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Business Loans & Accounts

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Business Accounts

An Analysis Fee is the total of any transaction fees that have accumulated during the month on a business checking account. It is assessed on the last day of the month. Because business accounts typically have larger and more frequent transactions than personal accounts, business accounts are subject to transaction fees. For example, the Free Business Checking account is allowed 100 deposited items per calendar month with no charge. It is also allowed a total of $10,000 in cash in/out of the account per calendar month with no charge. Fees are assessed if more than 100 items are deposited per month and/or more than $10,000 in cash moves through the account per month. The checking account is analyzed at the end of the month and any assessed fees are debited from the account at that time in one lump sum, known as an Analysis Fee. For a list of business account fees, see our Business Rates & Fees section.
I-502 refers to the 2012 Washington Initiative 502 to the Washington State Legislature on marijuana reform. Washington voters passed I-502 which legalized small amounts of marijuana-related products for adults 21 and over. Learn more about marijuana, sometimes referred to as cannabis, bud, pot, weed or 420, in Washington State on the Washington State Liquor and Cannabis Board FAQs on Marijuana web page. Visit our Cannabis Banking page to learn more about banking services for cannabis businesses.

Business Insurance

One of our experienced business insurance brokers can help you through the complex process of finding the insurance policy that best fits your needs. We can help you identify your potential risks and liabilities and then work with you to tailor a policy that will protect your business. We would love to chat with you. Contact us today!
Business insurance coverage varies depending on the policy. Some of the most commonly needed policies include the following:

1. Commercial Liability

As a business owner, you are potentially liable for every product, service, and operation relating to your business. While sound procedures may be stressed throughout your organization, the fact remains that no person or machine is perfect. Despite your best efforts, harm caused to a third party relating to your business could lead to litigation. Commercial liability insurance is designed to protect business owners and assets from a variety of exposures.

2. Product Liability

Even though commercial liability and product liability sound similar, it is very important to know they are not the same. If your product may potentially damage a person or property, even if the product is properly used, then product liability insurance is essential.

3. Property Insurance

Imagine a fire breaks out and you lose your entire inventory. Or your business is burglarized causing physical damage and possibly lost assets. Your ability to recover from these incidents is dependent on your commercial property insurance.

4. Business Auto Insurance

Imagine you were involved in an accident in your personal vehicle while engaged in company business. Did you know your personal insurance may not cover you? What if you have employees on the road making service calls to customers? Commercial auto insurance provides valuable protection for your company-owned vehicles, leased or rented vehicles, and your employees’ vehicles used for business purposes. Read more about business auto insurance »

5. Workers Compensation

If you employ any number of workers who are not considered owners of the business, then you are legally required to maintain a workers compensation policy. You do your best to maintain a safe work environment, but if any of your employees are injured or become ill on the job, you are legally responsible. A workers compensation policy can cover the payment of your employee’s medical expenses, lost wages, and rehabilitation costs.

6. Excess/Umbrella

Without an excess or umbrella policy, a catastrophic claim could deplete your future income and business assets. Every business is vulnerable to devastating losses and lawsuits that could exceed your primary insurance coverage. This is a critical coverage—especially for small to mid-sized businesses.

Flood & Earthquake

Your basic insurance policy does not protect you against damage from earthquakes and floods. Whether you are in a high-risk area or moderate-to-low risk area, you should consider adding earthquake and flood insurance to your business insurance policy. More than half of all flood claims occur in areas considered to have low flood exposure, and each year there are around 5,000 earthquakes in the United States. When it comes to natural disasters, here are important things to keep in mind »

Inland Marine

Do you have business equipment, materials, or supplies in transit? Do you store business property in an off-site location? Protect your most valuable business property or equipment wherever it may be with inland marine coverage.

Professional Liability

If you or your employees are specialists providing services that may cause a client financial damage through any errors or omissions, then you will benefit from professional liability coverage. You work hard to perform your duties and responsibilities to the best of your ability, but if your customer isn’t satisfied you may be faced with a lawsuit. Protect your employees, your business, and yourself with a professional liability policy.


In today’s digital world, cybercrime runs rampant. Data breaches are an all-too-common occurrence and are commonly targeted towards small businesses. If you store sensitive customer information, such as account numbers, driver’s license numbers, and credit card numbers, and you are the victim of a data breach, you are liable for any damages caused by the breached information. Learn about the importance of cyber liability insurance and how to protect your business from cybercrime.
This answer can vary from person to person, but a good rule of thumb is “everybody with a business.” Almost every business faces some liability exposures, and you may have business property that you can’t afford to replace without insurance. There’s a number of other coverage options that you may need depending on your business operations.
The term business insurance covers a wide range of policies available for purchase by businesses. There isn’t a single business insurance policy able to cover your entire range of risks. However, there is an upside. Because your business is unique, you can tailor coverage to best fit your business’s needs.

Business Loans

SBA loans are loans offered through your financial institution (Sound Credit Union) and backed by the Small Business Administration (SBA). Through this program, financial institutions are able to extend financing to businesses that fall outside of internal guidelines or have special financing needs. This program may also offer benefits including lower rates and extended loan terms.
Yes, Sound can help you get a loan to open a franchise business.
Yes, we can help you get a loan to acquire an existing business. Loans for business acquisition should be for full, not partial, acquisitions.
Whether you’re looking to make a one-time payment, or set up a recurring payment schedule for your loan or credit card payment, we have options for you. Making payments from a Sound savings or checking account:
  • Use Online, Mobile or Telephone Banking to make a one-time payment transfer.
  • Recurring payments can also be pre-scheduled in Online Banking.
  • Contact us in the way that’s most convenient for you and we’ll transfer the payment for you.
If you’re paying from an account at another financial institution: Payments by Mail Please include the last four digits of your account number and the loan number on your check. Sound Credit Union PO Box 1595 Tacoma WA 98401 Making payments to your Sound mortgage:
  • Make payments online through the Mortgage Payment Center
  • Send payments along with your monthly tear-off coupon to the address below Sound Credit Union Attn: Payment Processing PO Box 11733 Newark NJ 07101‐4733

Business Savings

Our financial experts at Sound Credit Union are here to provide personalized guidance on optimizing your savings. From strategic advice to selecting the right account, we’re committed to helping your business thrive financially.
No, Sound Credit Union’s high-yield business savings accounts come with no monthly fees, ensuring that more of your savings contribute directly to your bottom line.
Accessing your funds is easy. You can make withdrawals or transfers online, at a Sound Credit Union branch, or through our mobile banking app, providing the flexibility your business needs.
A high-yield business savings account is a type of savings account that offers a higher interest rate than traditional savings accounts, allowing your business to earn more on its deposits.