UFCU

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:

We have standard overdraft practices that come with your account.
We also offer overdraft protection plans, such as a link to another account or a line of credit, which may be less expensive 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 $125 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, complete the form below or call us toll-free at 1-877-968-7828 or 585-544-9518.

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

Type verification image:

Money Transfers

Wire Transfers

What is a Wire Transfer?

It is an electronic payment service used to transfer funds. UFCU members can now receive wire transfers worldwide via SWIFT.

Is wiring money through SWIFT safe?

Yes. SWIFT, Society for Worldwide Interbank Financial Telecommunication, is an organization which securely services nearly 8,100 financial institutions in 207 countries and territories.

How do I receive a wire transfer?

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

   -SWIFT Number: MANTUS33
   -Beneficiary: Ukrainian Federal Credit Union
   -Account Number: 9853933043
   -For further credit to: (recipients name, UFCU account number, and address)

What are the fees associated with wiring funds?

Domestic wire transfer

-Incoming: $5
-Outgoing: $15

International wire transfer

-Incoming: $5
-Outgoing: $35

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

Products and Services

- Overdraft Privilege

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	Your Savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. This credit union is federally insured by the National Credit Union Administration
	We operate in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. NCUA is a US government agency.
	Disclaimer: Ukrainian FCU is not responsible for the privacy practices or the content of web sites which we may provide a link to. While all efforts are made to maintain the accuracy of information presented on the Ukrainian FCU web site, we cannot guarantee that all information is current. Please contact UFCU directly for the most current information.