business credit cards

Apple Federal Credit Union Business Banking in North Virginia

In the realm of business banking, Apple Federal Credit Union (Apple FCU) is a local cooperative institution that caters to the needs of small businesses in Northern Virginia—Unlike traditional big banks, credit unions like Apple FCU operate as member-owned entities that prioritize personalized service and community engagement over profit margins.

Here, we’ll delve into Apple FCU’s array of business banking solutions, including their credit card, loans, and other tailored products. Learn about their commitment to supporting local businesses while providing competitive financial offerings to decide if this is the place to do your business banking.

This is what’s in store:

What is Apple Federal Credit Union?
- Apple FCU Locations Served
- Apple FCU Membership & Eligibility
Business Financial Products & Services
Apple FCU Customer Service
Apple FCU Community Involvement
Frequently Asked Questions
Conclusion

Now, let’s roll!

What is Apple Federal Credit Union?

Apple FCU is a member-owned financial cooperative located in Fairfax, Virginia. It started in 1956, initially serving educators, and has since grown to include a broader membership. With 21 branches in Northern Virginia and access to over 33,000 ATMs nationwide, Apple FCU aims to make banking convenient for its members.

Apple FCU is particularly dedicated to supporting small businesses—They offer a range of services designed to meet the needs of business owners, including various types of loans, checking accounts, and financial planning resources.

The credit union understands the challenges small businesses face and provides products to help manage finances effectively:

Apple FCU offers competitive rates on business loans, which can help you fund growth or manage day-to-day operations.
Their business checking accounts are designed to meet different business needs, often with no monthly fees and easy access through online and mobile banking.
You can find resources and tools to help manage your business’s cash flow, ensuring financial stability.
Apple FCU provides articles and seminars on important financial topics, helping you make informed decisions for your business.

As a business member, you’ll get personalized service, with professionals available to guide you through your financial decisions and help optimize your operations.

They aim to positively impact the communities they serve and make their products and services easy to understand and use. Whether you’re looking to manage your personal finances or support your small business, Apple FCU offers resources and support to help you achieve your financial goals.

Apple FCU Locations Served

Apple Federal Credit Union (Apple FCU) serves businesses primarily in Northern Virginia, where it has 21 local branches. The branches are strategically located in various communities to ensure easy access for members. You can find branches in cities such as Ashburn, Falls Church, Burke, Centreville, Chantilly, Fairfax, Gainesville, Herndon, Alexandria, Woodbridge, Manassas, Springfield, Stafford, Sterling, and Winchester.

Despite its focus on Northern Virginia, Apple FCU offers online services that provide broader, nationwide accessibility. Through their online and mobile banking platforms, you can manage your accounts, make transactions, and access a wide array of financial tools and resources from anywhere in the country. Additionally, Apple FCU is part of a nationwide fee-free ATM network, which allows you to withdraw cash and manage your accounts without incurring extra fees, even if you are outside Northern Virginia.

By combining local branch access with comprehensive online services, Apple FCU ensures that both local businesses and those operating on a broader scale can benefit from their financial products and personalized service.

You might also like: Should You Open a Navy Federal Credit Union Business Account?

Apple FCU Membership & Eligibility

How long has Apple Federal Credit Union been around?

Apple FCU offers membership to a wide range of individuals and businesses—To become a business member, there are several eligibility criteria you can meet:

First, you can qualify based on your location if you live, work, worship, volunteer, or attend school in specific areas of Northern Virginia, including Fairfax County, Prince William County, the City of Fairfax, and several others.
Second, you can join if you are affiliated with various school systems or educational institutions. This includes faculty, staff, students, and immediate families of schools such as Fairfax County Public Schools and universities like George Mason University.
Third, relationship-based eligibility allows immediate family members of existing members to join, as well as household members living with a current member. Additionally, joining certain associations, like the Friends of the W&OD Trail, can also make you eligible.
Lastly, employment at one of the numerous partnered businesses or organizations can qualify you for membership. This includes a wide range of companies and associations, from Alexandria Bar Association to Costco Sterling.

To join Apple FCU, you need to complete an online application, which takes less than five minutes. You start by choosing a Checking account (which includes Regular Savings) or just a Regular Savings account—Once you’re a member, you can open business accounts or apply for loans through Apple FCU Online or the Mobile App.

Now, let’s dive into the specific business banking and loan features Apple FCU offers. These include a variety of commercial loans, credit cards, and other services designed to help your business manage finances and grow effectively.

Business Financial Products & Services

Apple FCU offers a comprehensive suite of services to support business members, including a variety of banking options, credit cards, and loan products. They provide several types of checking and money market accounts designed for different business needs, such as Core, Core Plus, Core Advantage, Core Corporate, and Money Market accounts.

Their credit card offerings come with flexible spending limits and rewards, while their merchant services help manage transactions efficiently. Moreover, they offer advanced business management systems, including retail POS and mobile solutions, cash management tools, payment acceptance and processing, and fraud prevention measures.

Here, we’ll dive into the specific features of their business banking services and loan products—explore how Apple FCU can support your business operations and growth!

1. Apple FCU Business Checking Accounts

Apple Federal Credit Union (Apple FCU) offers a variety of business checking accounts designed to meet the needs of businesses of different sizes and transaction volumes. Here’s an overview of what they offer and how they support small business growth.

All business checking accounts come with several key features: a free Apple Visa® Commercial Debit Card, online banking and mobile app access, online bill pay, free eStatements, and a free initial check order:

Core checking account
Core Plus checking account
Core Advantage checking account
Core Corporate checking account

The Core checking account is perfect for small businesses looking for a simple, cost-effective option. It requires no monthly maintenance fee and has a $50 minimum opening deposit. You’ll get 200 free items per month, including paid checks, items deposited, deposit tickets, and ACH credits/debits received. If you go over 200 items, there’s a fee of $0.30 per item. Cash deposits and withdrawals over $5K cost $2 per $1K.

For businesses with moderate transaction activity, the Core Plus checking account is ideal. It also has a $50 minimum opening deposit and offers 300 free items per month. If you exceed 300 items, there’s a $0.30 per item fee. This account has a monthly maintenance fee of $15 if the average daily balance falls below $2,500. Cash deposits and withdrawals over $5K also cost $2 per $1K.

The Core Advantage checking account is designed for larger businesses with higher transaction volumes. It requires a $5K minimum opening balance and pays dividends monthly at an APY of 0.05%. You get 500 free items per month, with a $0.30 fee for each additional item. The monthly maintenance fee is $25 if the average daily balance falls below $5K. Cash deposits and withdrawals over $5K cost $2 per $1K.

For businesses with substantial balances and transaction needs, the Core Corporate checking account is the best option. It requires a $15K minimum opening balance and pays dividends monthly at an APY of 0.40%. The monthly maintenance fee is $25 if the average daily balance falls below $15K. The excessive items fee is $0.15 per debit, $0.30 per credit, and $0.10 per item deposited. Cash deposits and withdrawals over $5K cost $2 per $1K.

2. Apple FCU Visa® Business Rewards Credit Card

Apple FCU offers the Visa® Business Rewards Credit Card, which provides robust spending power, rewards, and features to streamline expense management.

The Visa® Business Rewards Credit Card has credit lines up to $50K, which caters to businesses with varying credit needs. One of its key advantages is the absence of an annual fee, combined with a competitive, variable interest rate (13.24% to 18%)—This makes it an affordable option to manage business expenses.

Cardholders can earn points for every purchase, which can be redeemed for:

Cash
Gift cards
Other rewards.

Additionally, the card includes Visa’s Zero Liability policy – protection against unauthorized charges – and 24/7 account screening to help prevent fraud.

The card also offers several tools to make managing business finances easier. You can track expenses online or through the mobile app, reconcile accounts, and set up multiple users with “sub-accounts.” These features help streamline daily cash management and provide detailed tracking and reports.

3. Apple FCU Business Loans

What is the interest rate for Apple Federal Credit Union savings accounts?

Apple FCU offers a wide array of business loan options to support different financial needs. As with their other products, the rates are competitive and tend to be lower than what you would expect from a big bank.

Their business loan options include:

Term loans
Equipment financing
Working capital loans
Real estate loans
SBA 504 loans
SBA 7(a) loans
Vehicle loans

Term loans provide funding for long-term investments or purchases, while equipment financing helps businesses acquire necessary equipment. Working capital loans assist with managing cash flow and covering operational expenses. Real estate loans support businesses in purchasing, refinancing, or renovating commercial properties.

SBA loans, including 504 and 7(a) options, offer government-backed financing for various business purposes. Additionally, vehicle loans are available to assist with purchasing business vehicles.

4. Apple FCU Business Savings & Investment Opportunities

Apple FCU doesn’t have a “regular” share for business—Instead, they offer a couple of other savings options as ways to manage your excess cash:

Business “Sweep” Accounts
Business Money Market Accounts (MMAs)

Both the Business Sweep Account and the Money Market account offer secure and NCUA-insured options to help your business manage and grow its funds with peace of mind.

The Business Sweep Account provides a convenient way to maximize the potential of profits—With no transaction limit, you can seamlessly manage your funds while earning tiered dividends. By setting a target balance for your checking account, any excess funds are automatically transferred into an interest-bearing account each night.

This streamlined approach allows you to focus on running your business while Apple FCU helps your money work harder for you. With a minimum balance requirement of $25K, the Business Sweep Account offers a cost-effective solution to grow your business’s funds.

Next, the MMA offers a premium rate of up to 5.00% APY, allowing you to put your capital to work for your business. With no monthly maintenance fees or ongoing balance requirements, this account provides flexibility and accessibility to your savings.

You can make deposits into your business MMA in any amount at any time, and dividends are compounded daily and paid monthly, helping your funds grow steadily over time. With a minimum opening deposit of $1 million, this account is designed to support your business’s savings goals effectively.

5. Apple FCU Business Treasury Services

Apple Federal Credit Union Merchant Services

Apple FCU offers a comprehensive range of business treasury services designed to help businesses manage their finances efficiently and effectively.

Apple FCU provides payment processing solutions tailored to businesses’ needs, with competitive rates, personalized customer service, and the latest technology to streamline transactions. The credit union offers a suite of tools and services to manage business operations seamlessly, including POS systems, back-office solutions, industry-specific products, and more.

Smart POS systems provide customizable and integrated transaction experiences, offering options like:

Clover Station Duo
Clover Station Solo
Clover Flex
Clover Mini

Advanced payment terminals boast speed, versatility, and integration with back-office devices like:

Desk/3500
Move/5000
Lane/3000

They also offer a range of additional services, including software integration, website development, municipal invoicing, donation management, check services, gift/loyalty cards, and property management tools.

Overall, Apple FCU’s business treasury services aim to provide businesses with efficient, secure, and customizable solutions to manage their finances, streamline operations, and drive growth.

6. The Apple FCU Mobile App

As a business member, Apple Federal Credit Union’s mobile app is gonna be your go-to tool for managing your personal and business finances on the fly.

Here’s what you can expect:

Check your balances, transfer funds between accounts, view your loan and credit card history, make payments, and even deposit checks—all from the convenience of your phone.
Say goodbye to the hassle of paper bills. With the app, you can pay your bills with just a few taps, making it super easy to stay on top of your finances.
Set up alerts and notifications based on your account activity. Whether it’s a low balance alert or a payment confirmation, you’ll always be in the know.

Some users mention occasional login glitches, such as difficulties with Face ID or biometric authentication, and slower performance compared to other banking apps. There are also requests for additional features like a dark mode for users with visual impairments.

However, many users appreciate the app’s modern interface and ease of use, acknowledging the improvements made over previous versions. Overall, while there are some minor issues, Apple FCU seems committed to addressing user feedback and enhancing the app’s functionality for its members.

You might also like: Meet the Emburse Card: An Inclusive Cash Back Corporate Card

Apple FCU Customer Service

Apple Federal Credit Union customer service

Apple FCU offers dedicated customer service for business members, providing support via:

Phone
Secure email
Live chat
In-person at branches (during business hours)

Business members can contact representatives Monday through Friday from 8 a.m. to 6 p.m., and on Saturdays from 9 a.m. to 1 p.m.

And, there are specific contact channels for Visa card inquiries, mortgage questions, and even the option for virtual appointments via Video Banking to discuss financial goals. This array of communication options ensures that you’ll have access to assistance tailored to your needs, whether you prefer online, phone, or face-to-face interactions.

Apple FCU in the Community

Apple Federal Credit Union in the Community

In all, Apple FCU demonstrates a strong commitment to community initiatives and social responsibility, particularly through its Apple FCU Education Foundation—The foundation awards college scholarships to high school seniors who have shown dedication to their schools and communities.

Plus, Apple FCU recognizes educators like Jeffrey “JJ” Kuchan, who received the New Educator of the Year award for his exceptional contributions to Osbourn Park High School. Through volunteerism and philanthropy, Apple FCU supports various causes, including scholarship programs and COVID-19 relief efforts, with employees contributing over 1,000 hours annually.

However, it’s important to mention recent criticism, including a class action lawsuit alleging unlawful overdraft fee practices, which may impact the credit union’s reputation among its members.

Frequently Asked Questions

How to use Zelle with Apple Federal Credit Union?

To use Zelle with Apple Federal Credit Union, you can access Zelle directly through the credit union’s mobile app or online banking platform. Simply log in to your account, navigate to the transfer or payments section, and select Zelle. Follow the prompts to enroll and start sending or receiving money with Zelle.

How to find account number on Apple Federal Credit Union app?

To find your account number on the Apple Federal Credit Union app, log in to your account and navigate to the account details section. Your account number should be listed there along with other account information such as balance and transaction history.

What time does Apple Federal Credit Union close?

Apple Federal Credit Union typically closes at 6 p.m. on weekdays and 1 p.m. on Saturdays. However, it’s always a good idea to check the specific branch hours on the credit union’s website or contact them directly for the most accurate information.

What time does Apple Federal Credit Union open?

Apple Federal Credit Union typically opens in the morning on weekdays, but the exact opening time may vary depending on the branch location. It’s best to check the specific branch hours on the credit union’s website or contact them directly for the most accurate information.

Is Apple Federal Credit Union owned by Apple?

No, Apple Federal Credit Union is not owned by Apple Inc. Despite sharing a similar name, Apple FCU is a separate financial institution that operates independently, providing banking services to its members.

Conclusion

Apple FCU offers a range of financial solutions tailored to the needs of small businesses in Northern Virginia—With competitive rates on loans, diverse checking account options, and a Visa Business Rewards Credit Card, Apple FCU provides valuable tools for business growth.

However, recent criticism, including a class action lawsuit alleging unlawful overdraft fee practices, raises concerns about the credit union’s transparency and adherence to fair banking practices.

Despite these challenges, Apple FCU remains committed to addressing user feedback and enhancing its services, aiming to provide comprehensive support for business members while maintaining a strong community focus.

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!

Unlock Business Success with Oregon Community Credit Union

By Joe

In the vast landscape of financial institutions, credit unions like Oregon Community Credit Union stand out for their unique approach to serving members—Unlike big banks, credit unions are not-for-profit cooperatives owned by their members, prioritizing their financial well-being over profit.

This member-focused philosophy translates into tailored solutions and personalized service, making credit unions a popular choice for businesses seeking a more personalized banking experience. In this review, we’ll delve into Oregon Community Credit Union, with a spotlight on business credit cards, loans, and other products specifically designed to meet the needs of small businesses.

Let’s explore how credit unions like OCCU can help businesses thrive in today’s competitive landscape.

This is what’s in store:

What is Oregon Community Credit Union?
- Locations Served
- OCCU Membership & Eligibility
Business Financial Products & Services
OCCU Customer Service
OCCU Community Involvement
Conclusion

Now, let’s get into it!

What is Oregon Community Credit Union?

Oregon Community Credit Union (OCCU) is a not-for-profit financial cooperative owned by its members and based in Oregon and Washington. It all started with a bunch of Oregon state employees who pooled their cash into a shoebox in Eugene, Oregon. From those humble beginnings, OCCU has grown while sticking to the credit union philosophy of “people helping people”

This means they reinvest their profits back into:

Their members
Their operations
The communities they serve

Reinvestment of profits leads to lower fees, higher savings rates, and lower loan rates.

OCCU is big on supporting small businesses—They offer a range of business banking services tailored to fit the needs of different businesses.

They’ve got traditional business accounts, which include checking accounts that can grow with your business, no-fee trust accounts for lawyers, and nonprofit accounts that let you focus on your impact without worrying about fees and minimum balances.

If you’re looking to save, they’ve got great rates on business savings and money market accounts.

When it comes to lending, OCCU is there for small businesses with competitive rates and low fees on business loans and lines of credit. Need to finance a vehicle or some new equipment? They make that process quick and easy too. Plus, they offer the OCCU Business Visa® Credit Card, which helps you manage expenses, earn rewards, and protect your purchases.

OCCU Locations Served

OCCU serves businesses primarily in Oregon and Washington, with a network of branches and ATMs in key locations like Eugene, Springfield, Junction City, Keizer, Redmond, Roseburg, Salem, and Wilsonville. Each branch provides essential services like video tellers and enhanced ATMs, which means extended hours and 24/7 access for deposits, withdrawals, and loan payments.

MyOCCU Online & Mobile Banking enables you to do a lot from your computer or mobile device:

See your balance
Browse transactions
Pay bills
Transfer funds
Download statements
Deposit funds
Apply for loans and credit

These online tools ensure that OCCU business members have convenient access to their accounts and financial services nationwide, making banking easy and accessible no matter where you are.

You might also like: Business Credit Report – Run a Free Company Search with Experian

OCCU Membership & Eligibility

To become a business member of OCCU, your business needs to meet certain eligibility criteria—If your business is located in one of the 67 counties in Oregon or Washington, you’re eligible to join. Additionally, if you or your business partners are immediate family members of an existing OCCU member, students or employees of the University of Oregon, employees or members of Bi-Mart, or employed by the State of Oregon, you can join.

The process to join OCCU as a business member is straightforward:

Visit the OCCU website and navigate to the membership section.
Fill out the online application form with your business details and personal info.
A $5 deposit secures your share in the credit union, which makes you a member (and owner).
Submit your application.

OCCU will review your application and verify your eligibility…You might need to provide additional documentation during this step.

Once you’re a member, you can access a wide range of OCCU’s products and services. And, you can take advantage of shared branching, which lets you conduct transactions at thousands of credit unions nationwide.

If you join, you can also enjoy:

Access to over 30,000 surcharge-free CO-OP Network ATMs nationwide.
Complimentary identity theft protection through Identity Fraud, Inc., with additional protection available.

By becoming an OCCU member, your business gains access to valuable financial products and services, as well as numerous benefits designed to enhance your financial security and convenience.

You might also like: 14 Best Credit Monitoring Services for Scores, Reports, & ID Theft Protection

Business Financial Products & Services

The benefits are really selling the credit union. But, as a business, you need to make sure that your institution offers everything you need. From business checking to credit cards and treasury services, here’s what you can expect from OCCU.

1. Diverse Business Checking Accounts

OCCU offers three business checking account options tailored to fit the diverse needs of local businesses:

Launch Business Checking
Thrive Business Checking
Optimum Business Checking

With all OCCU business checking, you may be eligible for a $2 discount on monthly service fees with eStatements.

Launch Business Checking is ideal for new businesses or those with limited transactions. You’ll have no monthly service fee when maintaining a $1K minimum balance. And, your first 250 transactions and up to $5K in cash deposits per month are complimentary.

Next, Thrive Business Checking is designed for growing businesses that want interest earnings. There’s no monthly service fee if you maintain a $3K minimum balance. Plus, your first 500 transactions and up to $15K in cash deposits per month are complimentary.

Finally, the Optimum Business Checking account is suited for established businesses that aim for higher earning potential. It offers a competitive 0.45% APY on balances and low monthly service fee of $16. This account features “itemized fees,” which ensures you only pay for the services you use.

You might also like: Amex Business Checking Review: What You Need to Know…Really

2. Interest on Lawyers’ Trust Accounts

The Interest on Lawyers’ Trust Accounts (IOLTA) Checking offered by OCCU provides law firms with a hassle-free way to manage client funds.

Here’s a quick overview of its features:

No monthly fees
Unlimited transactions
Competitive interest rates
$100 minimum opening balance

These accounts allow legal professionals to to focus on serving your clients without worrying about account maintenance costs. You can conduct an unlimited number of check and ACH transactions, providing flexibility in managing client funds. And, you’ll earn competitive interest rates on the funds held in the account, ensuring that client funds work for them while awaiting distribution.

The minimum opening balance of $100 makes the IOLTA account accessible for law firms of various sizes.

By choosing IOLTA Checking, you contribute to a public service program that helps provide legal assistance to those in need. The interest generated from this account supports access to legal services for individuals and communities, which aligns with their philosophy of “people helping people.”

You might also like: Everything You Need to Know About a DUNS Number – and Why You Should Care

3. Specialized Non-Profit Banking

OCCU offers nonprofit banking services designed to support organizations dedicated to community betterment. I’ll give you a quick summary.

Their Mission-Driven Checking includes:

No monthly service fees or minimum balance requirements
Unlimited transactions and cash deposits at no extra cost
Includes a Visa® debit card for convenient access to funds
Easy account management through MyOCCU

And, the Nonprofit Money Market account offers:

Competitive interest rates of up to 2.30% APY on the entire balance
Unlimited withdrawals for easy access to funds
No minimum daily balance or fees

These services empower nonprofit organizations to strengthen their financial foundations while continuing to make a positive impact on their communities.

You might also like: Low-Risk NAICS Codes +Best SIC Codes for Business Credit

4. The OCCU Business Visa® Credit Card

The OCCU Business Visa® Credit Card offers businesses a suite of features designed to streamline expense management and enhance financial flexibility.

With this card, you can get:

Competitive interest rates ranging from 15.24% to 22.24% APR
Rewards points for cash back, merchandise, travel, and gift cards

You can easily track expenses and cash flow online, ensuring efficient management of your business finances. Security features, including Visa’s Zero Liability Policy and Purchase Security, provide peace of mind against unauthorized charges and protect purchases from theft or damage.

You can redeem rewards points online or by phone, with no expiration date for accrued points. Additional benefits include no monthly account service fees, unlimited transactions, and access to MyOCCU Online & Mobile banking for seamless account management.

5. OCCU Business Loans & Lines of Credit

OCCU offers flexible lines of credit designed to support the financial needs of local Oregon businesses.

These lines of credit come with several benefits and features:

Credit lines ranging from $10K to $50K
Secured and unsecured options available
Competitive interest rates and low fees
Interest-only payment options

They also offer business vehicle and equipment loans—Whether you need a new delivery van or essential equipment, they’ve got you covered. With options for new or used vehicles and equipment, terms up to 84 months, loan amounts ranging from $10K to $250K, and just a $100 origination fee, they can help you get the wheels turning on your business.

6. OCCU Business Savings & Investment Opportunities

Oregon Community Credit Union Business Savings CDs and MMAs

OCCU offers a range of business savings options designed to help businesses achieve their financial goals while providing low fees, competitive interest rates, and exceptional member service. Here’s a breakdown of their business savings products.

With OCCU’s Business Savings Accounts, you can:

Earn competitive interest on your entire balance
Link your business savings account to your checking account for overdraft protection at no additional charge
Enjoy free internet banking and MyOCCU Mobile Banking

Next, the Business Money Market enables you to:

Earn a high-tiered interest rate of 2.30% APY on your entire balance
Benefit from unlimited withdrawals
Maintain no minimum daily balance
Pay no monthly service fees

And Business Certificates come with:

Interest rates that are typically higher than standard savings or money market accounts
Fixed rates and terms ranging from six months to 60 months
Flexible maturity options
“Relationship pricing” on 24-month certificates

The option for bump-up certificates allows you to increase your rate once per product per term to match any rate offered by OCCU.

With OCCU’s business savings options, you can maximize your savings potential while benefiting from flexible terms, competitive rates, and convenient account management features.

You might also like: Is the National Debt Relief Program Legit? The Honest Answer

7. The MyOCCU Mobile App

The MyOCCU Mobile Banking app gets a solid 4.8-star rating, showing folks generally like it. Users dig its updated look and features, making banking easier on the go. They especially like zipping money between accounts and settling bills with a few taps. The Snapshot feature is a hit too, letting you check balances in a flash.

But, there are occasional hiccups, like slow loading or bugs with stuff like mobile check deposits. Despite these, it’s still a handy tool for managing finances on your phone.

You might also like: The PEX Card: Is it the Best Corporate Card for Your Business?

OCCU Customer Service

Oregon community credit union phone number

Oregon Community Credit Union (OCCU) offers robust customer service for its business members, with dedicated support channels tailored to their needs. Business members can contact OCCU’s call center during extended hours on weekdays and even on Saturdays, ensuring accessibility to assistance when it’s needed most.

Additionally, there are specialized lines for credit and debit card inquiries, including reporting lost or stolen cards, providing swift resolution to security concerns—The option to send secure messages through MyOCCU Online & Mobile is available for account-related queries, prioritizing confidentiality and convenience.

You might also like: Can Tradeline Supply Reviews Be Trusted? The Full Picture

OCCU Community Involvement

While OCCU prioritizes helping its members, you don’t have to join to cash in on their resources and advice. First of all, the credit union has a library of financial info in their learning center/blog. From starting a business to sales and marketing, they share lots of advice to help you get off the ground…right on their website.

These types of resources are invaluable for the community at large, but are just a supplement to what OCCU does in the community.

Oregon Community Credit Union (OCCU) demonstrates its commitment to the community through various initiatives, including hosting an annual ‘Shred Fest’ event aimed at preventing identity fraud by offering free document shredding services to the public. This event underscores OCCU’s dedication to promoting safety and security for its members and the community at large.

Additionally, OCCU recently tested a four-day workweek for call center employees, leading to increased staff productivity and satisfaction, showcasing its commitment to fostering a positive work environment.

The credit union’s broader community involvement reflects its dedication to social responsibility and supporting local needs.

You might also like: A Full Skip Review: Business Grants, Funding, & More

Conclusion

OCCU doesn’t advertise any treasury services or payment processing solutions. But, they do offer pretty much everything else you could ask for with a business banking experience. And, their rates are better than you would probably expect to get from any big bank.

They’ve got some sweet perks for business members—They offer different checking accounts with interest-bearing options like Lawyers’ Trust Accounts, perfect for managing client funds hassle-free. If you’re a non-profit, they’ve got specialized services just for you, too.

And, when it comes to borrowing, OCCU’s got competitive loans and lines of credit—Their Business Visa® Credit Card even comes with rewards points and cool security features to keep your transactions safe.

Oh, and customer service seems solid, with extended hours and dedicated support lines just for you. So, if you’re looking for a credit union that’s got your back and cares about the community, OCCU could be the place to be!

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!

CoVantage Credit Union: Business Banking in Wisconsin, Michigan, & Illinois

By Joe

CoVantage Credit Union offers a refreshing alternative to traditional big banks by prioritizing personalized service and community support. As a credit union, CoVantage operates as a member-owned cooperative, placing the needs of its members above profits. This approach extends to its business banking services, where CoVantage provides tailored credit solutions and financial products to support small businesses.

Here, we’ll explore CoVantage’s business credit cards and other small business products, so you can see how they cater to the unique needs of entrepreneurs.

This is what’s in store:

What is CoVantage Credit Union?
- Locations Served by CoVantage
- CoVantage Membership & Eligibility
Business Financial Products & Services
CoVantage Credit Union Customer Service
CoVantage Community Involvement
Frequently Asked Questions
Conclusion

Now, let’s roll!

What is CoVantage Credit Union?

CoVantage Credit Union is a financial cooperative established in 1953 by a group of individuals in Wisconsin with the aim of providing members with improved financial services compared to traditional banks. Its mission revolves around offering better rates, lower fees, and excellent service to its members as a gesture of appreciation for their loyalty.

CoVantage offers specialized products and services to meet business’ financial needs:

CoVantage provides specialized business savings and checking accounts.
Business members can access the CoVantage Business Visa ® Rewards Credit Card.
The credit union offers convenient online and mobile banking options, ensuring easy access to business accounts and financial management tools.
CoVantage offers business tools, resources, and support to aid financial management.

CoVantage claims to provide exceptional value and service to its members, regardless of their financial status. With market-leading rates on deposits and competitive loan rates, they prioritize affordability. They emphasize respect and fairness for all members and provide free financial counseling and extensive community support through their CoVantage Cares Foundation.

Additionally, their Patronage Payments program has rewarded members since 1981, distributing over $6 million in benefits in 2023 alone. Through accessible technology, online appointment scheduling, and extended Contact Center hours, CoVantage ensures convenience and support for its members’ financial needs.

Locations Served by CoVantage

CoVantage Credit Union serves businesses across northern Wisconsin, upper Michigan, and Illinois, with branches in various cities including Green Bay, Fox Valley, Antigo, Appleton, Crandon, Elcho, Menasha, Neenah, Rhinelander, Shawano, Suamico, De Pere, Wausau, Rib Mountain, Weston, Rothschild, Plover, Stevens Point, Crystal Falls, Iron River, Menominee, Mokena, and New Lenox—These locations offer a range of services including account opening, loan applications, and credit card inquiries.

Additionally, CoVantage provides fee-free ATMs and Virtual Teller ATMs throughout the region.

You might also like: PNC Bank Business Credit Card Review & Comparison

CoVantage Membership & Eligibility

To become a CoVantage member and access its business services, you need to meet certain eligibility criteria, which include living or working in specific counties in Wisconsin, Michigan, or Illinois.

You may also be eligible for membership of you are:

A donor to the CoVantage Cares Foundation
A member of Servco FS Cooperative
A student or alumni of a post-secondary school in Marathon County
A family member of a current CoVantage members
A law enforcement worker or firefighter
A member of certain organizations or associations within the credit union’s charter area

If you’re eligible, you can visit a CoVantage branch location or open an account online.

A $10 deposit in a regular Share Savings Account is required to establish membership—Once you’re a member, you can apply for any financial service or benefit offered by CoVantage, including business products and services.

As a member, you own one share of the credit union, which entitles you to voting rights during the annual election of the Board of Directors. You’ll need to provide your legal name, address, date of birth, and other relevant information and present identification documents like a driver’s license and business docs.

You might also like: No-Doc Business Loans: Get Funds Without Proof of Income

Business Financial Products & Services

CoVantage Credit Union offers a diverse range of business products and services tailored to the unique needs of entrepreneurs. From essential banking services like business checking accounts to specialized treasury solutions, CoVantage provides products and services to help businesses thrive.

Here, we’ll explore CoVantage’s array of offerings, highlighting the features and benefits that cater to the specific requirements of small business owners.

You might also like: 6 Best 0% APR Business Credit Cards to Check Out

1. CoVantage Business Banking/Checking

When evaluating a business checking account, it’s essential to consider associated costs alongside fees, requirements, and advantages. CoVantage’s business checking account is pretty cool when it comes to fees—You won’t get hit with charges for overdrafts, insufficient funds, or courtesy pay. But, there’s a tiny 25-cent fee for each On-Us check you request, just so you know.

Moreover, if you keep a minimum daily balance of $500, you’ll snag a monthly dividend of 0.10%. It’s a sweet deal for sure!

CoVantage offers two business checking accounts for daily banking needs:

Plan Advantage Business Checking
Plan Commercial Business Checking

For businesses with total commercial loan balances below $500,000 or no loan relationship, the Plan Advantage Business Checking offers benefits like monthly earnings credits and deposit fast-tracking. However, it’s important to note that fees apply for cleared drafts, check deposits, and ACH transactions after specific limits are reached.

Alternatively, the Plan Commercial Business Checking caters to businesses with larger loan balances or nonprofit organizations. While it provides similar benefits such as monthly earnings credits and deposit fast-tracking, it distinguishes itself by waiving fees for cleared drafts, check deposits, and ACH transactions. Understanding these associated costs can help you assess the true value of each account option.

2. CoVantage Business Visa ® Rewards Credit Card

CoVantage Credit Union business credit card

CoVantage Credit Union’s Business Rewards Visa® Credit Card offers businesses in Wisconsin, Michigan, and Illinois a low 11.490% APR and no annual fee, along with automatic enrollment in the ScoreCard® Rewards program. With one point earned for every $1 spent, points can be redeemed for various rewards.

Additionally, interest paid on the card qualifies for CoVantage’s loan interest rebate program—Practically speaking, this means that as a business using the CoVantage Business Rewards Visa® Credit Card, you have the opportunity to potentially receive a portion of the interest you pay on your loans back. So, if you have an outstanding balance on your credit card or other eligible loans, you might qualify for a rebate on the interest paid by the end of the year.

Account management is available through MyCoVantage™ online banking, including features like activating, freezing, or setting travel notifications for the card. Fees are minimal, with no annual fee and reasonable balance transfer and cash advance fees. It’s a valuable tool to help businesses manage expenses effectively.

3. CoVantage Business Savings Opportunities

When it comes to your business savings, CoVantage Credit Union offers a range of options tailored to different needs. Start with a Membership Share Savings Account by depositing $10 to establish ownership and earn dividends.

If you need to separate funds, consider opening Miscellaneous Share Savings Accounts—For higher returns, invest in a Term Share Certificate with terms from 3 months to 5 years.

CoVantage also provides IRAs, including an Open Deposit Account or a Share Certificate option. Explore Money Market Accounts for tiered interest rates and liquidity.

With Covantage, your deposits are protected by the National Credit Union Administration up to $250,000. Plus, you might qualify for a savings bonus at year-end. These options empower you to grow your business, earn dividends, and plan for the future confidently.

You might also like: Is the National Debt Relief Program Legit? The Honest Answer

4. CoVantage Business Services

On top of banking and credit, CoVantage offers a suite of business treasury services to streamline your financial operations and boost efficiency:

Remote deposit
ACH services
Merchant services (payment processor)
Night deposit and ATM access
Crop insurance
Coin and currency orders

With Remote Deposit, you can deposit incoming checks without leaving your office, saving time and resources. ACH Services enable electronic bill payments and receipts, reducing paperwork and enhancing convenience. Additional services include Merchant Services for handling card transactions, Night Depository for after-hours deposits, and Business ATM/Debit Cards for convenient access to funds. CoVantage also provides crop insurance and coin and currency orders.

Enjoy improved funds availability, fewer branch visits, enhanced record-keeping, and robust security features.

5. The MyCoVantage™ Mobile App

On the iOS App Store, the CoVantage Credit Union app boasts a rating of 4.6 out of 5 stars, based on feedback from over 6.3K users. It offers convenient features like balance viewing, transaction history, remote check deposit, loan applications, and account openings. Users can also manage payments, transfers, and alerts easily. Security features include Touch ID or Face ID login and Enhanced Login for added protection.

On Google Play, the MyCoVantage Mobile Banking app maintains a 4.4-star rating with over 1.48K reviews. It offers similar functionalities, including balance viewing, remote check deposit, loan applications, and payment management. Users appreciate its convenience but note occasional issues with app performance and updates.

Despite occasional glitches reported by users, the app continues to get mostly good user ratings across both platforms

You might also like: The PEX Card: Is it the Best Corporate Card for Your Business?

CoVantage Credit Union Customer Service

CoVantage provides comprehensive customer support with 24-hour assistance for credit card and debit card matters—You can ensure their financial security is maintained at all times.

Additionally, CoVantage offers various communication channels, including:

Online appointment scheduling
Branch visits
Phone support
Secure Messages through MyCoVantage™

They accommodate diverse preferences and enable prompt assistance. The Contact Center operates extended hours, including Saturdays, which enhances accessibility for busy business owners. Bilingual assistance is available at select branches.

Overall, CoVantage Credit Union prioritizes efficient and personalized service to support the financial success of businesses in Wisconsin, Michigan, Illinois, and beyond.

You might also like: Low-Risk NAICS Codes +Best SIC Codes for Business Credit

CoVantage Community Involvement

CoVantage Credit Union engages in community initiatives, which demonstrates a strong commitment to giving back and supporting local businesses and organizations. In 2023, CoVantage returned a record $6 million in patronage to its members, marking the largest patronage payment in its history. This unique financial benefit, provided for the 43rd consecutive year, includes bonuses on dividends earned for savers and loan interest rebates for borrowers.

Additionally, CoVantage Cares Foundation, in collaboration with CoVantage Credit Union, raised over $2.7 million through its annual Giving Tuesday campaign to support 90 local nonprofit organizations over eight years—Through this initiative, branch staff selected nonprofit groups in their communities to receive funds raised, which were matched up to $175K by the CoVantage Cares Foundation.

Finally, CoVantage Credit Union has been recognized for its innovative business philosophy, earning awards for its dedication to financial literacy and member service. These initiatives reflect CoVantage’s commitment to social responsibility and its mission of providing outstanding value, exceptional service, and support to its members and local communities.

You might also like: A Full Skip Review: Business Grants, Funding, and More

Frequently Asked Questions

What is CoVantage Credit Union’s routing number?

CoVantage Credit Union’s routing number is 275982539. This nine-digit number is used for various financial transactions, such as setting up direct deposits, making electronic payments, and wire transfers.

What time does CoVantage Credit Union open?

CoVantage Credit Union branches typically open at 9:00 AM local time on weekdays. However, specific branch hours may vary, so it’s recommended to check the branch locator on the CoVantage website or contact the nearest branch directly for the most accurate information regarding opening times.

Conclusion

In wrapping up, CoVantage Credit Union stands out for its member-focused approach and community support. As a business owner, you’ll appreciate their tailored solutions, competitive rates, and commitment to social responsibility. While their geographic reach may be limited, their dedication to providing exceptional value and service remains steadfast.

Whether it’s through their business banking products, community initiatives, or innovative business philosophy, CoVantage strives to empower you in your financial journey—So, if you’re in their service area and meet the membership criteria, consider exploring what CoVantage has to offer for your business’s financial well-being and growth.

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!

Lake Trust Credit Union: Michigan Business Banking & Loans

By Joe

Lake Trust Credit Union (LTCU) is one of Michigan’s go-to credit unions for the local communities it serves. And, they have an interesting business offer, including checking, credit, loans, and more. So, is this the right credit union for you?

If you want to do your business banking with a credit union instead of a big bank (there are several perks to doing so), then keep reading to learn everything I know about their small business financial products.

This is what’s in store:

What is Lake Trust Credit Union?
- Locations Served
- LTCU Membership & Eligibility Requirements
Business Financial Products and Services
Lake Trust Customer Service
Lake Trust Community Involvement
Frequently Asked Questions
Final Takeaway

Now, let’s dig in!

What is Lake Trust Credit Union?

So, LTCU is basically a financial hub in Michigan, especially if you’re running a small business. First off, they offer all the usual banking stuff—savings accounts, mortgages, you name it. But what’s really cool is their focus on small businesses.

They’ve got specialized banking solutions tailored just for small business:

Need a business interest checking account? They’ve got you covered.
Want to manage your finances online? They’ve got free online banking anytime, anywhere.
Into earning some perks? Check out their Visa® Platinum Business Credit Card. No cash advance fees? Yes, please!

But it’s not just about the products; it’s about the support they provide. They understand the hustle because they’re right there with you, living and working in the same communities. They’re all about building relationships and helping local businesses thrive.

So, if you’re a small business owner in Michigan looking for a financial partner that’s got your back and is invested in your success, you might want to give Lake Trust Credit Union a serious look.

Locations Served

LTCU serves several locations in Michigan, including Brighton, Howell, Ann Arbor, Chelsea, Plymouth, Lansing, DeWitt, Dimondale, Monroe, Hastings, and Mt. Pleasant. They have branches conveniently spread out across these areas, making it easy for members to access in-person services.

Additionally, they offer ATMs and Virtual Teller Machines (VTMs) at various locations, providing convenient options for banking transactions. So whether you’re in need of assistance in Brighton, Howell, Ann Arbor, or any of the other areas they serve, Lake Trust Credit Union has got you covered.

Including shared branches and Co-op ATMS, LTCU has over 100 points of contact for in-person transactions in the Michigan area.

You might also like: Should You Open a Navy Federal Credit Union Business Account?

LTCU Membership & Eligibility Requirements

Becoming a member of LTCU is like joining a community that’s all about improving financial wellbeing in Michigan—They’re pumped to have you onboard because, together with their members, they’re making a difference in neighborhoods across the state.

To get started, here’s what you’ll need handy:

A $5 membership share (this is like your stake in the credit union)
Your driver’s license or state ID
Your Social Security Number

Now, to qualify for membership, you gotta be connected to Michigan in some way—whether you live, work, worship, or go to school there. It’s all about keeping it local and supporting the Michigan community.

And when it comes to getting an LTCU business loan, there’s no strict credit score requirement. But, you do need to be a Lake Trust member or eligible for membership to apply.

If you meet any of the eligibility criteria listed below, you’re likely good to go:

Live, work, worship, or attend school in any Michigan county
Retire from a legal entity in Michigan
Be part of a legal entity with similar membership as Lake Trust
Be an immediate family member of a member
Be the spouse of a deceased member

When Lake Trust Credit Union mentions being part of a legal entity with similar membership, they’re referring to organizations or groups that share characteristics or connections with the credit union’s membership base.

Essentially, this means that if you are affiliated with a group or organization that mirrors the demographics or interests of Lake Trust members, you may be eligible for membership—This broadens the eligibility criteria to include individuals who may not directly live, work, worship, or attend school in Michigan but have a connection to a group or entity that does.

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options

Business Financial Products & Services

Lake Trust has a pretty full suite of business financial products and services, from basic banking, to credit cards and treasury services. Explore the full offer below.

1. LTCU Business Banking/Checking

LTCU offers a few different business checking accounts designed to meet the needs of different stages and types of businesses:

Business/Municipal/Government Basic Checking is ideal if you’re starting a business or managing finances for a local government or municipality. It has no interest earnings and requires a minimum of $50 to open.
Premier Business Checking is suited for growing businesses needing a scalable checking account. It offers up to 0.00% APY and also requires a minimum of $50 to open.
Business Interest Checking is perfect if your business maintains higher balances and you want to earn interest. It offers 0.10% APY and, like the others, requires a $50 minimum to open.

To open any of these accounts, download the application from the LTCU website, fill it out, and bring it to a branch with the required documentation. Each account supports different stages of business growth, with benefits tailored to your specific needs.

You might also like: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious?

2. LTCU Platinum Business Visa® Credit Card

The Lake Trust Credit Union Platinum Business Visa® Credit Card is designed to help you manage business expenses efficiently while offering various rewards and perks. With this card, you can make purchases on the go and enjoy benefits such as travel, baggage, and car rental perks.

The purchase APR for this card is as low as 14.40%, which also applies to balance transfers. This rate is variable and depends on the market based on the Prime Rate, as well as your credit history and other factors.

Unique perks for business card holders include:

Rewards for every purchase
Benefits like travel assistance, baggage insurance, and car rental discounts
Protection against unauthorized transactions

To apply for the Platinum Business Visa® Credit Card, you can complete the process online, visit any Lake Trust branch, or call 888-267-7200. This card offers a convenient and secure way to manage your business finances while earning rewards and enjoying additional perks.

3. LTCU Business Loans

LTCU offers a range of business lending solutions tailored to meet the diverse needs of small businesses:

Business real estate mortgage
Business term loans
Business line of credit
Small Business Administration (SBA) loans
Small business microloans

Whether you’re purchasing, refinancing, or expanding your business space, Lake Trust provides personalized service and locally made loan decisions—They offer flexible terms and competitive rates for various types of real estate, including industrial, retail, apartments, offices, parking, and storage units.

Their term loans are ideal for significant one-time purchases like vehicles or equipment. With fixed or floating rate options, flexible borrowing limits, and repayment plans, Lake Trust helps businesses acquire what they need while preserving cash flow.

lake trust credit union used car loan rates

For businesses with fluctuating expenses, a line of credit offers flexibility. It helps cover payroll or payments during periods of cash flow uncertainty, with funds becoming available again as the balance is paid down.

Lake Trust supports startups and less established businesses through SBA loans with flexible terms and low-interest rates—These loans are backed by the SBA, which provides additional flexibility and support for new ventures.

Designed for business expenses under $50,000, Lake Trust’s microloans provide quick access to funds for startups, freelancers, or established businesses. The lending process is typically shorter than traditional loans.

For loans over $50,000, Lake Trust offers various types of fast loans, including:

Business vehicles
Signature loans
Revolving lines of credit
Secured loans

Overall, their business loan products have competitive rates and flexible terms to support the diverse needs of small businesses.

4. LTCU Business Savings & Investment Opportunities

LTCU offers a range of business savings accounts designed to help you save for future business expenses and reach your financial goals.

Business/municipal/government saving accounts
Business money market savings accounts (MMAs)
Business premium MMAs
Group health saving accounts (HSAs)
Business certificates of deposit (CDs)

Business/municipal/government savings accounts are the foundational account to start your business membership with Lake Trust. With a minimum opening deposit of $5.00, you earn 0.05% APY.

Designed to help you save more effectively, the business MMA offers up to 1.06% APY with a minimum opening deposit of $1,000. It’s perfect for saving up for future business needs. And, if you’re looking to maximize your savings, a business premium MMA offers a higher rate of up to 4.25% APY with a minimum opening deposit of $1,000.

In partnership with HealthEquity, Lake Trust offers Group HSAs for business members with high-deductible health plans. These accounts provide a tax-free way for you and employees to save for future medical expenses.

A business CD can help you save for short or long-term business goals with terms that suit your needs—It offers up to 4.07% APY with a minimum opening deposit of $500.

To open any of these accounts, download the application, fill it out, and bring it to a Lake Trust branch along with the required paperwork.

You might also like: Novo Bank Review: First-Rate Small Business Banking or Scam?

5. LTCU Treasury Services

Managing your business accounts is simple withLTCU’s Treasury Services—You can handle everything right from your office, saving time and avoiding trips to the branch.

Here’s a rundown of the services you can add to a Lake Trust account:

Remote deposit capture –- Deposit checks directly to your account using a desktop scanner. You’ll be able to view check copies and deposit details online.
ACH origination – Send and receive payments easily, perfect for handling direct deposit payroll, taxes, and vendor payments. You can even create templates for frequent transactions.
Wire transfer service –- For those time-sensitive transactions, wire transfers allow you to send same-day funds securely, whether domestically or internationally.
Positive pay fraud monitoring – Protect your account from fraud with Positive Pay, which monitors ACH and check transactions. Get alerts, set blocks or filters, and have more control over approved or denied transactions.

With these Treasury Services, you can manage your business finances more efficiently and securely, giving you more time to focus on growing your business—Note that fees apply, and I believe you’ll need to enlist a third-party payment processor, as they don’t advertise any in-house options to accept payments.

6. The LTCU Mobile App

The LTCU Mobile app is available for free on the iOS App Store and Google Play, and allows you to:

Check balances and transaction history
Deposit checks
Pay bills and credit cards
Transfer money between accounts
Find branches and ATMs
Send messages

In all, it gets good user reviews, rated 4.8 stars with 8.2K ratings on the iOS App Store and 4.5 stars with 4.94K reviews and 50K+ downloads on Google Play. The app is reported to be fast, secure, and user-friendly, making it easier to manage your accounts anytime, anywhere. To use the app, you must be a LTCU member and enrolled in their online banking service.

You might also like: The PEX Card: Is it the Best Corporate Card for Your Business?

Lake Trust Customer Service

While LTCU is known for being friendly and helpful toward businesses, there are some downsides to the level of customer support provided. Let’s get those out of the way first.

First, business members can reach out via LTCU’s website forms, but the forms are limited and the site can be a little wonky to navigate.

Next, their fraud response team is outsourced, so you might not get the same level of service as you would for other products if your financial information is stolen—This is a common complaint, but issues like this are nonetheless often resolved within a week.

With that said, you can use the website’s live chat, reach out online via a form, call in via phone, or stop at a branch for help with anything you need. Getting in touch with LTCU is easy, with various options available to suit your needs.

You can give them a call for account and general information at 888.267.7200, with service hours from:

Monday to Friday, from 7 AM to 7 PM
Saturday from 9 AM to 1 PM

For credit card activation and information, they’re available 24/7 at 855.671.0078. In case of fraud, report it promptly at 877.445.0728 for debit cards and 855.671.0078 for credit cards, available round the clock. And, if you’re outside the U.S., reach us for international debit or credit card services at 973.682.2652, also available 24/7.

You can easily locate LTCU’s 27 points of contact, including branches and ATMs, using the online locator tool. Finally, if you prefer traditional mail, send correspondence to Lake Trust Credit Union, 4605 S. Old US Highway 23, Brighton, MI 48114.

You might also like: Can Tradeline Supply Reviews Be Trusted? The Full Picture

Lake Trust Community Involvement

LTCU is deeply involved in supporting the local community, particularly through philanthropy and gifts to businesses and organizations. LTCU actively contributes to the wellbeing of Michigan residents by offering financial products, educational programs, and substantial philanthropic efforts.

For instance, during their annual Powered by Good Day, they donated $63,000 to various local organizations such as the Howell Nature Center and Gleaners Food Bank of Howell. LTCU also provided 500 winter coats to students and partnered with Scholastic to distribute books to local schools.

Additionally, LTCU has established the “Downtown Brighton Small Business Relief Fund” to aid businesses affected by construction projects. This fund offers up to $2,000 per business to help cover costs like electric bills and supplies. Through these initiatives, LTCU not only supports financial wellbeing but also fosters community development and resilience.

You might also like: A Full Skip Review: Business Grants, Funding, and More

Frequently Asked Questions

Where does Lake Trust Credit Union 1099-INT come from?

The 1099-INT form from Lake Trust Credit Union is issued for tax purposes to report any interest income you earned on your accounts throughout the year. You will receive this form if you earned $10 or more in interest from your accounts. The form is typically sent out by the end of January, either by mail or electronically, depending on your communication preferences.

What is Lake Trust Credit Union’s routing number?

Lake Trust Credit Union’s routing number is 272078204. This number is used for various financial transactions such as direct deposits, electronic payments, and wire transfers.

Final Takeaway

LTCU)offers several advantages for your business—You’ll find tailored banking solutions, personalized support, and convenient financial tools like remote deposit capture and ACH origination. Their strong community involvement can also benefit you if you value local impact.

However, there are some drawbacks, such as limited customer support for fraud issues and a website that’s not always user-friendly.

To leverage LTCU for your business growth, maximize savings with their business accounts, use treasury services to streamline operations, engage in community initiatives to build connections, and optimize mobile banking for efficient financial management—This can help you effectively manage and grow your financial well-being with LTCU.

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!

Royal Credit Union Accounts for Wisconsin & Minnesota Businesses

By Joe

Let’s dive into what Royal Credit Union (RCU) brings to the table for businesses in Wisconsin and Minnesota—RCU isn’t your typical bank; they’re all about community and making finances easier for everyone.

From business accounts to loans, they’ve got everything you need for small business banking. Plus, they’re big on giving back and teaching folks, especially the young ones, about managing money.

So, if you’re looking for a financial partner that’s got your best interests at heart, RCU might just be the perfect fit for your business. Let’s find out…

This is what’s in store:

What is Royal Credit Union?
- RCU Locations Served
- RCU Membership & Eligibility
Royal Credit Union Business Accounts & Products
Royal Credit Union Customer Service
Royal Credit Union Community Involvement
Frequently Asked Questions
Conclusion

Now, let’s jump in!

What is Royal Credit Union?

Royal Credit Union (RCU) is a Wisconsin-based, not-for-profit financial institution that offers a range of banking services including:

Checking and savings accounts
Loans and credit options
Investments and retirement planning
Business banking solutions

They emphasize online and mobile banking convenience, which enables members to manage their finances from their fingertips. Additionally, Royal Credit Union provides educational resources and programs to help members make informed financial decisions.

They strive to make a positive impact in the lives of their customers, offering competitive rates and personalized service. With a focus on community involvement, RCU empowers individuals and businesses to achieve their financial goals.

RCU Locations Served

RCU operates in Wisconsin with a network of branch locations, surcharge-free ATMs, and Co-Op Shared branches. They have a total of 10 branch locations primarily in Eau Claire, Altoona, Chippewa Falls, and Menomonie. Plus, they offer 26 surcharge-free ATMs across these areas for convenient access to funds. You can also utilize a couple of Co-Op Shared branches in Chetek and Neillsville.

You’re eligible to join if you live or work in specific counties in Minnesota or Wisconsin:

For Minnesota, eligible counties include Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Isanti, Olmsted, Pine, Ramsey, Scott, Sherburne, Wabasha, Washington, Winona, and Wright.
In Wisconsin, eligible counties are Adams, Ashland, Barron, Bayfield, Burnett, Buffalo, Chippewa, Clark, Douglas, Dunn, Eau Claire, Jackson, Lincoln, Marathon, Pepin, Pierce, Portage, Polk, Price, Rusk, Sawyer, St. Croix, Taylor, Trempealeau, Washburn, and Wood.

And, if you live elsewhere in these states, you can join with a $5 donation. Once you determine your eligibility, you can open an account, apply for a loan online, or visit a RCU branch location to start the membership process.

You might also like: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious?

RCU Membership & Eligibility

What do I need to open an account at RCU?

If you don’t automatically have eligibility based on residence, you can join RCU if you have an immediate family member who is already a member or if your immediate family member lives or works in the aforementioned eligible counties—this includes spouses, children, siblings, parents, grandparents, grandchildren, in-laws, and step-family members.

You may also be eligible if you have certain affiliations or employment history. Individuals employed by or affiliated with certain companies or organizations listed by RCU are eligible. These include employees of Uniroyal plant in Eau Claire, WI, Marten Transport, University of Wisconsin-Eau Claire Alumni Association members, Tenneco-Packaging Corporation and several others.

Businesses looking to become members of RCU need to provide specific documentation and information about their business entity, signers on the account, and beneficial owners.

For the business entity, you’ll need:

Employer Identification Number or Social Security Number (SSN)
Legal business name
Business address
Business phone number
Business email address
Trade name(s)
Two forms of business identification

For signers and beneficial owners on the account, make sure you have:

Legal name
SSN
Date of birth
Home address
Phone number
Email address
Valid photo ID
Title/position within the business
Percentage of ownership (if applicable)

Once the necessary documentation and information are gathered, you can contact RCU either by phone at 800-341-9911 or by visiting one of their offices to begin the process of opening accounts and accessing credit union products and services.

The application process can also be initiated online through the RCU website, where you can apply for the desired accounts and loans.

You might also like: This is How to Build Business Credit Fast [Step-by-Step Guide]

Royal Credit Union Business Accounts & Products

RCU’s business offer includes all the fundamentals you need in a business bank. From their business checking accounts to credit cards, loans, and beyond, explore what you can take advantage of here.

1. RCU Business Banking/Checking

Royal Credit Union business checking account

RCU presents two business checking account options tailored to cater to different business needs:

Royal Advantage Business Checking
Royal Advantage Plus Business Checking

The Royal Advantage Business Checking is ideal for businesses seeking simplicity, featuring no minimum balance requirement and no dividends earned.

This account offers a range of benefits including:

A free Visa® debit card with EMV chip
Access to Business Bill Pay
Business mobile app with camera check deposit

It also provides 300 free checks written or deposited each month, with no monthly maintenance fees and access to a vast network of surcharge-free ATMs nationwide.

On the other hand, the Royal Advantage Plus Business Checking targets businesses maintaining a higher balance, offering dividends at a rate of 0.25% APY with a $3,000 minimum balance requirement.

Alongside all the features of the Royal Advantage Business Checking, this account provides additional benefits such as:

40 free checks for new accounts
Real-time transaction alerts
Merchant processing
ACH services
Wire transfer services

RCU’s checking options are suited to nearly any small business.

You might also like: Should You Open a Navy Federal Credit Union Business Account?

2. RCU Business Rewards Visa® Credit Card

RCU provides the Business Rewards Visa® credit card, designed to help you manage expenses efficiently and earn uChoose Rewards® points. With benefits comparable to a business loan – including a low interest rate and flexible access to funds – it’s a practical offer.

The Business Rewards Visa® card comes with:

A single low rate for all cardholders (13%)
No annual fee
A 25-day interest-free grace period on purchases
No fees for balance transfers
Rewards points redeemable for travel, gift cards, and merchandise

The cards feature EMV chip technology, support for digital wallets, and the option to set individual spending limits for cardholders—RCU also offers free tech features such as automatic payment options, secure online banking, and a mobile app, along with 24×7 access to their virtual assistant.

With a current APR of 13.00% (very low), the Business Rewards Visa® card provides a competitive credit option.

3. RCU Business Loans

RCU provides a diverse range of business loan options, including:

Small business loans
Startup & expansion loans
Investment & commercial real estate loans
Commercial construction loans
Business line of credit
Working capital & term loans
Business Kwik Cash overdraft protection

These loans aim to provide businesses with the necessary financial support to pursue opportunities, expand operations, and manage cash flow effectively…at any state of business. If you’re interested in exploring these loan options you can contact RCU at 800-341-9911 ext. #3001 or visit their website for further information and application procedures.

4. RCU Business Savings & Investment Opportunities

With business savings, certificates of deposit (CDs), and money market accounts (MMAs), RCU offers a basic suite of business savings and investment options.

Business savings accounts provide a platform to set aside funds while earning competitive rates, with no monthly maintenance fees and a low $5 minimum balance requirement. These accounts offer convenient access to funds through ATMs and online banking.

Next, For businesses looking for higher returns and guaranteed yields, RCU’s CDs offer locked-in rates and guaranteed returns over various terms. With no minimum balance requirement, their CDs provide flexibility in investment choices.

Finally, RCU’s business MMAs cater to companies looking for higher returns on larger balances while maintaining flexibility and liquidity—The MMAs offer tiered dividend rates based on balance levels, along with features like free paper checks and no monthly maintenance fees.

You might also like: How to Get Money for Real Estate Investing: 18 Practical Ideas

5. RCU Treasury Management

Royal Credit Union business treasury management services

RCU’s treasury management solutions offer a range of low or no-fee services tailored to meet your needs. From managing payables and receivables to optimizing liquidity, these tools integrate seamlessly with RCU business accounts, which can provide added value and convenience.

Whether you’re a small business or a large corporation, RCU’s treasury management services provide ways to streamline your day-to-day operations:

Cash management tools
Comprehensive online and mobile banking services
Business desktop deposit
Online wire fund transfers
ACH services
Payroll services
Merchant payment processing

With a focus on relationship-based service and a commitment to low or no-fee options, RCU combines treasury expertise with credit union values to support businesses—Their dedicated treasury team is available to help optimize your business processes, offering personalized guidance and assistance.

You might also like: What’s the Best Payment Processor for a Small Business? Really

6. RCU Business Mobile App

How do I transfer money from RCU to another bank?

The Royal Credit Union mobile app offers a range of features to make banking on the go free, convenient, and secure. With real-time balance and transaction alerts, you can stay updated on their account activity.

The app supports Touch ID® or Face ID® login on compatible devices, ensuring quick and secure access. Managing your account is effortless with features like checking balances and transactions on all devices, including smartwatches.

In the app, you can:

Deposit checks using the camera check deposit feature
Schedule appointments for branch office visits
Manage & freeze your debit or credit card if needed
Transfer funds, make payments, & pay bills
Manage business users and complete approvals

The app also offers additional features such as opening a new account or applying for a loan, sending secure messages to get help or assistance, checking your FICO® score, locating nearby Royal offices or ATMs, and signing up for online banking. With industry-standard encryption for safe mobile access and a last login popup for enhanced security, you can trust that their banking information is kept safe and secure.

Rated 4.8 stars on the Apple store and 4.6 stars on Google Play store, the Royal Credit Union mobile app is well-received by users for its user-friendly interface and comprehensive features.

You might also like: Gusto Review: Let’s Really Evaluate This Famed Payroll Platform

7. RCU Business Resources

RCU offers a range of resources to support business owners to manage and grow their companies—The business banking team is available to assist small businesses, while their commercial lending team provides expertise for commercial lending needs. For those looking to start or grow their businesses, RCU offers resources and information tailored to business startup and growth.

They provide one-on-one support, tools like checking account comparison, a business switch kit, and financial calculators. Plus, they’ve got quite a library of articles to keep business members informed—I scanned the blog and it’s got tons of financial education-related posts that are pretty well-written.

By prioritizing personal service over Wall Street-style operations, RCU offers a unique combination of support, advice, and financial products for business owners.

You might also like: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2024

Royal Credit Union Customer Service

While they’re not accredited with the Better Business Bureau (BBB), they maintain an A+ rating on the platform. And, all of their BBB complaints have been handled in a timely manner.

In all, the credit union is well-rated by members, plus, they have an array of customer service options.

Members can reach out via telephone, mail, email, fax, or live chat during the following service hours:

Monday to Friday: 8:30 a.m. – 7:00 p.m.
Saturday: 8:30 a.m. – 2:00 p.m.

The Member Service Phone number is 800-341-9911 (or 715-833-8111 locally), and the fax number is 715-552-3000.

For mail correspondence, members can use the mailing address: Royal Credit Union, PO Box 970, Eau Claire, WI 54702. For in-person assistance, visit the Corporate Center at 200 Riverfront Terrace, Eau Claire, WI 54703.

For live chat assistance, visit the RCU website and access instant support with quick links to information.

In all, Royal Credit Union provides convenient options to schedule office appointments for personalized assistance, and customers can access a comprehensive list of office and ATM locations on the website.

Royal Credit Union Community Involvement

What is the ATM withdrawal limit for RCU?

RCU is super committed to community involvement across various initiatives—They prioritize financial literacy and education, particularly for youth, as evidenced by their celebration of “Credit Union Youth Month.”

Through programs like Kid’s Club and School $ense, RCU engages young members to learn about saving and financial responsibility. They offer incentives and educational activities to promote financial literacy among children and elementary school students.

Furthermore, RCU’s innovative approaches to financial education, such as the “Go Big or Go Broke” board game, have earned them recognition, including the Wisconsin Governor’s Financial Literacy Award

In addition to educational efforts, RCU actively participates in community events aimed at promoting security and wellbeing. Their annual “Shred Event,” conducted in partnership with Shred Away, provides a safe and convenient way for members and the public to dispose of personal documents. This event underscores RCU’s commitment to facilitating responsible document management.

RCU also collaborates with renowned financial wellness advocates like Jason Vitug to further promote financial education and empowerment. Through events like “Takeover Day” at local schools and coffee chats with RCU team members, Vitug shares valuable insights and strategies for improving financial wellbeing among individuals and communities.

Overall, RCU’s community involvement reflects their commitment to supporting the financial health and prosperity of the communities they serve.

Frequently Asked Questions

Does Royal Credit Union use Zelle?

Yes, Royal Credit Union offers Zelle® as a convenient way for members to send and receive money within minutes using an email address or mobile phone number. Members can access Zelle through the RCU mobile app or online banking platform.

What is the Royal Credit Union routing number?

The routing number for Royal Credit Union is 291880411.

How long does it take Royal Credit Union to clear a check?

Typically, the time it takes for Royal Credit Union to clear a check can vary depending on several factors, including the type of check and the issuing bank. Generally, most checks deposited with RCU are processed within 1-2 business days.

Does RCU have overdraft fees?

Yes, Royal Credit Union may charge overdraft fees for transactions that exceed the available balance in a member’s account. However, members have the option to enroll in overdraft protection services to help prevent overdraft fees.

Conclusion

In a nutshell, RCU is all about helping businesses in Wisconsin and Minnesota thrive. They’ve got everything from checking accounts to loans, and they’re big on giving back to the community.

One cool thing about RCU is how they’re all about teaching folks, especially kids, about money. They’ve got these fun programs like Credit Union Youth Month and I love the idea of the board game, “Go Big or Go Broke,” that helps young adults learn about finances.

Getting in with RCU might be a bit tricky for some people. You’ve gotta meet certain criteria, like living in specific counties or having family ties. But once you’re in, you’ve got access to a bunch of helpful tools and services.

Overall, RCU rocks because they offer competitive business banking stuff, they’re super friendly, and they care about making a difference in the community. If you’re looking to grow your business, RCU could be just the partner you need.

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!

Robins Federal Credit Union: Mid Georgia Business Banking

By Joe

Let’s talk about Robins Federal Credit Union: They’re a financial institution that’s all about supporting members and businesses like yours. What sets them apart from those big banks? Well, they’re focused on member success, not just making money. They offer fair rates, personalized service, and they’re all about building strong relationships.

When it comes to your business, they’ve got a range of credit solutions. From credit cards to loans and other financial options. So, let’s take a closer look at their business credit cards, loans, and other small business products—I’ll discuss what they offer and why you might find them useful.

This is what’s in store:

What is Robins Federal Credit Union?
- Locations Served
- Robins Federal Credit Union Membership Requirements
Robins Federal Business Financial Products & Services
Robins Federal Credit Union Customer Service
Robins Federal Credit Union Community Involvement
Frequently Asked Questions
Final Thoughts

Now, let’s take a closer look!

What is Robins Federal Credit Union?

Robins Federal Credit Union Business Login

Originally founded in 1954 as the “Warner Robins Air Force Base Federal Credit Union,” Robins Financial Credit Union later expanded its membership to include several communities in Middle Georgia—It’s been committed to serving members and communities since the beginning.

As a not-for-profit cooperative, Robins Financial operates with the principle of “People Helping People,” which highlights its dedication to support members to achieve their financial goals.

Who is the CEO of Robins Financial Credit Union?

In line with this mission, the credit union has extended its commitment to small businesses within its membership base. Small businesses drive local economies and create jobs. And, Robins Financial offers tailored financial products and services to support their growth and success.

The credit union offers a range of business banking solutions:

Business checking and savings accounts
Business loans and credit cards
Business treasury and merchant services
Business prestige money market accounts

Despite their 1-star customer rating with the Better Business Bureau (BBB), they have been BBB accredited since 1990 and maintain an A+ platform rating. As far as the customer ratings are concerned, most people go to the BBB site when they have complaints, not when they’re happy.

Business members can benefit from personalized financial guidance and support from experienced advisors who understand small business challenges and opportunities.

Locations Served

Robins Federal Credit Union branch locations

Robins Financial Credit Union serves businesses across Middle Georgia, primarily focusing on cities and towns within the region.

Some of the locations where the credit union has branches include:

Warner Robins – With branches like Houston Road, Chantilly, Watson, Robins Air Force Base, Russell Parkway, and Hwy 96, businesses in Warner Robins and its vicinity have multiple locations to access the credit union’s services.
Macon – With branches such as Zebulon, Riverside, Log Cabin, Downtown, and Hartley Bridge, businesses in Macon and its surrounding areas have convenient access to services.
Gray, Forsyth, Perry, Ft. Valley, and Midgeville – With branches that serve these towns and surrounding areas.

While Robins Financial best serves businesses in these and nearby towns, it also offers online banking services for nationwide accessibility—Through the credit union’s online platform, businesses can access a range of banking services, including account management, bill pay, e-statements, and mobile banking.

You might also like: Sidney Federal Credit Union: NY Business Financial Options

Robins Federal Credit Union Membership Requirements

What do I need to open a bank account with Robins Federal credit union?

If you want to join Robins Financial, you’ll need to meet a few criteria…You must:

Be a legal US resident
Be at least 18 years old
Have a valid Social Security number

Businesses need to have two forms of government-issued ID handy, like a driver’s license, state ID card, passport, or permanent resident card. To get started, you’ll need to deposit a minimum of $100 ($25 for individual checking).

You’ll also need documentation, depending on your business structure:

Articles of Organization or Incorporation
Certification of Beneficial Owner(s) form
IRS EIN assignment letter (if using EIN)
Business resolution form (except for sole proprietorships)
Secretary of State registration (if applicable)
Letter authorizing use of TIN (if applicable)
DBA trade name registration (if applicable)
Business license (if applicable)
Statement of partnership or partnership agreement (for partnerships)
Current meeting minutes (for associations/organizations/non-profits)

You can open an account either online through their website or by swinging by any branch location. Non-members can apply for Robins Financial’s loans and credit cards, but members may be more likely to be approved.

Now, let’s explore this credit union’s business offers!

Robins Federal Business Financial Products & Services

Robins Financial Credit Union’s business solutions include business checking and savings accounts, loans and credit cards, as well as treasury and merchant services. Moreover, you can take advantage of money market accounts to optimize returns on surplus funds.

1. Robins Federal Business Banking/Checking

Robins federal credit union business checking

Robins Financial Credit Union offers three business checking accounts:

Custom Business Checking
Classic Business Checking
Prime Business Checking

All business checking accounts come with online banking and digital services, access to treasury management services, and a Visa® debit card. Again, the initial deposit is $100.

The Custom Business Checking account is designed for businesses with a high volume of activity. It has a $10.00 monthly maintenance fee and accommodates free cash transactions up to $10K.

For businesses with a moderate level of activity, the Classic Business Checking account provides a free solution. You’ll need to maintain a minimum balance of $500, and this account offers 250 free items per month and allows free cash transactions up to $5K.

The Prime Business Checking account caters to businesses maintaining higher balances with lower transaction volumes. It requires a minimum balance of $1,500, and it pays dividends on the account balance with free cash transactions up to $5K.

Features	Custom Business Checking	Classic Business Checking	Prime Business Checking
Monthly Fee	$10.00	None	None
Minimum Balance	None	$500	$1,500
Free Cash Transactions	Up to $10K	Up to $5K	Up to $5K
Free Items Per Month	N/A	250	100
Dividend Rate	N/A	N/A	~0.399 (0.4% APY)

The dividends paid on Prime Business Checking accounts at Robins Financial aren’t publicly disclosed—This tells me that they are either variable or the same as the individual Advantage Checking account (0.4% APY). If you decide to open a Prime account, make sure to ask a banker about your expected dividends.

You might also like: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious?

2. The Business Visa® Platinum Credit Card

robins federal credit union business credit card

The Business Visa® Platinum card from Robins Financial Credit Union has credit limits that exceed $25K and low variable rates starting at Prime + 5.7% APR* (right now, prime is 8.5%, so these cards have interest as low as 14.2%—This is fairly low).

There’s no annual fee, and the contactless chip cards come with optional spending blocks for specific merchant types.

You’ll also get benefits like:

Zero liability for unauthorized charges
Overdraft protection (to the linked business checking account)
1 point for every $1 spent (via the ScoreCard® Rewards Program)
Travel insurance and auto rental collision damage coverage

The Robins Financial Business Visa® Platinum card offers full financial support for businesses.

3. Robins Federal Commercial Loans

robins federal credit union business loan

Robins Financial Credit Union provides a diverse range of business loans.

These include:

Construction loans
Commercial equipment loans
Business automobile loans
Commercial real estate loans for purchase or refinance
SBA 504 and SBA 7(a) loans
Secured and unsecured revolving lines of credit

Interest rates and terms for these loans vary based on factors like the type of loan, business creditworthiness, and market conditions.

4. Business Savings & Investment Opportunities

robins federal credit union interest rates

You can also take advantage of business savings solutions—-Robins Financial offers regular savings accounts and money market accounts. You can maximize your returns with competitive dividend rates – from 0.60% to 1.50% APY* – depending on the average daily balance maintained in the Prestige Money Market account.

The business savings account requires a minimum balance of $500, with an initial deposit of $25 to open a new account. Dividends are compounded and credited quarterly. And, the savings account offers descriptive quarterly statements and free digital banking, bill pay, e-statements, and e-alerts. Withdrawals can be made conveniently at local branches.

For businesses seeking higher dividends, the Business Prestige Money Market Account (MMA) has no monthly maintenance fee and needs a minimum deposit of $2,500 to open.

In all, you can get overdraft protection, withdrawals at local branches, 40 free checks per year, and free digital services, but some limits apply. For example, you get six penalty-free transfers or withdrawals per month on savings accounts.

You might also like: How to Get Money for Real Estate Investing: 18 Practical Ideas

5. Robins Federal Business Treasury Services

robins financial credit union business account

Robins Financial offers a handful of business treasury services, including:

ACH origination
Remote deposit capture
Online wire transfers
Positive pay
Merchant services

With ACH origination, you can conveniently initiate electronic payments, manage payees, and control cash flow, all while reducing transaction fees and mitigating the risks associated with paper checks. Remote Deposit Capture allows you to deposit checks from your office, saving time and reducing collection float.

Online wires provide a secure and efficient way to transfer funds across borders, with real-time tracking and the flexibility to manage payees and templates. And, with ‘Positive Pay,’ you can safeguard against check and ACH fraud, which ensures only valid transactions are processed.

Finally, merchant services offer secure payment processing and personalized support, including:

Point-of-sale terminals
Mobile products
Specialty cards

Be sure to discuss fees with a business banker at Robins Financial if you opt to take advantage of the credit union’s treasury services.

6. The Robins Federal Mobile App

You can conveniently bank from anywhere via any smartphone via Robins Financial’s mobile app. It’s available on Google Play and the Apple marketplace, where it has 4.1 and 4.9 star ratings respectively.

With the mobile app, you have convenient access to a range of banking features right at your fingertips. You can easily pay bills, transfer funds, and check balances and account history from anywhere, at any time. Plus, you can send and view secure messages for added peace of mind.

Robins federal credit union review complaints

The app is designed with a tablet-first approach and offers a unified look across all devices. Recent updates have brought improved performance and security enhancements, ensuring a seamless and secure banking experience for users.

You might also like: The PEX Card: Is it the Best Corporate Card for Your Business?

Robins Federal Credit Union Customer Service

robins federal credit union 24-hour customer service

Robins Financial offers various customer service options to address their needs anytime, anywhere.

For inquiries regarding annual tax documents or general questions about services, members can visit the tax forms page or reach out via secure message through your banking dashboard.

The credit union’s ‘Digital Banking Guide’ provides assistance with:

Step-by-step instructions
Troubleshooting tips
FAQs related to digital banking and mobile apps

When it comes to making loan payments, you can utilize the loan payments portal for online payments from other financial institutions or call 833-886-6110 for phone payments—Branch appointments are available for expedited help, whether for a phone or in-person visit.

For issues related to debit or credit cards, you can report lost or stolen cards through your banking dashboard or by contacting customer service. Members seem to be super happy with the level of care Robins Financial provides.

robins federal credit union customer service

In the event of a dispute with a merchant or unrecognized charges on a statement, you can reach out during normal business hours or schedule a branch appointment.

Robins Federal Credit Union Community Involvement

Robins Financial is committed to giving back to the community and supporting local initiatives. One notable aspect of their community involvement is their dedication to financing nonprofits—By providing funds to nonprofits, the credit union contributes to various causes and organizations that make a positive impact on the community.

Additionally, their participation in “Miracle May” fundraising for the Children’s Miracle Network showcases their commitment to supporting children’s healthcare and wellness.

While there may not be specific community initiatives catered exclusively to the small business community, Robins Federal Credit Union’s overall community involvement indirectly benefits small businesses. By supporting nonprofits and organizations that address community needs, the credit union contributes to creating a more vibrant and thriving local environment.

You might also like: Y Combinator: Fast Track to Success or Waste of Time?

Frequently Asked Questions

Who owns Robins Financial Credit Union?

Robins Financial Credit Union is owned by its members, who are also its customers. It operates as a not-for-profit financial cooperative, meaning that its members share ownership and participate in the credit union’s decision-making processes.

Is Robins Financial Credit Union FDIC insured?

No, Robins Financial Credit Union is not FDIC insured. Credit unions like Robins Federal are insured by the National Credit Union Administration (NCUA), which provides similar insurance coverage for deposits. NCUA insurance protects members’ deposits up to $250K per individual depositor.

What credit score does Robins Financial Credit Union use?

Robins Financial Credit Union typically uses credit scores from major credit bureaus like Equifax, Experian, and TransUnion to evaluate loan applications and determine creditworthiness. Learn more about DUNS numbers for business credit reporting.

Final Thoughts

Robins Financial Credit Union provides a solid suite of financial solutions for businesses in Middle Georgia—With a focus on member success and community involvement, they offer fair rates, personalized service, and support for local initiatives like nonprofit funding and children’s healthcare.

Their business offerings include checking and savings accounts, loans, credit cards, and treasury services, which caters to a variety of needs. While specific initiatives for small businesses may be limited, their overall commitment to community well-being indirectly benefits local businesses, which makes them an ideologically sound choice for financial support in the area.

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!

Sidney Federal Credit Union: NY Business Financial Options

By Joe

As far as financial institutions are concerned, Sidney Federal Credit Union (SFCU) stands out as a beacon of community-focused banking. They offer tailored solutions to meet the needs of both individuals and businesses.

Unlike traditional big banks, credit unions like SFCU are member-owned cooperatives, which means that profits are reinvested into services. In turn, they’re usually able to offer exemplary products and rates for members. From a business credit perspective, SFCU has some interesting offers. Let’s take a closer look here.

This is what’s in store:

What is SFCU?
- Locations Served
- Membership & Eligibility Requirements
SFCU Business Financial Products & Services
SFCU Customer Service
SFCU Community Involvement
Frequently Asked Questions
Final Thoughts

Now, let’s roll!

What is SFCU?

SFCU originated when a group of employees from Scintilla Magneto Corp. gathered in Sidney, NY, to form a credit union. In 1949, they secured a charter from the Bureau of Credit Unions, officially establishing Sidney FCU, later known as Sidney Federal Credit Union.

Today, SFCU boasts 11 branches across several counties in New York state, including parts of Broome, Oneida, Herkimer, Chenango, Delaware, Otsego, Cortland, Onondaga, Madison, Schoharie, Montgomery, Fulton, Hamilton, and Essex. The credit union is governed by a Board of Directors comprising individuals who live and work within the communities SFCU serves.

Established with a mission to serve the local community, Sidney Federal Credit Union has been a cornerstone of financial support since its inception. With a strong commitment to assisting small businesses, SFCU provides a range of specialized financial products and services designed to fuel entrepreneurial growth.

Locations Served

SFCU extends its services to individuals and businesses across various counties and towns in New York state.

These areas include:

Chenango
Cortland
Delaware
Essex
Fulton
Hamilton
Madison
Montgomery
Onondaga
Otsego
Schoharie

In addition to these counties, specific towns within Broome, Oneida, and Herkimer counties are also within the field of membership.

These towns include:

Colesville, Sandford, and Windsor Towns in Broome County
Sangerfield, Bridgewater, Augusta, Marshall, Paris, Vernon, and Kirland Towns in Oneida County
Winfield, Litchfield, Columbia, Warren, Stark, Danube, Frankfort, and German Flats Towns in Herkimer County

If you reside, work, attend school, worship, or conduct regular business activities within these areas, you may be able to take advantage of SFCU’s services and benefits.

SFCU Membership & Eligibility Requirements

Becoming a member of SFCU is a straightforward process designed to be accessible to all eligible individuals.

Here’s how you can join:

To initiate your membership, open a savings account with SFCU online. The minimum deposit required is only $5, making it easy for individuals to get started.
Once your savings account is opened, deposit at least $5 to fulfill the membership requirement.
With your membership established, you are now eligible to apply for and access a wide range of financial services offered by SFCU, including banking services, business accounts, lending services, and more.

SFCU welcomes not only individuals residing within the specified counties and towns but also extends membership eligibility to employees of SFCU, immediate family or household members, organizations of such persons, and corporate or other legal entities—This inclusive approach ensures that a diverse range of individuals and entities can benefit from the superior service and exceptional financial services offered by SFCU.

SFCU Business Financial Products & Services

Now, let’s take a look at the business financial products offered at SFCU—We’ll look at the checking, credit cards, loans, and savings accounts that small business owners can take advantage of.

SFCU Business Banking/Checking

sidney federal credit union online banking

SFCU offers a few different business checking accounts:

Basic Business Checking
Community Checking (for nonprofits)
Business Dividend Checking

With all business checking accounts, you’ll get a Mastercard debit card, free online and mobile banking with e-statements, and unlimited transactions. You’ll also get free bill pay and be able to access overdraft protection options.

With Basic Business Checking, there are no added fees and no minimum opening deposit. You can avoid the $5 monthly maintenance fee if you maintain a $500 minimum balance.

For not-for-profits, SFCU provides the Community Checking account. There is no minimum initial deposit requirement and no monthly maintenance fee.

Businesses looking to earn dividends on their checking balance can opt for the Business Dividend Checking account. With no minimum initial deposit requirement, businesses must maintain a $5K ADB to earn dividends, and to avoid the $5 monthly maintenance fee—This account offers a competitive .25% APY on balances.

Feature	Basic Business Checking	Community Checking	Business Dividend Checking
Minimum ADB to Earn Dividends	N/A	N/A	$5,000
Minimum ADB to Avoid Monthly Maintenance Fee	$500	N/A	$5,000
Dividend Rate *	N/A	N/A	.25% APY
Monthly Maintenance Fee *	$0 to $5	$0	$0 to $5

At SFCU, there seems to be a checking option for nearly any small business.

You might also like: Amex Business Checking Review: What You Need to Know…Really

SFCU Business Platinum Mastercard Credit Card

The SFCU Platinum Mastercard® offers a competitive APR starting as low as 13.15%, with a maximum APR of 17.99%. What’s great? There are no annual fees, making it an attractive option for businesses looking to stretch their dollars further.

With this card, you can earn rewards on everyday purchases.

The SFCU credit card earns a flat 1% back that can be redeemed for:

Cash back
Travel
Gift cards
Charity donations

Plus, there’s no balance transfer fees, and you can enjoy the convenience of tap-to-pay contactless payment. There’s also 24/7 fraud monitoring. If you need to increase your credit limit, you can apply for a limit increase hassle-free.

SFCU Business Loans & Lines of Credit

Sidney Federal Credit Union Business Credit Card

SFCU also has an array of business loans, including term loans, lines of credit (revolving), and real estate loans. All of their loans have competitive rates, flexible terms, and come with no prepayment penalties.

If you’re looking to expand or cover expenses, SFCU’s business term loans provide the financing you might need to keep operations running smoothly. Use them for inventory, equipment, or services. Plus, with fixed rates and the option to choose loan terms between 1 and 7 years, budgeting is pretty simple.

For when you need ongoing access to funds, SFCU also provides business lines of credit. These lines of credit offer financial flexibility for various purposes, including cash flow gaps and overdraft protection. With options for both secured and unsecured lines of credit, you can choose the option that best fits your needs and goals.

If commercial or investment real estate properties are on your radar, SFCU offers commercial real estate loans with flexible terms and structures—These loans come with both fixed and variable rates and can be customized to fit your unique needs and goals.

SFCU Business Savings & Investment Opportunities

SFCU offers a few business savings options tailored to suit different financial needs and goals.

Business savings account
Business money management account
Business share certificates

The SFCU Business Savings Account is ideal if you’re looking to build up savings and maintain easy access to funds. With just a $5 minimum opening deposit, you can earn dividends on your balance (up to 0.05% APY)—This account might be good if you want to earn a little extra while saving for short-term business goals or emergencies.

Now, if you want to maximize your savings potential without sacrificing liquidity, SFCU’s Business Money Management Account might be a better choice. With higher dividends and no withdrawal penalties, this account offers flexibility while allowing your savings to grow. It’s suitable when you want to earn more on your funds and retain the ability to access them when needed.

When you’re aiming for long-term savings goals, such as expansion plans or major investments, the Business Share Certificates offer higher savings rates with flexible terms. With terms ranging from 31 days to 60 months and competitive rates as high as 2.53% APY, SFCU’s certificates provide an opportunity to earn more on your savings over time.

In all, SFCU’s business savings options provide opportunities to earn dividends and grow your funds. However, these aren’t the best rates I’ve ever seen.

SFCU Customer Service

Sidney Federal Credit Union customer service

Sidney Federal Credit Union (SFCU) provides various customer service channels for members’ convenience:

Live chat – Immediate assistance is available via live chat
Email – Members can send messages for non-urgent inquiries
Phone support – Accessible at 877-642-7328 (SFCU)
SMS text messaging – Support for lost or stolen cards—24/7
Text message alerts – Receive important notifications via text

These channels ensure members can access assistance promptly and efficiently. Keep in mind, they’re typically available during normal “banking hours” (9 to 5 Monday through Friday).

sidney federal credit union 24 hour customer service

Of course, as with all services, you might expect mistakes to happen from time to time…But, SFCU has apparently closed all of their *minimal* complaints with the Better Business Bureau promptly. They maintain an A-rating on the platform despite not being accredited.

In all, you should be able to get in touch with someone when you need help.

You might also like: 6 Best 0% APR Business Credit Cards to Check Out

SFCU Community Involvement

Sidney Federal Credit Union in the community

Sidney Federal Credit Union (SFCU) is rooted in community spirit—they pioneer local events like the SFCU Hometown Day Parade. It’s a blast, stretching over 1.2 miles, starting at Sidney Central School and winding down to Keith Clark Park for a lively celebration. Locals are invited to be part of the tradition, soaking in the community vibes and enjoying the festivities.

Ever heard of the Fraud Seminar? SFCU teams up with the Montgomery County Sheriff’s Office to bring the community this eye-opening event. Scams are everywhere nowadays, but staying informed is key to protecting yourself. SFCU teaches the ins and outs of how to spot scams, protect your finances, and what to do if you fall victim to fraud.

And, if you feel a bit lost in the budgeting department, SFCU’s got your back. At their Budgeting 101 workshop at their Cicero branch, they’ll hook you up with all the tips and tricks to create a budget that actually works for you. Plus, there’ll be snacks and beverages to keep you fueled up while you learn.

You might also like: BILL Spend & Expense Card Review (Formerly Divvy Credit Card)

Frequently Asked Questions

Does Sidney Federal Credit Union have Zelle®?

Yes, Sidney Federal Credit Union does offer Zelle®. Simply log into the Sidney Federal Credit Union mobile app and select “Send Money with Zelle®.” From there, follow the prompts to enter the necessary information, accept the terms and conditions, and begin sending and receiving money.

What is the grace period at Sidney Federal Credit Union?

For most products, the grace period for Sidney Federal Credit Union is 10 days—This means that you have a window of 10 days after your due date to make payments without incurring any late fees. However, any payments received after this 10-day grace period will incur fees.

What is Sidney Federal Credit Union’s address?

SFCU’s main office is situated at 42 Union St., Sidney, NY 13838. Additionally, SFCU operates 11 branches across several counties in New York, including parts of Broome, Oneida, and Herkimer, as well as the entirety of Chenango, Delaware, Otsego, Cortland, Onondaga, Madison, Schoharie, Montgomery, Fulton, Hamilton, and Essex counties.

What is Sidney Federal Credit Union’s routing number?

The routing number for SFCU accounts is 221379905.

Final Thoughts

In summary, Sidney Federal Credit Union (SFCU) offers a range of financial products and services tailored to meet the needs of businesses in New York state. From business checking accounts and credit cards to loans, lines of credit, and savings options, SFCU provides comprehensive solutions to support entrepreneurial growth.

Additionally, their community involvement initiatives, such as the Hometown Day Parade and educational events like the Fraud Seminar and Budgeting 101 workshop, demonstrate their commitment to supporting and empowering local communities.

With accessible membership requirements and convenient customer service channels, SFCU strives to be a reliable partner in the financial success of its members—Just be sure to shop around and make sure you take advantage of the business financial products that best meet your needs and goals.

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!

Truist Business Credit Card Review: Is it Really That Good?

By Joe

A lot of my students at Business Credit Workshop have been approved for the Truist business credit card recently. After hearing their stories, I want to share everything I know about the offer and what I’ve learned (including whether the rewards are worth it if you don’t have a Truist checking account).

There are three Truist business credit cards currently available, each with their own unique set of features. We’ll explore them here, along with more info about Truist bank and how well they cater to small businesses. Find out if the card is worthwhile in your situation.

This is what’s in store:

What is a Truist Business Credit Card?
The 3 Truist Business Credit Cards
More Truist Small Business Products
Frequently Asked Questions
Conclusion

Now, let’s roll!

What is a Truist Business Credit Card?

A Truist business credit card is designed to meet the credit needs of small businesses. It offers various benefits tailored to business spending, like cash back rewards on purchases. Plus, you’ll get a Loyalty Cash Bonus when you deposit your cash rewards into an eligible Truist business checking, savings, or money market account.

Truist has three business credit cards for varying needs—there’s a card for:

Cash rewards
Travel rewards
General business expenses

Each card has its own set of features, fees, and rewards structure. So you’ll want to compare them to find the best fit for your business (which we’ll do below).

These cards also provide flexibility for your employees with customizable spending limits and controls on individual cardholder accounts. And, they come with contactless payment options for added convenience and security at enabled terminals.

You can manage your Truist business credit card online to access your account, redeem rewards, view transactions, and set up alerts. You can also manage employee cards, integrate with accounting software, and get resources for better business strategies.

You might also like: 6 Best 0% APR Business Credit Cards to Check Out

Truist Business Credit Card Pre-Approval

At some point, Truist had a pre-qualification page for business owners to see if they could obtain credit through Truist—This apparently triggered a soft pull, which would protect your credit from the ding on your credit report.

But, does Truist still have pre-approval? Today, I can’t find any sign of such a page on the company website. Instead, I do see a disclaimer that by applying, you give Truist permission to access and update your credit report. So, when you apply, it will likely have a slight impact on your credit score.

Truist pre approval business credit card

Truist evaluates both personal and business credit. When considering business cards, Truist utilizes Equifax personal credit reports, but claims to prioritize business credit scores over personal credit scores on applications for business products.

Truist Business Credit Card Requirements

Truist business credit card application status

Before you move forward and learn more, you should know what you need to Apply for a Truist business credit card.

Note: Truist does offer secured cards, so a low credit score (below 640) won’t necessarily disqualify you from obtaining credit through the bank…you will just have to work toward it.

To qualify, Truist wants you to have excellent personal and business credit—you’ll need:

Basic details about your business
Business Tax ID
Your personal street address
Phone number
Social Security number
Names and emails of people involved in the application

You can apply online with electronic signatures and email communication or visit a branch to complete the Truist business credit card application. For-profit businesses will need at least one Guarantor. And, nonprofits don’t need a Guarantor.

You might also like: Everything You Need to Know About a DUNS Number +Why You Should Care

Company Overview

Truist Financial, or Truist Financial Corporation, is a Charlotte North Carolina-based, for-profit investment bank. In 2019, Truist Financial was formed from the merger of BB&T and SunTrust. With a combined history spanning 275 years, Truist serves approximately 12 million households, holding significant market share in key growth regions across the country.

Their diverse range of services includes:

Retail, small business, and commercial banking
Asset and wealth management
Capital markets
Real estate
Insurance
Mortgage
Payments
Specialized lending

Truist apparently ranks as the sixth-largest commercial bank in the United States, operating as “Truist Bank” under FDIC membership.

According to the North Carolina Secretary of State, the company is active and in good standing—they’re current with their annual reporting.

Truist Financial’s current CEO is William H. Rogers Jr., aka “Bill” Rogers. Bill has led the company, in one position or another, since 1980. It’s safe to say, he’s been a decision maker since at least 2008, when he took the role of President.

According to Glassdoor, less than half of employees would recommend a job at the company with a friend. And, about half approve of Rogers as CEO. So, while some people love working here, others aren’t so fond of the company, which speaks to their internal ethics.

Even more important is what their customers think. Out of X,XXX reviewers on Trustpilot, Truist has an average 1-star (bad) rating. Most of the complaints point to customer service, but some people are completely dissatisfied with the financial products as well.

Truist business credit card customer service

In general, Wallethub reviewers seem to have similar sentiments about Truist. Most people have complaints about customer service. Some people have said that their experience with Suntrust Bank was better before the 2019 merger.

Truist business credit card customer service number

And, Redditors seem to believe the company is understaffed to handle all of their customers responsibly. However, at least one has reported that they were able to get a Truist Bank business credit card when they were unable to qualify through Suntrust—This tells me the qualifications may be less stringent now.

Truist business credit card phone number

Despite their 1-star rating with the Better Business Bureau (BBB), Truist Bank maintains an A+ rating on the platform. And, they’ve been BBB accredited for nearly 60 years.

Now, in response to all of the negative reviews, I’ve only heard good things from my Business Credit Workshop students.

Finally, as far as legal problems, the bank isn’t squeaky clean—Truist Financial Corp. recently settled a case for $6.3 million, concerning allegations of unjustly reducing interest rates on high-yield money market accounts opened by customers 30+ years ago.

With all of this, it’s not easy to make a recommendation for this bank, but some business credit card holders I know have been satisfied.

The 3 Truist Business Credit Cards

Truist Bank business credit card requirements

Now, Truist offers three business credit cards:

Truist Business Cash Rewards Credit Card
Truist Business Travel Rewards Credit Card
Truist Business Credit Card

Let’s take a closer look at each of them!

1. Truist Business Cash Rewards

Truist Business Cash Rewards Credit Card comes with no annual fee and an introductory APR of 0% on purchases for the first 9 months (which later ranges from 17.49% to 26.49% variable APR).

This card offers cash back rewards, including:

3% on gas
2% at restaurants and office supply stores (up to $2,000 in combined spend per month)
1% on all other eligible purchases

Additionally, cardholders can earn a Loyalty Cash Bonus of 10%, 25%, or 50% when depositing cash rewards into an eligible Truist business checking, savings, or money market account.

This card is ideal for businesses that spend a significant amount of time on the road entertaining clients or making everyday business purchases. It could provide cash back rewards on common business expenses like gas and dining.

You might also like: 7 Best Cash Back Corporate Credit Cards to Explore

2. Truist Business Travel Rewards

The Truist Business Travel Rewards Credit Card comes with an annual fee of $49, waived for the first year. The APR ranges from 17.49% to 26.49% variable on purchases and balance transfers.

It offers rewards of:

2 miles per dollar spent on airfare, hotels, and car rentals
1 mile per dollar spent on all other eligible purchases

Cardholders can also earn a Loyalty Travel Bonus of 10%, 25%, or 50% when redeeming miles for travel with a Truist business checking, savings, or money market account.

This card is tailored for businesses with frequent fliers or international travelers. It allows you to earn rewards specifically for travel expenses such as flights, accommodations, and rental cars.

You might also like: What are the Best Business Credit Cards for Travel?

3. Truist Business

The Truist Business Credit Card has no annual fee and an introductory APR of 0% on purchases for the first 12 months (which later ranges from 15.49% to 24.49% variable APR).

Unlike the other cards, it does not offer any loyalty bonuses.

This card is suitable for businesses with low monthly expenses or those who typically carry a balance on their credit cards, offering an introductory 0% APR period and no annual fee.

You might also like: What is the Best Bank of America Business Credit Card for Your Needs?

More Truist Small Business Products

The monthly spending limit on cash back for restaurant and office supply spending on Truist’s Business Cash Rewards Card caught my attention—Once you reach the $2,000 combined limit on purchases within the two main cash back categories, things start to decline.

However, if you’re a Truist business banking customer and meet the requirements for the Loyalty Cash Bonus booster, it could improve your situation. So, you might want to know that, in addition to their business credit cards, Truist also offers a suite of financial services.

With Truist, you can access various business banking solutions like:

Checking accounts (including Simple Checking, Dynamic Checking, and Community Checking)
Savings options (including Simple Business Savings, Business Money Market, and Business CDs)
Online banking
Payroll management
Merchant services
Small business loans (including Simple Business Loan, Auto Loan, Equipment Loan, Real Estate Loan, and Line of Credit)
Employee benefits
Insurance options
A resource center featuring a blog and webinars

Plus, their mobile app is highly rated on the Google Play store and the iOS app store—this might be the highlight of their offer, and it’s worth looking into.

So, if you’re feeling like this might be a good place to seek credit cards, consider Truist’s other banking and business resources.

You might also like: Novo Bank Review: First-Rate Small Business Banking or Scam?

Frequently Asked Questions

Can I get a business credit card using my EIN number?

Yes, you can apply for a business credit card using your Employer Identification Number (EIN). Truist and many other banks allow businesses to apply for credit cards using their EIN rather than their personal Social Security number.

Do I need a business credit card for an LLC?

While not mandatory, having a business credit card for your LLC can help separate your personal and business finances, track expenses, and build credit for your business.

What credit score do you need for a Truist credit card?

Truist does not publicly disclose specific credit score requirements for their credit cards. However, generally, a good to excellent credit score is typically needed to qualify for a Truist credit card.

Does Truist business credit card report to personal credit?

Truist business credit cards may report to personal credit bureaus, depending on the card and your usage. They will typically report activity to both business and personal credit bureaus

What is the minimum credit limit for Truist?

Truist does not specify a minimum credit limit publicly. Credit limits are determined based on various factors including creditworthiness, income, and other financial considerations.

Conclusion

Truist Business Credit Cards offer diverse options tailored to small businesses’ needs. With features like cash back rewards, travel rewards, and no annual fees on select cards, Truist aims to provide valuable solutions for businesses of all sizes. In general, existing Truist customers tend to send more warnings than inviting recommendations—this says a lot.

My students like the card and I haven’t heard any complaints from them.

However, you should carefully consider your specific business needs and financial situation before applying. While Truist does not publicly disclose specific credit score requirements or minimum credit limits, having a good to excellent credit score is generally advisable for approval.

Keep in mind, Truist business credit cards may impact your personal credit score as they may report to personal credit bureaus.

Overall, Truist offers a comprehensive suite of financial products and services beyond credit cards, including checking and savings accounts, online banking, small business loans, and more. Whether Truist is the right fit for your business ultimately depends on your individual needs and preferences.

Do you want to learn how to get up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Plastiq Review: Can Plastiq Really Simplify Your Finances?

By Joe Lawrence

As you juggle numerous responsibilities, managing finances and making payments can often feel like a tightrope walk. This is where Plastiq comes into the picture. Plastiq is a platform offering financial services that promises to simplify bill payments and streamline financial transactions for both individuals and businesses.

In this Plastiq review, we will delve into the platform’s benefits, features, and more to help you decide whether it is worth considering or if you should explore other options. Let’s begin!

What is Plastiq?
Who Can Use Plastiq?
Features and Benefits of Using Plastiq
How Much Does Plastiq Cost?
Privacy and Security Concerns
Some Limitations and Other Considerations to Be Aware Of
Verdict

What is Plastiq?

Plastiq aims to streamline cash flow management for businesses (and individuals) by providing instant access to working capital. Utilizing the platform enables you to make payments with credit cards, even if the merchant or supplier doesn’t accept cards. This flexibility allows you to cover a variety of expenses, from rent to taxes, as well as supplier payments, while leveraging existing credit card rewards and favorable payment terms.

To use Plastiq, you’ll need to first sign up and verify your account. Additionally, you’ll need to add a payment method, such as a credit card, bank account, or debit card. Here’s a step-by-step guide to making a payment:

Input the payment details, including the recipient’s information and the amount.

Choose the recipient, who can range from contractors and government agencies to suppliers and landlords. Plastiq accommodates various payment types, including bills, invoices, and other obligations.

Select the payment method, typically a credit card such as Visa, Mastercard, Discover, or American Express—all of which Plastiq accepts. Alternatively, you can use debit cards, checks, or bank transfers.

After choosing the payment method, schedule the payment or set up recurring payments for your bills.

Once confirmed and scheduled, Plastiq will process the payment on your behalf, charging the amount to your credit card and any applicable fees. The payment is then automatically sent to the recipient via their preferred method, such as a physical check, wire transfer, or ACH transfer.

Track your payment status on the platform and access your payment history to maintain organized records of your financial transactions involving Plastiq.

Unlocking working capital while automating your payables operation can help you maintain a healthy cash flow. This saves you valuable time that would otherwise be spent manually entering bills and making individual payments. With Plastiq, you can pay your suppliers promptly using their preferred payment methods while choosing the one that best suits your needs.

Who Can Use Plastiq?

Plastiq can be utilized by a wide range of individuals and businesses, but it is particularly well-suited for the following:

Business Owners: If you operate a business and wish to leverage credit card rewards and benefits for your expenses, Plastiq is an excellent option. You can use it to pay for expenses traditionally not accepted via credit cards, such as utility bills, taxes, and rent.

Real Estate Investors: You can use a business credit card as a down payment to buy real estate by sending the money from your credit card to the title company for the closing. Many readers ask how to pull cash off credit cards and this is one option to do it.

You might also like: The BRRRR Method: A Real Estate Portfolio-Building Blueprint

Individuals: Plastiq is beneficial for individuals managing significant expenses. For example, real estate investors who need to make real estate-related payments can streamline their transactions with Plastiq while earning credit card points.

Small Business Owners and Freelancers: Whether you’re a freelancer or run a small business, maximizing cash flow is essential. Plastiq allows you to extend payment terms using a credit card, freeing up cash for other business needs while covering expenses on credit.

Individuals or Entrepreneurs Seeking to Streamline Payables: Simplifying payable processes is crucial in today’s fast-paced world. Plastiq’s integration with Automatic Data Processing (ADP), a leading provider of payroll and human resource management solutions, enables you to fund your business’s payroll with a credit card. The funds are then automatically processed through ADP’s payroll system, facilitating employee payments.

Merchants and Service Providers: Plastiq Accept, discussed below, allows users to receive credit card payments from customers. This service enhances transaction convenience for buyers and customers who prefer credit card payments.

Plastiq is an excellent option for individuals and businesses seeking to leverage their credit card’s credit line for various types of payments. It facilitates transactions where credit cards are generally not accepted.

Features and Benefits of Using Plastiq

Plastiq has a set of features for facilitating payments and managing cash flow, which include:

Plastiq Pay: Businesses and individuals can use Plastiq Pay to pay via credit cards. You can pay by card, such as your credit card, allowing you to fund payments automatically. These payments can be anything from vendor payments to payroll. This feature is particularly useful if you run a business and are looking to leverage credit card rewards. You can also use Plastiq Pay to extend your payment terms without needing the recipient to accept credit card payments directly.

Plastiq Accept: If you need to accept payments, Plastiq also has this feature for receiving payments from customers wanting to pay by credit card. Use Plastiq Accept so you can streamline the receivables process of your business. Accept is great for landlords, contractors, and other merchants or small businesses that do not usually take credit cards as a payment method.

If you wish to use both Pay and Accept, you can get more with Plastiq Connect, which is more comprehensive than the two products mentioned. There are also Pro and Enterprise plans, which you may be interested in, as they can benefit your business transactions. For a monthly fee, you can sync up your accounting software and make payments even more straightforward with scheduled bulk payments.

Plastiq offers plenty of benefits to its users, including payment flexibility. Users can pay bills and expenses with credit cards, manage their cash flow, and even leverage credit card perks, benefits, and rewards.

Plastiq also gives you more payment options in transactions where you typically cannot pay with a credit card. You can use Plastiq to pay for the following expenses:

Bills and utilities, such as gas, water, electricity, Internet, and phone
Rent
Mortgage
Tuition
Taxes, such as income taxes and property taxes
Government fees
Suppliers, vendors, contractors, and service providers
Subscription services, including subscriptions to streaming platforms, software, and gym membership
Business expenses, such as office supply and equipment purchases, as well as advertising and travel costs

Plastiq is not only for businesses but also for personal expenses. You can use it to pay for groceries, entertainment, charitable donations, and shopping.

paying vendors and credit cards with plastiq

Here is another reason why you will like Plastiq. Plastiq’s platform is easy to use and understand, even if you are a new user. The interface is uncomplicated, so you can complete the payment process in just a few minutes by providing the payment details and the merchant’s choice method.

One more benefit is that Plastiq prioritizes the security of the users. The platform has robust encryption and other security measures. That is to ensure your personal and financial data stays protected in every transaction. We talk more about this subject later in the article.

If you have a small business, you will surely benefit from Plastiq’s short-term financing offers, which typically come with extended payment terms. You can immediately get funding for lines up to $100,000, which you can pay for up to 90 days. If you are qualified and accept the additional review Plastiq requires for loans, you may be able to borrow more, even up to $750,000.

How Much Does Plastiq Cost?

Unfortunately, Plastiq is not free, but there is a free trial for the first 60 days when you sign up for either Pay or Accept. But free does not mean completely free because charges apply for all transactions done via Plastiq. You will have to pay a convenience fee, which depends on various factors, including the payment amount, recipient, and method. Don’t worry; you will know how much the fees will be before you complete a payment transaction. That way, you can cancel the payment if you are unhappy with the additional charge.

Plastiq’s pricing model, as mentioned, is based on a per-transaction fee. Let us break it down:

Plastiq Pay: Unlike some competitors, this service starts at a $0 one-time purchase, meaning you do not have to pay to subscribe. However, you will incur transaction fees every time you use your credit card to pay an expense or bill.

Plastiq Accept: There is also no subscription cost for the Accept service, but transaction fees apply whenever you use Plastiq to accept payments.

The transaction fee is typically a percentage of the total payment amount, although it can vary based on the payment method and recipient. You can expect to pay anywhere from 1.5% to 2.85% of the amount you paid the merchant.

Other fees you should know about include:

Credit Card Processing Fee: You have other payment options with Plastiq aside from credit cards. However, if you choose credit, the platform may charge an additional processing fee, which your credit card network or processor charges you. Note that this is separate from the transaction fee imposed by Plastiq. The processing fee depends on your credit card and may range from two to three percent of the payment amount, but typically around 2.90%

Domestic Wire Transfers: Sending money to anywhere in the US costs $5 to $8.99.

Currency Conversion Fee: If you plan to pay in another currency, you must be aware that you could be charged a conversion fee. Once again, this fee is based on the percentage of the amount of payment you need to make, covering the cost of converting your transaction into another currency. Expect to be charged anywhere from one to three percent of the payment amount for this fee, or $39, whichever is higher.

Late Payment Fee: Plastiq may charge you a late payment fee, which is generally assessed if the payment is not processed on time or if you fail to pay by the scheduled payment date. Not only that, you also ding your credit score. The good news is that Plastiq offers earning Fee-Free Dollars (FFDs), which are usable for making payments without extra fees. FFDs can be earned through referrals or promotions. However, you must use them right away as they expire after 90 days. You can prevent the expiration by simply earning more, so be sure to keep an eye on the expiration date.

Refund Fee: If you request a refund, you may be charged a refund fee. This fee may be deducted directly from the refunded amount, covering the cost of the transaction automatically.

Short-Term Financing: If you borrow quick funds from Plastiq, you will need to pay 2.75% up to 10.65% on top of the amount you borrowed. The great thing about this offer is that you can choose terms from 30, 60, to 90 days.

Be on the lookout for discounts and promotions, which may appear from time to time. These offers, which are advertised on Plastiq’s website or through promotional emails, can reduce or even waive transaction fees for specific payment types. Make sure to read the terms and conditions before participating.

ACH bank transfers, electronic funds transfers, and BillPay are provided for just 99 cents. Mailed checks cost about $1.49.

Privacy and Security Concerns

As a user relying on Plastiq to make or accept payments, you want to ensure the platform is secure. The good news is that Plastiq utilizes advanced encryption technologies to keep financial and personal user information safe during transactions. All transmitted data is encrypted to certify protection against unauthorized access and other potential security threats.

You will also not have any issues with regulatory compliance, as Plastiq meets industry standards and regulatory requirements for data privacy and security, such as the Payment Card Industry Data Security Standard (PCI DSS). The platform undergoes security checks and audits regularly to continue complying with those standards, ensuring the highest level of data protection for users.

Another way that Plastiq addresses common security concerns is that it only partners with trusted payment processors and financial organizations. All payments made through the platform are processed on safe and reliable channels to significantly reduce the risk of fraud. Plastiq also uses robust security measures, which help detect and prevent unauthorized and fraudulent activities.

Additionally, Plastiq has a transparent privacy policy outlining the methods of collecting, using, and storing users’ personal and financial information. This privacy policy provides all details, including data processing, as well as your rights and options.

Finally, the platform employs multi-factor authentication among its many other security measures to verify user identities. You may need to provide additional verification steps, including one-time passcodes sent to your mobile device or email address.

If you have other issues or require assistance, Plastiq offers dedicated customer support for all concerns, including security-related inquiries.

Some Limitations and Other Considerations to Be Aware Of

While you can get rewards when you use your credit card via the Plastiq platform, there are cases where the payment fee, which can be around 2.9%, is higher than any rewards you get.

Sure, you can use Plastiq for various transactions, including those where credit cards are not typically allowed. However, there are also numerous other products that you cannot use the platform for, such as investments and paying for credit card debts. Also, you can only make mortgage payments using a Diners Club Card, Discover, or Mastercard. As of February 2023, you can no longer pay with American Express.

It should also be noted that Plastiq filed for bankruptcy in Delaware in May 2023. The company is still operating normally but is restructuring.

Frequently Asked Questions

What is Plastiq?

Plastiq is an online platform that allows you to pay bills with a credit card.

How does Plastiq work?

Plastiq works by you entering information of legitimate businesses to receive payments from you. Plastiq will then charge your credit card (personal or business) and send a check or ACH directly to the business of your choosing.

How much does Plastiq Charge?

Plastiq charges a fee of 2.9% plus a small delivery fee. They have monthly plans ranging from free to $119/mo.

What is Plastiq used for?

You can use plastiq to pay bills (using your credit card) from vendors that do not normally accept credit cards.

Verdict

Plastiq may be the right option for you. If one or more of the following speak for you, it may be a platform to consider:

You need more time to gather cash but have credit available
You run a small business and are planning to pay vendors with a credit card
You want to accept credit cards for payment

Plastiq may not be worth considering for individuals, especially with the 2.9% credit card payment fee. This is especially true because credit card rewards are lower than the mentioned rate. Therefore, you lose money.

However, if you are a business (or even an individual) who requires assistance in financing a purchase or bill payment, Plastiq can benefit you. Don’t worry about not having immediate cash on hand, as you can get a few weeks to pay off your credit card balance and pay for your purchase with Plastiq.

As a small business owner, you also get several services that you may find interesting and worth exploring. For example, Plastiq Accept and Pay are services where you can accept payments and make payments, respectively. With Accept, customers can pay via credit card without worrying about merchant fees. You can also apply for short-term financing.

All in all, Plastiq is an excellent option for small and medium-sized businesses, thanks to its business-friendly features and services. It does help simplify your finances, from managing to making timely payments you can schedule. However, if you plan to use it as an individual wanting to take advantage of credit card rewards, you may want to look elsewhere.

Did You Know?

There is a little-known-way to get up to $100,000 in business credit cards without showing any financials…You can use this money to pay off debt, do more deals, grow your business or even run ads. Click Here to Download the Free Report and Discover How It’s Done!

6 Best 0% APR Business Credit Cards to Check Out

By Joe

As a business owner, there’s no end to how you can use credit to grow your business. But, one of the downsides to using credit versus cash is the fact that it can cost you. If you fail to pay credit in full each billing cycle, annual percentage rate (APR) interest can add up fast—But, not if the APR is 0%.

0% APR business credit cards can save you a ton of interest, if used responsibly. But, where can you find them? There are needles in a haystack with no interest ever, and others you can leverage at 0% introductory rates. Simply put, here are the top business credit cards with 0% APR that I know of right now.

This is what’s in store:

What is a Good APR for a Business Credit Card?
- Can You Get a Credit Card with 0% APR?
The Best Business Credit Cards With 0% APR
Frequently Asked Questions
Final Thoughts

Now, let’s roll!!

What is a Good APR for a Business Credit Card?

Generally speaking, the lower the APR on a business credit card the better — this is if you plan to carry a balance. The lower the rate, the less you’ll pay. Think of it like this: With credit cards, you’ll be charged interest on any money that you owe at the end of a billing cycle.

So, if you spend $1,000 on your credit card, and you only pay $100 at the end of the month, you will still owe $900 to the card issuer. The issuer will charge interest on that $900. The lower the interest rate/APR the less you will pay.

According to data collected by the Federal Reserve, the average interest rate on credit cards issued by commercial banks was 21.47%, which increases over time – So, anything lower than this might be considered a “good” APR. However, this doesn’t account for cards issued by credit unions nor separate business products from those issued to consumers.

Keep in mind, if you pay the balance on your business cards in full each month, you won’t have to worry about APR.

You might also like: 3 Best Credit Unions for Small Business Banking in 2024

Can You Get a Credit Card with 0% APR?

You can absolutely get a credit card with no annual interest rate—Both 0% APR business credit cards and 0% APR consumer credit cards can be found on the market.

In most cases, when a business credit card comes with no annual fee, this is an introductory rate…A 0% introductory rate means that you will pay no interest for a specified period, which is usually 6, 12, 18, or 24 months. After this, the interest rate will revert back to its normal rate. At this point, you will be charged the full interest for any balance still owed, no matter when the debt accrued.

Another business financial product that people sometimes refer to as a business credit card is a corporate card. Many corporate cards come with 0% APR, and several even offer cash back on purchases. However, a corporate card is not technically a business credit card.

You might also like: Corporate vs Business Credit Card: What’s the Difference?

The Best Business Credit Cards With 0% APR

Let’s take a look at the top business credit cards you can get today with 0% APR.

Note: Credit cards rates can vary – always check with the card issuer before you apply.

You might also like: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth

1. PNC Cash Rewards Visa Signature Business

0 apr business credit cards no annual fee

The PNC Cash Rewards Visa Signature Business Credit Card offers a $400 bonus when you open a new account and make at least $3,000 in qualifying purchases within the first three billing cycles—It also features an introductory 0% APR for the first 9 billing cycles (9 months), with a variable APR of 19.24% to 27.24% afterward.

With this card, you earn 1.5% cash back on net purchases, with no limits on your earning potential. You can easily manage your account online with various tools provided. Additionally, as a Visa Signature cardholder, you’ll enjoy travel benefits and purchase protection.

There’s no annual fee, and for balance transfers, you’ll pay either $5 or 3% of the transfer amount, whichever is greater. Cash advance fees are either $10 or 4% of the advance amount, with a maximum fee of $75. Late payment and over-the-credit-limit fees may apply.

A noteworthy perk: if you have a PNC business checking account, using this credit card could help offset your monthly maintenance fee.

2. U.S. Bank Business Platinum Card

The U.S. Bank Business Platinum Card offers a 0% introductory APR on purchases and balance transfers for 18 billing cycles (a year and a half), making it ideal for managing expenses and consolidating debt. After the introductory period, a variable APR applies.

This card comes with a low annual fee and provides cards for both you and your employees–This U.S. Bank business credit card gives you access to a dedicated domestic servicing center with 24/7 customer support, which ensures assistance whenever you need it.

With Visa Spend Clarity™, you can track spending and manage expenses more effectively. The card has received honors, including being named Best 0% APR Credit Card by WalletHub and Best Business Cash Back Card for Gas by Forbes.

Furthermore, the U.S. Bank Business Platinum Card allows you to pay over time with U.S. Bank ExtendPay® Plan, and new cardmembers can take advantage of a $0 fee offer on ExtendPay Plans opened within the first 60 days after account opening.

You might also like: What are the Best Unsecured Business Credit Cards for Startups?

3. Capital One Spark Business 1.5% Cash Select

The Spark 1.5% Cash Select credit card from Capital One is tailored for businesses with good credit. It offers unlimited 1.5% cash back on all purchases, with no category restrictions, and an additional unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.

There’s a $0 annual fee, and for the first 12 months, there’s a 0% introductory APR, followed by a variable APR ranging from 21.24% to 29.24%, based on your creditworthiness.

The card provides benefits like:

Automatic payments
$0 fraud liability
Year-end summaries for simplified budgeting and tax preparation
Account managers for assistance with purchases and payments
Purchase record downloads in various formats
Virtual card numbers for enhanced online security

The application process takes about 10 minutes, and decisions are typically made in seconds.

To apply, you’ll need to provide information about all business owners, including legal names, addresses, and Social Security Numbers, as well as details about your business, such as its legal name, address, and tax identification number (EIN).

You might also like: What are the Best Business Credit Cards for Travel?

4. BofA Business Unlimited Cash Rewards

The BofA Business Unlimited Cash Rewards credit card by Bank of America offers a $300 online statement credit bonus after spending at least $3,000 within the first 90 days of opening an account. It allows you to earn unlimited 1.5% cash back on all purchases, with no annual cap and no expiration on rewards.

Moreover, if you have a Bank of America business checking account and qualify for the Preferred Rewards for Business Platinum Honors tier, you can earn up to 75% more cash back, up to an unlimited 2.62% cash back on purchases.

This card features flexible redemption options, including depositing cash rewards into your Bank of America checking or savings account, receiving a statement credit, or getting a check mailed to you.

There’s no annual fee, and it offers a 0% introductory APR on purchases for the first 9 billing cycles, followed by a variable APR ranging from 18.49% to 28.49%—The card provides various features to manage cash flow, online and mobile access for account management, travel and emergency services including travel accident insurance, free access to business credit scores, security measures such as zero liability protection and fraud monitoring.

Notable: It also offers Balance Connect® for overdraft protection when linked to a Bank of America business checking account.

5. Chase Ink Business Unlimited

The Ink Business Unlimited® Credit Card from Chase offers a substantial new cardmember bonus of $750 cash back after spending $6,000 on purchases within the first 3 months of opening an account. With no annual fee, this Chase business credit business card allows you to earn unlimited 1.5% cash back on every purchase made for your business.

For the first 12 months from account opening, there’s a 0% introductory APR on purchases, which then transitions to a variable APR of 18.49%–24.49%. You can redeem your rewards on this card for cash back, gift cards, travel, and more through Chase Ultimate Rewards®.

Employee cards come at no additional cost and allow you to set individual spending limits while helping you earn rewards faster. Additionally, until March 2025, you can earn a total of 5% cash back on Lyft rides with your Chase Ink Unlimited card, which includes an extra 3.5% on top of the 1.5% you already earn on travel.

Chase also offers referral incentives for existing cardholders, allowing them to earn up to 200,000 points per year by referring businesses for any Chase Ink® Credit Card.

You might also like: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis

6. Amex Amazon Business Prime

The Amazon Business Prime Card, offered by American Express, comes with a $0 annual fee and offers a $125 Amazon.com Gift Card upon approval. It features a variable APR ranging from 19.49% to 27.49% on purchases, based on creditworthiness.

This card rewards your business with:

5% cash back or 90-day terms on select U.S. purchases at Amazon Business, AWS, Amazon.com, and Whole Foods Market, with a cap of $120,000 in purchases each calendar year with eligible Prime Membership, and 1% back thereafter.
2% cash back on U.S. purchases at restaurants, gas stations, and wireless phone services purchased directly from service providers.
1% cash back on all other eligible purchases.

Additional benefits include Amazon Business Enhanced Data Views for detailed expense tracking, Amazon Shop with Points for flexible reward redemption, and no foreign transaction fees.

You can manage expenses efficiently with features like Account Manager, Employee Cards with spending limits, and integration with QuickBooks® for auto-expense categorization – Moreover, cardholders receive baggage insurance, car rental loss and damage insurance, extended warranty protection, purchase protection, and access to Amex Offers for additional rewards.

Frequently Asked Questions

What credit score do you need for 0% APR?

Typically, you need a good to excellent credit score (usually 670 or higher) to qualify for a 0% APR offer on a credit card. Each card issuer has their own underwriting and qualification terms.

Why 0% APR offers might not be good for your credit?

0% APR offers can impact credit negatively if not managed properly. They may encourage overspending, leading to higher debt levels. Additionally, opening new credit accounts can temporarily lower your credit score due to inquiries and reduced average account age.

Is 23% APR high for a credit card?

Yes, a 23% APR is slightly above the average for credit card APRs, which was around 21.47% according to Federal Reserve data.

Is 29% APR high?

Yes, a 29% APR is significantly higher than the average credit card APR, indicating high-risk lending.

Final Thoughts

Leveraging 0% APR business credit cards can be a savvy financial move for entrepreneurs – It provides a valuable opportunity to manage expenses without accruing interest. With a clear understanding of what constitutes a good APR for a business credit card, the availability of 0% APR cards, and the top options currently on the market, you’re better equipped to make informed decisions tailored to your business needs.

Remember to consider factors like introductory periods, ongoing APR rates, and additional perks and benefits when selecting the right card for your business. With careful management and responsible use, these cards can serve as valuable tools for financial flexibility and growth.

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!

« Previous Page