Penn State Federal provides business products for small and large businesses. We offer savings options, checking accounts, Visa debit & credit cards, loans and employee membership benefits to meet your companies' needs.
To open an account ALL Business types must provide for each signer:
- Valid government issued identification
- Photo Identification
- Proof of membership eligibility
- Proof of address (if not the same as ID, please provide utility bill or lease agreement.)
- See business type below for additional documentation
|Business Type||Definition||Documentation to Open Account|
|Sole Proprietor||A single person operation that files no formal start-up documents with the state.||Fictitious Name Certificate1|
|Partnership||Similar to a sole proprietor but with more than one person. Types: General and Limited. May use EIN or SSN of partners.||Fictitious Name Certificate1
Partnership Agreement or
Certificate of Limited Partnership2
|For Profit Corporation||A business that is legally separate from its owners. Uses an EIN.||Articles of Incorporation|
|Non-Profit Corporation||A corporation whose primary objective is to support an issue or cause without generating a profit. Uses an EIN.||Articles of Incorporation|
|Limited Liability Company||A hybrid of a corporation and partnership where the owners are separate from the business. Uses EIN for more than one owner.||Articles of Organization
|Association or Organization||A group of members with similar interests or goals. Uses an EIN.||Fictitious Name Certificate1 or Registration of Unincorporated Association Name
Operating Agreement document
|1 A Fictitious Name Certificate is required for businesses operating under a name other than the surname of the owner(s).
2 A General Partnership with no Partnership Agreement, is governed by the Uniform Partner Act.
For full details on all our accounts see MBS Rate & Fee Schedule (PDF, opens new window). If you have specific questions regarding any product or service, please contact our Business Services Staff today!