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.

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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.

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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.

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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.

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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.

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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.”

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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 rat