Credit Union For Business Accounts

Key Differences Between Credit Unions And Banks

How To Get a Navy Federal Credit Union Business Account.

If youre wondering should I open a business account with a credit union?, youll want to think carefully about the pros and cons. Here are a few points to consider:

Youll need to check your eligibility for credit unions carefully, and may be limited to those which cover your geographic area or line of work
Products available through a credit union may come with lower fees than banks
Check out the online banking options available through your chosen credit union, as the services may differ from traditional banks
Large banks might have a broader range of tech solutions for businesses, such as integration with online accounting products

The Business Of Banking

We know you want easy, convenient account access and efficient, knowledgeable service that makes your life easier. Thats why we offer a variety of flexible and convenient business chequing accounts designed specifically for business owners.

Whether youre a frequent user or only need access to your account every couple of days, we have an account option that is sure to be just right.

Effective July 1, 2022, Sunova Credit Union is Access Credit Union.

The new Access Credit Union promises to offer some of the best financial products and services for every stage in life. Weve streamlined our account package options to best meet the needs of our combined membership. We are pleased to share the new account package lineup and service fee schedule which will come into effect in October 2022.

Account package grids will be available in July 2022.

Please visit cusuccess.ca for additional information.

Business Unlimited $150.00 per monthUnlimited transactions

Becu Boeing Employee’s Credit Union

Although the name sounds like few people will be eligible, BECU offers membership to any resident of Washington state, and some counties in Oregon and Idaho.

If you or a family member live, work, study, or worship in these areas, you may be eligible. The field of membership also covers employees of Boeing, other credit unions and their family members.

Once you join, you can get a business checking account, cash back visa card, and more. The business checking account is free, with no monthly maintenance fees or minimum balance. You can also benefit from helpful tax advice through the BECU tax center.

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Membership Requirements For Credit Union 1

Membership in Credit Union 1 can be obtained in one of two ways:

Be eligible within their field of membership, which are listed within the online application, or by contacting a Member Solution Specialist.

Donate $5 to the Credit Union 1 Educational Development Association, which benefits the continuing education of selected groups.

What Is The Importance Of The Right Credit Score When It Comes To Credit Union Eligibility

Your credit score is usually the main thing that will determine whether or not you will be able to get a certain particular type of loan from a credit union.

If your score is high enough, you may qualify for better rates and lower fees while also having a chance at receiving a larger line of credit.

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Why We Like Affinity Plus Federal Credit Union

With nationwide membership and a wide range of business services available, Affinity Plus Federal Credit Union is our choice for the best credit union for small businesses. Affinity Plus has a rewards program for debit card purchases, allowing you to redeem points for gift cards, travel, and more.

There are interest-bearing options for both checking and savings. In addition, Affinity Plus offers CDs, a business credit card, lines of credit, equipment loans, vehicle loans, and merchant services. The company even partnered with Loomis to provide cash and coin delivery. For small business owners looking for a well-rounded credit union for their business needs, Affinity Plus is an excellent choice.

Final Thoughts On The Best Credit Union Business Accounts

The number of businesses and individuals joining credit unions has been steadily rising over the past few years. In 2020, credit unions in the United States boasted 126.6 million members, which is a significant leap from the 98.4 million members it had back in 2013. Today, these financial institutions have less stringent eligibility requirements. Plus, members enjoy lower fees and higher APY rates, as well as the power to influence the organization.

Now that youve read our comparative guide to the best credit union business accounts, we hope youre confident enough to pick the credit union business account which will best meet the needs of your small business.

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What Disclosures Should I Receive Before Applying For A Small Business Credit Card

Small business credit cards must come with several different disclosures that can help you understand what you are signing up for.

These may include but are not limited to:

the interest rates on purchases and cash advances
certain types of fees charged by the bank
your rights as a consumer
and much more.

Blue Federal Credit Union: Best For In

Navy Federal Business Credit Card Account – Data Points

Blue Federal Credit Union is located in Colorado and Wyoming, but the credit union participates in the CO-OP Shared Branch network. That means you can do your business banking in person at more than 5,600 locations nationwide even if you dont live near a Blue branch.

Business account details. Blues Basic Business Checking is a free account that includes 50 deposits monthly. Its Business Plus Checking doubles that fee-free deposit total to 100 and requires $100 to open. Business Plus Checking charges $5 monthly, but you can waive that fee and earn 0.25% APY interest, as of this writing by maintaining a balance of at least $1,500.

Additional business services. Blue offers a business savings account and term shares, which are similar to certificates of deposit. It is also part owner of Centennial Lending, through which Blue provides commercial real estate loans in nine states.

Accessibility. Blue has 19 branches in Colorado and Wyoming. Youll need to make an appointment to open a business account. Blue participates in the CO-OP ATM network, which offers fee-free access to almost 30,000 ATMs nationwide.

Membership. Anyone can join Blue Federal Credit Union with $10 $5 to set up your membership and $5 to donate to the Blue Foundation, which describes itself as an independent 501 nonprofit charitable organization founded to champion, fund and celebrate local nonprofit causes. Additional ways to qualify can be found on Blues website.

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Consumers Credit Union: Best For Eligible Nonprofits

Consumers Credit Union is an Illinois-based credit union that anyone can easily join, making it one of the best credit unions overall. However, its business accounts have stricter qualifications: You must do business in Illinois or Wisconsin to be eligible and apply in person.

Business account details.Consumers Credit Union offers four business checking accounts, including free and interest-bearing options. Its free Community Checking account is a strong option for eligible nonprofits, offering 300 fee-free transactions 200 more than Consumers basic free account and interest on balances over $500. Extra transactions cost 25 cents apiece for all Consumers accounts.

Additional business services. Consumers offers a business savings account that doesnt require a minimum balance if you have a business checking account. The credit union also has multiple money market savings accounts, including a high-yield option a Visa business credit card and commercial mortgages, business lines of credit and equipment financing.

Accessibility. Consumers has more than a dozen branches in Illinois, and you must apply in person to open a business account. Consumers also participates in the CO-OP Shared Branch and ATM networks.

Membership. Anyone can join Consumers Credit Union by making a $5 donation to the Consumers Cooperative Association, a decades-old organization that provides an associational common bond for Consumers Credit Union, according to its website.

Boeing Employees Credit Union

Finally, weve reached the last option on our list of the best credit unions for small business owners: Boeing Employees Credit Union .

Originally started in 1935 by Boeing employees, this Washington-based credit union has since expanded its membership eligibility criteria to include those who live and work in Washington State, those who live and work in select Oregon and Idaho counties, and those who belong to select eligible associations.

This being said, overall, BEC offers a robust business banking program, as well as additional services. More specifically, BEC provides two different business checking accounts, both of which have no monthly fee, and one of which is interest-bearing. In addition, both of these accounts include free electronic debits and credits, free online banking and bill pay, free e-statements, and remote check deposits. Moreover, BEC also offers several savings account options including a no-fee savings account, Money Market accounts, fixed-rate CDs, and investment and retirement accounts.

Boeing Employees Credit Union also offers two no-fee business credit cards, one of which earns you 1.5% cash back on purchases. Plus, in terms of their loan products, BEC provides business term loans, auto loans, lines of credit, and commercial real estate loans.

Highlights for Small Businesses:

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Ology For The Best Credit Unions For Business Banking Accounts

We analyzed the offerings of different credit unions, plus rates and fees, to pick out credit unions that soar high in various categories. Here are the main features we considered:

Pricing: First, we researched if the checking and savings accounts offered by the credit unions are free or not. In case there are maintenance fees, we confirmed how much you need to pay each month.

APY: Next, we checked how much APY you can potentially earn with the checking and savings accounts. Since the rates may vary per category, we gave an overview of the APY ranges for each banking solution.

Membership Requirements: We evaluated the eligibility requirements for all the credit unions. Also, we assessed if the membership criteria of each institution is welcoming or restrictive.

Locations: We examined if there are available physical branches or not, as well as where these spots are located. In addition to this, we indicated if members have access to ATM networks or not.

Online Banking: We took a look at the mobile app and/or digital banking portal of every credit union. Plus, we explained which banking transactions you can perform online.

Special Feature: Last but not least, we highlighted what the standout feature is for each credit union, as well as what makes it unique.

Note: The pricing and APY rates in this guide are based on available information in June 2022.

Choose Your Account Application & Checklist:

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Digital Federal Credit Union: Best For Simplicity

Digital Federal Credit Union, or DCU, is headquartered in Massachusetts. DCU offers just one business checking account but its free and interest-bearing. If you dont want to have to decide between those features, DCU may be a good choice for your business.

Business account details. DCU offers a free business checking account. It includes no maintenance fees or minimum balance and offers a 0.10% annual percentage yield as of this writing. You can make up to 20 free deposits each day, with additional transactions costing 10 cents apiece.

Additional business services. DCU has a business savings account, money market account and certificate of deposit options. It also offers a business Visa card and business loans, including term loans and lines of credit, in certain New England states.

Accessibility. DCU has multiple branches in Massachusetts and New Hampshire. You can apply for a business account in person or by mail. DCU has partnered with the Allpoint, SUM and CO-OP networks to offer free access to more than 80,000 ATMs, with rebates available for out-of-network surcharges depending on your credit union membership level.

Membership. DCU membership is available based on criteria including where you live or work. But you can also join by donating to a number of participating organizations, such as the Free Software Foundation. Find complete eligibility details on DCUs website.

When To Consider A Credit Union For Your Small Business

When trying to decide whether to go with a for your small business, you want to compare what features and perks youre getting from a credit union compared to a bank. You also need to consider the membership fees and monthly fees that might be associated with credit unions. While initial fees are often higher, APY on checking and savings accounts are usually higher with a credit union. In addition, loan rates are often lower.

It may come down to convenience, however. If you need a physical branch location, you might choose a small business checking account instead, as large traditional bank franchises offer more physical locations. Either way, check out our guide on how to open a business bank account before you proceed.

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The 8 Best Credit Union Business Accounts

Now that weve discussed the significant differences between credit unions and banks, lets explore some of the best credit unions for small business owners.

As youll see, we selected these eight credit unions based on their impressive array of business-specific offerings, accessible membership criteria, and technological innovation. Therefore, any of these options might be able to offer you the credit union business account, credit card, or loan that you need. Some of these options are among the best credit unions for small business checking accounts, whereas some top the list for their accessibility.

Dcu Digital Federal Credit Union

How to view and access business accounts | SAFE Credit Union

The DCU field of membership covers some towns in Massachusetts and Georgia. It also covers a large list of employers, organizations, and homeowners associations. If you live, work, worship, or study in the towns highlighted, have or had a job with one of the eligible employers, you can join. Membership is also extended to family members.

DCU offers a business checking and a business savings account. Even with the business checking account, you can earn up to 0.10% APY, and there is no monthly fee or minimum balance requirement.

As DCU offers a free business checking account, and free access to a large network of ATMs, it can be one of the best credit unions for small business owners.

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Best Credit Unions For Small Business Of 2022

Years ago, the only people who would think about joining a were those with student loans. However, things have changed dramatically over recent years.

Nowadays, more and more entrepreneurs are considering credit unions over big-name commercial and online business bank accounts, particularly when it comes to managing their businesss finances. Some of the advantages credit unions provide are hard to obtain anywhere else.

Of course, just because the name of the financial institution has credit union in it, doesnt mean that you should just settle on the first one you come across.

The best credit unions for small business members will offer the right combination of ease-of-use, services, and features.

In this article, Ill explore the best credit unions for small businesses this year. By the time you finish reading, youll know why these institutions are popular with small business owners and entrepreneurs across the nation.

Lets get right into it.

How To Use A Credit Union For Your Business Account

What Is the Relationship Between General Ledger & Bank Reconciliation?

1.

Understand the difference between a credit union and a commercial bank. While both credit unions and banks provide many, if not all, of the same services to individuals and businesses, there are some differences you should be aware of. Credit unions are generally smaller than commercial banks and are limited in the amount of money they can provide in the form of loans to members. While this is not a problem for most small businesses interested in using a credit union, it may be if your business requires substantial funds. Make sure your credit union is large enough to serve your needs before using them for your business.

2.

Find a credit union in your area. Most credit unions are local or regional organizations. You’ll have to find one in your area that offers business as well as personal services. Some credit unions may not offer business accounts to its members, but most of them will. If you require payroll services, merchant processing or other business service, make sure you inquire about their availability. Be sure to find one that is convenient and able to help you set up accounts easily, especially if you are transferring from a current account with a commercial bank.

References

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Have Questions Ready To Open An Account

Contact our Business Development Representative for assistance opening your account. Theyre happy to answer any questions that you may have!

Henry Molina

To open a business account, the following documentation is required:

Certificate of Fictitious Name, Corporate Charter, Partnership Agreement or Articles of Incorporation.
IRS letter for non-profit status .
Proof of physical address of the business.
Identification for each owner, officer or authorized signer.
Business TIN or EIN.