Business Share is a non-transactional account for all entity account types. This is a base share that must be opened and maintained with the membership minimum balance prior to, or in conjunction with, opening other entity account types.
Business draft is a transactional account for for-profit entities, designed to meet the needs of small to medium sized businesses including sole proprietorships, start-up businesses, and smaller commercial enterprises.
Community draft is a transactional account for civic and social organizations such as clubs, sports teams, and unincorporated associations as well as nonprofit organizations.
Share Certificates are a non-transactional account for members to earn higher dividends for the time the funds are committed to that account. Penalties may apply for early withdrawals.
Business Auxiliary Share is a non-transactional account for all entity account types. This is an additional savings account outside of the required base share that may be used for other purposes such as long-term savings, tax payment savings, or as an overdraft sweep for the transactional accounts.
Estate Account is a membership type that may include a Base Business Share, Business Share Draft, or other account types for a deceased person for receiving of deposits and making of payments to final expenses, estate costs, and probated distributions.
This document is meant to give a summarized overview of business organizational types as well as some of the documents Wyrope Williamsport FCU may require when opening a new account or maintain an existing relationship. It does not replace the official Wyrope