a great convenience
for members.  I know, I was a Cub Scout pack treasurer
for a time.

	Tony

My nonprofit organization (I'm the Secretary/Treasurer) does its banking
with Peterboro (NH) Savings Bank. They offered a "Community Now" account
for our checking. We have two checking accounts with them (the
"Corporate" account and the "Petty Cash" account), EARNING INTEREST ON
BOTH. No fees.  If I write more than 15 checks in a month, they charge me
.20 for the 16th.. check(s). They also make me feel wanted.

I just had to enter this, to say that if it can be done by banks with a
profit motive, it can certainly be done by financial institutions with a
service motive.

Art

    	7 years ago or so I co-owned a rental property with another
    	DECcie, and we decided to open a special checking account to
    	transact the finances related to that building.  I simply
    	opened a new account under my badge (500-<mybadge>) and opened
    	a checking account under that.  We then had our checks imprinted
    	with:
    
    	<myname>
    	<hismane>
    	DBA W J REALTY
    	<myaddress>
    
    	DCU had no problem with that, and we were charged no fees, etc.
    	It was no different from the extra checking/savings account I
    	currently have in my wife's name under my own badge
    	(300-<mybadge>).