When it comes to banking, Gesa Credit Union is like a friendly neighbor who’s always there for you. Unlike big banks, Gesa is all about community, putting members first and focusing on what really matters–financial well-being.
If you live in the Pacific Northwest, they may be able to provide you with business credit solutions tailored to your needs, whether it’s a credit card, loan, or savings account.
So, in this review, we’re diving into Gesa’s lineup of business-friendly offerings, from rewards on credit cards to flexible loans and savings options. Let’s find out if Gesa is a good match for your business banking needs.
This is what’s in store:
- What is Gesa Credit Union?
- Business Financial Products and Services
- Gesa Credit Union Customer Service
- Gesa Credit Union Community Involvement
- Frequently Asked Questions
- Conclusion
Now, let’s dive in!
What is Gesa Credit Union?
Gesa Credit Union is a member-owned financial institution. It serves the financial needs of individuals and businesses, especially small businesses.
This credit union was founded in 1953 by a group of General Electric supervisors. Since then, it has grown into one of the largest credit unions in Washington state. Gesa’s mission is to serve its members and communities by providing affordable financial products and services. This includes a strong commitment to supporting local businesses and community development.
Gesa Credit Union is dedicated to helping small businesses thrive. They understand that small businesses are vital to the local economy and community.
Hence, the credit union offers a range of products and services for small business owners:
- They offer a variety of business checking and savings accounts to meet different needs.
- Gesa participates in Small Business Administration (SBA) loan programs, providing access to funding with favorable terms.
- Their treasury management services help businesses manage their cash flow efficiently.
- Gesa offers term loans and lines of credit to help businesses finance operations and growth.
- They provide business Visa cards with competitive rates and rewards.
Gesa Credit Union focuses on keeping money within the community, supporting local schools, organizations, and businesses. When you bank with Gesa, you help support these local initiatives and contribute to the overall well-being of the community.
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Locations Served
Gesa Credit Union serves businesses primarily in Washington state, with branches in Richland, Pasco, Kennewick, Walla Walla, Moses Lake, Yakima, Wenatchee, Pullman, Spokane, Puyallup, Seattle, Tacoma, Kirkland, Lynnwood, and Bremerton. Additionally, they have a branch in Post Falls, Idaho.
To enhance accessibility, Gesa offers extensive online services, including online and mobile banking through their “Gesa to Go” app. Members can manage accounts, transfer funds, pay bills, and deposit checks remotely.
Plus, Gesa Credit Union is part of the CO-OP Financial Services Network, the second largest branch network in the U.S. This allows Gesa members to access almost 200 locations in Washington State and conduct banking at credit unions nationwide. Additionally, members have access to over 77,000 surcharge-free ATMs across the country, which ensures convenient banking wherever you are.
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Membership and Eligibility
To become a business member of Gesa Credit Union, the business must meet certain eligibility criteria. Businesses qualify if they are located in Washington state, or select counties in Idaho and Oregon.
Specifically, these counties in Idaho include Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce, and Shoshone. In Oregon, eligible counties are Clackamas, Clatsop, Columbia, Gilliam, Hood River, Morrow, Multnomah, Sherman, Umatilla, Union, Wasco, and Washington.
Additionally, businesses owned by individuals who live, work, worship, or attend school in these areas, or those who have a close relative who qualifies, can also join.
Here’s what you’ll need to do:
- Make sure your business is located in the eligible regions of Washington, Idaho, or Oregon.
- Open a personal checking or savings account with Gesa.
- Prepare key business details, including the business name, address, and tax identification number.
- Owners or authorized signers should be ready to provide personal identification (e.g., driver’s license) and verification information as per Federal requirements to combat terrorism and money laundering.
- Visit a local Gesa branch or call their customer service to begin the membership process.
- Inform the representative that you are interested in opening a business account.
- Fill out the necessary membership application forms.
- Provide all required documentation and identification for both the business and its owners or authorized signers.
- Make an initial deposit into your new business account.
And, voila! As long as you meet the eligibility criteria, the process of becoming a member is no different than opening any other business bank or credit union account.
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Business Financial Products and Services
From business banking to credit, loans, and beyond, here’s what Gesa Credit Union offers in the way of small business financial products.
1. Business Banking/Checking
Gesa Credit Union offers a range of business checking accounts to meet a variety of small business checking needs.
Each checking account comes with:
- Free access to online banking
- Automated and online bill pay
- Competitive rates
Here’s a side-by-side comparison of their business checking accounts.
| Analysis Business Checking | Value Business Checking | Versatile Business Checking | |
| Ideal For | Businesses with high monthly transaction volumes. | Small businesses with a lower volume of transactions. | Businesses with moderate account activity. |
| Costs & Fees | Charges based on account activity. | No fee per deposited or cleared check if 100 or fewer checks presented monthly. | No fee per deposited or cleared check if 200 or fewer items presented monthly. |
| Requirements | Low $100 minimum deposit to open. | Low $100 minimum deposit to open. | Low $100 minimum deposit to open. Daily balance of $5,000 required to waive monthly service fee. |
| Advantages | Earns credit back based on balance. Can use earned credits to offset service fees. Includes Cash Management Services. | No monthly service charges. | Flexibility and freedom for your business. |
Gesa Credit Union shows support of small business growth through its tailored business checking accounts. They also have options tailored to nonprofits and municipalities. See their website for details.
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2. Business Credit Cards
Gesa Credit Union offers two business credit card options designed to meet the diverse needs of business owners. Both cards provide business owners with the ability to manage expenses efficiently while enjoying additional perks such as enhanced security features and separation of business and personal finances.
The Gesa Business Visa® Credit Card provides flexibility, convenience, and security, enabling easy separation of business and personal finances. With variable rates ranging from 14.74% to 26.99% APR, this card offers instant purchasing power and 24/7 member service support.
Similarly, the Gesa Business Visa® Rewards Card is ideal for businesses seeking to earn cash back on everyday purchases. Featuring variable rates between 19.24% and 28.99% APR, this card offers 1.5% cash back for net purchases, along with the same benefits of instant purchasing power and 24/7 member service support.
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3. Business Loans
Gesa Credit Union offers various types of business loans tailored to meet the diverse needs of local small businesses. Gesa is well-known for its over 50 years of SBA lending experience, local decision-making, and commitment to prompt customer service.
The SBA loan programs available through Gesa include:
- The 7(a) Business Loan
- Express Lines of Credit
- 504 Loan
- CAP Lines
These programs offer low down payment requirements and longer terms, making them popular choices among small business owners. The loans can be used for various purposes such as acquiring an existing business, purchasing, constructing, or renovating owner-occupied commercial real estate, financing long-term working capital, purchasing vehicles and equipment, and refinancing debt.
The 7(a) Business Loan, in particular, offers terms up to 10 years for business acquisitions, equipment, and working capital, and up to 25 years when commercial real estate is involved. Loan amounts can go up to $5 million, providing businesses with the financial flexibility they need to thrive.
And, Gesa provides Business Term Loans and Lines of Credit with competitive interest rates, local decision-making, and personalized service from experienced commercial lenders.
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4. Business Savings & Investment Opportunities
Gesa Credit Union’s Business Savings Accounts are ideal for those seeking competitive rates and overdraft protection for checking or money market accounts. With a balance of just $100 to open and maintain the account, businesses can benefit from competitive rates that ensure their funds are working for them—You can earn 0.04% APY when you maintain a minimum balance of $500 each month.
Additionally, the low monthly service charge can be waived based on the aggregate average daily balances in all other Business Accounts, providing flexibility and cost savings.These accounts also offer online banking access for convenient account management and ensure membership as a business account member.
Business Certificates are perfect for businesses looking for higher-yield, fixed-rate savings accounts for excess funds.
With terms ranging from 3 to 60 months, you can choose the option that best suits your financial goals. Interest is compounded and paid monthly and at maturity, allowing businesses to maximize their earnings. Plus, certificates can be used as collateral to secure a loan at a competitive margin, providing added flexibility.
5. Treasury Management Services
Gesa offers a comprehensive suite of Treasury Management services tailored to streamline business operations and maximize financial efficiency.
These services include:
- Online and mobile banking
- Online bill pay
- Sweeps (Automatic funds transfers to investment products)
- ACH services
- Wire transfers
- Merchant services
- Merchant Deposit Capture (MDC)
- Electronic Federal Tax Payment System (EFTPS)
These Treasury Management services are designed to simplify financial processes, enhance cash flow management, and provide flexibility and convenience for businesses. And, Gesa’s dedicated Treasury Management Officers are available to assist with inquiries and provide personalized support to optimize business banking experiences.
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6. Gesa Mobile App
Gesa digital banking mobile app is available on Google Play and the iOS app store. Users rave about Gesa Credit Union’s mobile app for its convenience and user-friendly interface. With the app, you can handle all your banking needs on the go – from transferring money between accounts to depositing checks and even applying for loans or credit cards.
Plus, Fast Balances lets you check your account snapshots without logging in. While some users have reported minor issues like slow loading times or search limitations, overall, Gesa’s app is a hit among members, making managing your finances a breeze wherever you are.
Gesa Credit Union Customer Service
Gesa’s member contact center, available Monday through Saturday, provides personalized assistance via phone and email, addressing various inquiries related to new accounts or loans, online banking, debit/ATM cards, account inquiries, stop payments, payments by phone, telephone banking, and general Gesa information.
In addition to traditional communication channels, Gesa also offers Live Chat support, available Monday through Saturday from 9:00 am to 5:00 pm Pacific Time—This feature enables quick access to assistance for inquiries such as branch locations, account balances, payment due dates, loan payment help from Gesa accounts, and general credit union questions.
Plus, Gesa recognizes the importance of feedback from its members and encourages business members to share their suggestions, appreciation, or concerns through the member feedback form.
This shows that they’re probably committed to continuously improving their services and ensuring that business members’ voices are heard and valued.
Overall, Gesa Credit Union offers a pretty robust customer service framework.
Gesa Credit Union Community Involvement
When you bank with a credit union that supports the local community, your funds contribute to initiatives that matter most to your small business customers.
Thankfully, Gesa Credit Union is committed to giving back to the community.
In 2022, they gave $3.8 million to local communities, including $630,000 in scholarships to local students and $1 million to local schools through their Affinity Card Program—These efforts extend to financial education, having reached over 55,000 participants since 2015 through various programs and seminars.
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Frequently Asked Questions
What does Gesa Credit Union stand for?
In 1953, the General Electric Supervisor’s Association (GESA) established Gesa Federal Credit Union to serve the exempt employees of the Hanford contractor.
Does Gesa use Zelle?
Yes, Gesa offers the option for members to enroll in services provided by Zelle.
How much can you withdraw from Gesa ATMs?
You can withdraw up to $1K in a single day from an ATM, provided that your account has enough funds available.
Are accounts with Gesa Credit Union insured?
Yes, accounts with Gesa Credit Union are insured as Gesa is federally insured by the National Credit Union Administration (NCUA).
Does Gesa have a minimum balance on business accounts?
Yes, Gesa Credit Union has minimum balance requirements. To open a business checking account, there is a $100 requirement. And, a daily balance of $5K is required to waive the monthly service fee. The minimum to open a business savings account is $100, and you must maintain a minimum balance of $100 to avoid a service fee. Finally, to earn Annual Percentage Yield (APY), a minimum daily balance of $500 must be in the account each day.
Conclusion
Gesa Credit Union offers business members personalized service, competitive rates, and a range of financial products and services tailored to meet their needs.
While its limited branch network and membership eligibility criteria may pose some challenges, Gesa’s commitment to supporting small businesses and involvement in the community set it apart. As a federally insured institution, Gesa provides security and peace of mind for deposits, and its participation in networks like CO-OP Financial Services expands access to surcharge-free ATMs and branches nationwide.
However, while Gesa offers a ton of financial literacy resources, they don’t seem to have dedicated business financial education—while this isn’t a dealbreaker, I think it’s certainly worth mentioning.
Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!