At Suncoast, serving members is our number one priority. One of the ways we do that is by providing answers to your most commonly asked questions in hopes of making your credit union experience as easy and convenient as possible.
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Business Services FAQs
Can I open a Suncoast business account for an out of state business?
No. A business must be licensed in the state of Florida and located within the counties we serve to qualify for a Business Account.
What are the eligibility requirements for a business account?
The business must be located within the counties we serve. Visit our membership eligibility page or contact us for more details.
I'm already a Suncoast member. Can I open my business account on my personal account?
No. All business accounts are assigned a separate account number.
What do I need to open a business account?
You need a photo ID, a tax ID number – if applicable, a current business filing in Florida in one of our 21 counties, and at least $55 as your opening deposit.
When I open a business account at a Suncoast Service Center, what can I expect?
When you visit a Service Center, please sign in to see one of our Member Advocates. The Member Advocate will first make sure your business is eligible as a Suncoast account and then ask for basic information concerning what your business does. This includes information about who owns and controls the business. This also includes a monthly transaction estimate for incoming and outgoing funds. While you are at the branch, you can also set up SunNet Online Banking access, order a free business debit card, order checks and obtain information on other business products and services to assist your business.
Can I be the only officer on the business account?
That depends on how the business is filed with the state. You may have a one-signer account if the business is a sole proprietorship, a one-member LLC or a one-officer corporation. For a partnership or LLC, all named members need to be on the account. For a corporation with multiple officers at least two officers must be on the account.
Can I open separate accounts with different authorized signers?
No. All accounts will need to have the same signers. All signers have equal access to the account.
Do I need an Employer Identification Number (EIN)?
For a Partnership or Corporation, yes. For a Limited Liability Company or Sole Proprietorship we can use an EIN or the owner's Social Security Number.
Will Suncoast review my credit before pulling a report?
Yes. All signers on the account (business officers and authorized signers) need to meet a minimum credit score requirement. A credit report helps us further identify the signers and confirms that your business account signers are responsible individuals.
Can an account be opened for any type of business?
Certain restrictions apply. Business accounts cannot be opened for businesses that contradict our mission as a credit union, businesses that require services we do not presently offer and businesses that operate outside our service area. Unlawful Internet gambling transactions are prohibited from being processed through a Suncoast business account. Suncoast will not open accounts for members engaged in any Internet gambling business, including legal Internet gambling businesses.
When will my business checking account be assessed a fee?
If the account has a fee (see our Fee Schedule), the fee will assess at the end of the month.
Do I receive a discount when I order business checks online?
No. Business members pay the regular price for checks, whether via phone, Internet or in person.
What financial software is compatible with SunNet Online Banking?
Quicken and QuickBooks are compatible with SunNet Online Banking.
Does Suncoast accept federal tax payments for businesses (Form 941, 1120, etc.) at the service center?
No. However, business members may make their tax payments electronically through the free Electronic Federal Tax Payment System (EFTPS). For more information please visit the EFTPS site or see IRS Publication 966.
Is there a limit on the number of checks for each deposit?
Yes. Each deposit can have a maximum of 40 checks.
Do you have a night drop location for bagged deposits?
Our night drops are not large enough to accommodate bulk deposits; however, deposit envelopes can hold up to ten items.
What about cash or coin deposits?
Suncoast is not equipped to handle large cash or coin deposits. Self-service coin machines are available at each branch for small coin deposits. Fees do apply.
How about cash or coin orders?
Suncoast is not equipped to supply cash or coin orders to businesses.