Money Market Accounts: The Best of Checking and Savings

Eligibility for membership:

• Any person who lives, works, or attends school in the State of Washington
• Any person who lives or works in the following six Oregon counties: Clackamas, Columbia, Hood River, Multnomah, Washington or Yamhill
• Any immediate family member of an existing iQ member. This includes:

• Spouse, parents, grandparents, children, grandchildren, brothers, sisters, aunts, and uncles; also including “half” and “step” siblings, parents, and grandparents; and
• Domestic partner of a member
• Members of the Pacific Foundation for Blind Children (PFBC) who live or work within the state of Oregon
• Certified or Classified school employee within southwest Washington
• Businesses (Sole Prop, LLC, Partnership, Corp) that are legal entities within the State of Washington
• Businesses (Sole Prop, LLC, Partnership, Corp) located within the following six Oregon counties: Clackamas, Columbia, Hood River, Multnomah, Washington or Yamhill

Minimum deposit to open an account:

• General Membership (21 and older)- $5.00
• Minor Accounts (20 and younger)- $5.00
• Non-Profit Organizational Accounts- $5.00
• Business Accounts- $5.00

Other Requirements:

Valid Social Security number, Tax ID number or Employee Identification number:

For non-citizens that do not have a TIN, a signed W-8BEN form must be obtained and acceptable identification such as a US-issued Alien ID card or foreign passport showing evidence of nationality/residence.

Residential Address:

Applicants must provide their physical address on the account application

A PO box may be provided as a mailing address, as long as a physical address is also provided.

If ID displays a previous address; a utility bill, rental agreement or mortgage paperwork showing their name may be used to verify new address.

Identification:

U.S. Adult Persons (18 years of age & older):

• State-issued Driver’s License
• State-issued ID Card
• State-issued Department of Corrections Card (with photo & signature)
• S. Passport or U.S. Passport Card
• S. Military ID Card (do NOT photocopy or scan)
• Tribal ID Card (may not have a photo)

U.S. Children & Students (Ages 17 & under):

• Primary ID for minor children is their parent or guardian
• For High School students (age 17 & under)
  • State-issued Driver’s Intermediate License
  • State-issued Driver’s Instruction Permit
  • State-issued ID Card
  • Student ID Card– must be current school year (may or may not have a photo)

Non-U.S. Persons (All ages):

• Permanent Resident Card
• Foreign Passport
• Foreign Government ID with photo
• Cédula Card
• Mexican Matricula Consular ID

Required Documents for Business Accounts:

Corporation:

• Corporate Bylaws
• Articles of Incorporation
• Proof of registration with the Secretary of State
• Business License
• Federal Tax ID Number (TIN) or Employer Identification Number (EIN)
• Valid ID for all signers

Limited Liability Company (LLC):

• Limited Liability Operating Agreement or Company Agreement
• Proof of registration with the Secretary of State
• Business License
• Federal Tax ID Number (TIN) or Employer Identification Number (EIN)
• Valid ID for all signers

Partnership:

• Partnership Agreement
• Proof of registration with the Secretary of State
• Business License
• Federal Tax ID Number (TIN) or Employer Identification Number (EIN)
• Valid ID for all signers

Sole Proprietorship:

• Business License
• Federal Tax ID Number (TIN) or Employer Identification Number (EIN) or Social Security Number
• Valid ID for all signers

Association, Club, & Organization Accounts:

• Meeting minutes outlining the title of the Authorized Signers
• Valid ID for all signers
• EIN is required

There are limits imposed by Federal Regulation D on the number of transfers you can make from your Savings or Money Market Account. (These are remote or automated transfers without your physical presence at a branch.) The types of transfers subject to these limitations include:

• Overdraft transfers made automatically to cover insufficient funds
• Transfers made by Member Service Representatives on your behalf that are requested by phone or secure email
• Automated, scheduled, preauthorized, or recurring transfers
• Transfers made through online or mobile banking
• Transfers made through telephone banking

Six transfers are allowed per savings account per calendar month, either to another iQ account or to a third party.