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Balance Transfer
  • Business Checking Accounts
  • Business Loans
  • Applications Process
  • ODP
  • Money Transfers

Business Services



Welcome to UFCU Business Services.


      We are committed to providing you with the highest level of personalized service and we want your business to achieve financial success. You can turn to UFCU to meet the financial needs of your business and expect the same great service you receive for your personal financial needs.

      We offer Business Checking and Savings, Business Loans, VISA Cards, and Online Convenience Services.

Basic Business Checking

    This option is best for small business with lower balances and transaction levels.

  • FREE Unlimited transactions every month
  • No minimum balance requirement
  • No monthly maintenance fee
  • UFCU Visa Check Card and Online Banking available

PremierBusiness Checking

    This option is best for businesses with larger balances; it is also a dividend bearing account.

  • FREE Unlimited transactions every month
  • No minimum balance requirement
  • Minimal monthly maintenance fee
  • 2 tier pricing structure – the higher your average balance, the more dividends you earn
    • $50,000 – $75,000
    • $75,000+
  • UFCU Visa Check Card and Online Banking available
  • UFCU Money HQ – online money management tools for all your financial needs*
  • Personal Finance Manager HQ –track all your expenditures, view spending reports, create budgets, and more
    • Accounts HQ – view your balances and account information at other financial institutions
    • External Transfers HQ –make transfers between your accounts at UFCU and other financial institutions
    • Account Alerts HQ – set up account alerts to be sent to your email of mobile phone

Premier Image Business Checking

    This option is best for businesses with larger balances; it is also a dividend bearing account.

  • FREE Unlimited transactions every month
  • Minimal monthly maintenance fee
  • Images of all checks included in your monthly statement
  • 2 tier pricing structure – the higher your average balance, the more dividends you earn
    • $50,000 – $75,000
    • $75,000+
  • No minimum balance required
  • UFCU Visa Check Card and Online Banking available
  • UFCU Money HQ – online money management tools for all your financial needs*
    • Personal Finance Manager HQ –track all your expenditures, set budgets, and more
    • Accounts HQ – view your balances and account information at other financial institutions
    • External Transfers HQ – make transfers between your accounts at UFCU and other financial institutions
    • Account Alerts HQ – set up account alerts to be sent to your email of mobile phone
* There is a monthly service fee of $4.95 for the use of the Money HQ Service.The first 10 standard transfers in any month will be included in the monthly service fee; for each additional standard transfer, you will be assessed a fee of $1.50.Next day transfer is not available.


Business Services



Business Loans


      We have many business borrowing options to meet the needs of your business. Because we are a credit union we return our earning to our members in the form of lower rates, higher interest on deposits, and lower fees. Our community profits as well as your business.

      To begin the business loan application process please use the checklist below to gather all the necessary documentation. We evaluate potential borrowers for business loans starting with the Five C’s of Credit.We encourage all applicants to complete a Business Plan and submit it along with the loan application. A well-written Business Plan is an invaluable tool for both the applicant and the lender. The Business Plan addresses areas such as the target market, projected cash flow,barriers to entry, competition, and marketing strategy.

Character:

      For individual borrowers or Sole Proprietors, we begin with a credit report. The information contained in this report details an applicant’s payment history, number of delinquencies, number of accounts, and account balances. For corporate borrowers, we use Dun and Bradstreet Reports (D&B’s) which provide similar information to a personal credit report but on a corporate level. We also examine the applicant’s experience in the industry, past relationship with our Credit Union, and level of honesty displayed in the application process.

Cash Flow:

      We examine past and projected ability to repay a loan. We may also ask for three years of individual and businessFederal Income Tax returns to analyze historical cash flow. This allows us to compile a detailed analysis of all the sources of income, offset by debt, to see if the applicant has the capacity torepay the loan.

Collateral:

      All commercial loans must be secured with collateral – this is the security we hold for the loan in case of default. For example, if a commercial loan is made for the purchase of a tractor, we will require that the tractor be assigned to us. Collateral gives UFCU an additional level of protection should the loan not be repaid. In addition, UFCU also requires commercial loans to be protected by the personal guarantee of the owner(s).

Capital:

      We view lending as a partnership, with both UFCU and the applicant investing in the business. We also assess whether the applicant has adequate resources to meet their other debt obligations and personal living expenses. This is important because UFCU does not extend 100% financing for the purchase of any assets. Typically the borrower must provide 20 – 30% of individual resources to fund the total purchase price.

Conditions:

      The applicant’s ability to repay a loan may be affected by outside factors. Therefore UFCU analyses the competitors, industry regulations, targeted customer base, and the economic environment, in order to determine if there may be any roadblocks to success.


Business Services



Checklist of documents needed to complete loan application:


General Documents:

  • Personal Financial Statement, completed, signed and dated
  • Copy of most recent W-2
  • Copies of Federal Income Tax Returns for the past two years, signed and dated.
  • Year to date income and expense statement
  • Bank statements for the past 3 months (if other than UFCU)
  • Copies of DBA Certificates, Resolution or Corporate Formation documents
  • Employment history for past 10 years, must include locations, dates worked, positions held
  • Bill of Sale/Invoice, signed by buyer and seller
  • Copy of Title to vehicle being purchased
  • Pictures of vehicle

Documents for Real Estate Loans:

  • Purchase Offer, signed by both parties
  • Existing appraisal
  • Documents of any environmental work completed
  • Existing leases on the property
  • Previous property operating cash flow statement from seller
  • Current property operating cash flow statement from buyer
  • Detailed description of what the property will be used for
  • Proof of funds for equity enacting (previous word was inection)
  • Current rent roll
  • List of projected capital improvements to be made to the property

Documents for Church Loans:

  • Three years of signed income and expense financial statements
  • Three years of signed balance sheet
  • Current year to date financial statements
  • Complete bank statements for the most recent three months
  • Copies of existing leases on property
  • Year-end checking and savings balances for past three years
  • Detailed background history of the church, including:
  • Date church started
  • List of Officers
  • Name of pastor; including his specific background
  • Date current pastor started
  • Current number of members in the church
  • Description of what the loan will be used for
  • Personal Financial Statements and tax returns for pastor and personal guarantors.
  • Any existing debt currently in place, including lender name/original amount of loan/ current balance/what were proceeds originally used for/monthly principal and interest
  • Copy of Purchase Offer if purchasing real estate
  • Copy of existing appraisal or environmental audit if previously financed
  • Verification of cash for down payment (25% for real estate)

Business Services





Overdraft Privilege Opt-In Form                          ODP Brochure


What You Need To Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.  We can cover your overdrafts in two different ways:

  1. We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans, such as a link to another account or a line of credit, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions without your consent.

  • ATM transactions
  • Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Ukrainian Federal Credit Union pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $25 each time we pay an overdraft
  • There is a limit of 5 charges per day on the total fees we can charge you for overdrawing your account

What if I want Ukrainian Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?


If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (877) 968-7828, visit our website at http://www.rufcu.org/personal_services.php, complete the form below and present it at a branch or mail it to: 824 Ridge Rd. East, Rochester, NY 14621. You can revoke your authorization for Ukrainian Federal Credit Union to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.
I do not want Ukrainian Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions.
I want Ukrainian Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions.


Enter Your Name
Date mmddyyyy
Last Four (4) digits of your Account
Number

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Money Transfers



Wire Transfers


What is a Wire Transfer?

It is an electronic payment service used to transfer funds. UFCU members can now send and receive wire transfers domestically and internationally.

How do I receive a wire transfer to my UFCU account?

Simply provide this information to the financial institution or person that will be wiring funds to you.

Domestic Wire Transfers



   UKRAINIAN FEDERAL CREDIT UNION
   ROCHESTER, NEW YORK
   ABA # 222-38-222-1
   FOR CREDIT TO:
   Member name:
   Member Account number #
   Member Street Address:
   Purpose of wire:
   Other special instructions, if any:


International Wire Transfers, choose one of two options available:


Option 1. Intermediary Correspondent Bank



   FOR CREDIT TO:
   UKRAINIAN FEDERAL CREDIT UNION

   ROCHESTER, NEW YORK
   ABA # 222-38-222-1
   FOR FINAL CREDIT TO:
   Member name:
   Member Account number #
   Member Street Address:
   Purpose of wire:
   Other special instructions, if any:

Option 2. SWIFT


   M&T Bank
   Swift: MANTUS33
   Beneficiary: Ukrainian Federal Credit Union Account Number: 9853933043
   For further credit to:
   Member name:
   Member Account number #
   Member Street Address:
   Purpose of wire:
   Other special instructions, if any:


How do I send a wire transfer from my UFCU account?


Simply provide this information to a UFCU representative: Domestic Wire Transfers (to be completed)

What are the fees associated with wiring funds?


Click here for the fee schedule.

*Fees are subject to change without notice. Fees effective September 1, 2011.


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