Your guide: Best Credit Union for Business Account
Are you or someone you know a small business owner? If so, you probably know how tough it can be to get a business’s funding underway. So many people choose traditional banks, but credit unions have actual benefits that can help your business that traditional banks don’t. So, if you’ve ever wondered, “What are the Best Credit Union for Business Accounts” you’re in the right place. Keep reading to find out more.
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What is a Credit Union for Business?
Credit unions are not the same as regular banks in how they work. They are not-for-profit groups that are owned by their users, which means that account holders usually get better rates and lower fees. This can save companies a lot of money and make service more personal.
A lot of credit unions have business accounts that are similar to those at bigger banks in terms of what they can do. There may be merchant services, web banking, and mobile check depositing among these. Some even offer unique services, such as loans and lines of credit for business real estate.
One great thing about the unions is that they care about the neighborhood. Often, they know a lot about what small businesses need in the area and may be more willing to work with them. This can be especially helpful for new businesses or ones that have special money problems.
What You Should Look for in a Business Credit Union?
When choosing a credit union for your business account, these important things should be taken into account:
Choose from several bank and savings accounts to find the best one for your business.
Charges and minimum balances: Check out how much each credit union charges for regular service fees and how much of a balance you need to keep in your account.
Interest rates: Look at the yearly percentage yield (APY) on CDs and savings accounts.
Loan options: Find out what kinds of business loans, lines of credit, and other types of funding are out there.
Online and mobile banking: Make sure the credit union gives you strong online tools to handle your accounts.
Access to branches and ATMs: Think about how convenient it is to use real locations and ATM networks.
Extra services: Look for features that make the service more valuable, such as business credit cards, payroll services, or financial consultants.
Best credit unions for business accounts
Let’s look at a few of the best credit unions that offer great business banking services:
Alliant Credit Union
First, they offer a complete online banking tool that can be used all over the country. On top of that, they have great savings account rates and free business checking accounts with no minimum balance requirements, which is another great thing about them. It’s easy to manage your account with their mobile app. It lets you do things like place checks and pay bills from your phone.
Consumers Credit Union
Next, let’s look at Consumers Credit Union, which is known for its high-yield checking accounts. These make it a good choice for businesses that want to make the most money possible. They offer different interest rates based on how much the account is used, which encourages businesses to use their accounts. Their national network of ATMs makes getting money easy.
Digital Federal Credit Union
There are a lot of high-yield savings accounts at DCU. This makes them a great choice for businesses that need to save money. They also help businesses at different times of growth by giving them different kinds of loans and lines of credit. There are many useful tools on DCU’s web banking app that is easy to use.
America First Credit Union
For many companies, they are a one-stop shop because they offer merchant processing and payroll services as part of their business services.
Navy Federal Credit Union
Though they have excellent commercial banking services, the Navy Federal exclusively permits military personnel to become members. They give individualized customer attention and reasonable loan and savings account rates. Their presence both domestically and internationally makes them a wise alternative for businesses doing business all around.
How to Choose the Right Credit Union for Your Business?
You need to be clear about what you need to find the best credit union for your business. To help you decide, here are some steps:
Take a look at your cash needs: Figure out what services your business can’t run without.
Compare what’s on offer: Take a look at what each credit union sells and does.
Check your eligibility: Make sure you meet the credit unions’ requirements for membership before you apply.
Look at the costs: Look at the costs, interest rates, and money you might save by choosing different choices.
Think about ease of use: Check to see where the branches are, how to get to the ATMs, and if you can do online banking.
Look at reviews: Read what other business owners have said about the credit unions they’ve used.
Call or go to: Talk to credit unions you’re interested in to find out more about their customer service and to ask questions.
Why picking a credit union for your business is a good idea?
Choosing a credit union can be good for your business in many ways:
Service that is tailored to your needs: Credit unions often give their members more personalized care.
Competitive rates: Because credit unions are not-for-profit, they can often give better rates on loans and savings accounts.
Cheaper fees: A lot of credit unions offer cheaper account and service fees for businesses.
Credit unions often care more about helping local companies and economies than other types of banks.
Member control means that as a member, you have a say in how the credit union works and what rules it follows.
Credit unions may be more ready to work with businesses that have unique financial situations because they are more flexible with lending.
Possible Cons to Think About
Credit unions have a lot of good points, but some things could go wrong:
Fewer physical branches: Some credit unions don’t have as many physical branches as big banks.
Membership requirements: To join some credit unions, you may need to meet certain requirements.
There may not be as many financial products available at some credit unions as there are at bigger banks.
Smaller credit unions may not have the most advanced web or mobile banking platforms because of limitations in technology.
Switching to a Credit Union
If you decide that a credit union is best for your business, here’s how to switch:
Make a new account: You need to send in the paperwork and make the first deposit.
Change the way automatic payments work. Every time you send or receive money, set it to go to your new account.
Change where the money is: Move the money from your old account to your new one.
Get rid of your old account: Once everything has been paid off, close your old business account.
In order for the changes to go smoothly, don’t forget to tell your employees, customers, and vendors about them.
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Conclusion
When you open a business account at the right credit union, you can save a lot of money and get better service. Think about what you can do and what your business needs. Then you can find a financial partner who can help it grow and succeed.
When it comes to banks that care about the community and offer high-yield savings accounts and low loan rates, a credit union is likely the best place for you to do business. Check things out, think about what you can do, and then decide what to do. It might be very important for the health and growth of your business in the future.
