financial service review

Complete Ally Financial Review: No PG, No Credit Check Vehicle Loans +More

Key Takeaways

Ally Financial is a digital financial services company.
It offers banking, investment, and auto financing products.
Some customers report poor customer service on online review websites, and the company faces class-action lawsuits over data breaches and loan practices.
Ally offers no-personal-guarantee (no-PG) business vehicle loans that focus on business credit, not personal credit.
Their business vehicle loans have flexible terms and protect personal assets.

You can find a ton of Ally Financial reviews online. While their affiliates tend to talk them up, some of their customers are less impressed. So, what’s Ally Financial really all about?

Here, I’ll answer that and more. Let’s look at what Ally Financial offers, learn about the company, and get to know their no-credit check and no-PG business vehicle loans (which I love).

This is what’s in store:

What is Ally Financial?
- What is Ally Financial Known for?
- Company Overview
Ally Financial No PG Business Vehicle Loans Summary
Frequently Asked Questions
Conclusion: Is Ally Financial Any Good?

So, let’s dive in!

What is Ally Financial?

Ally Financial is a leading digital financial services company that offers a variety of banking and investment products.

Its core services include:

Ally Bank provides deposit products like savings and checking accounts, CDs, and money market accounts. It also offers mortgages and credit services.
Ally Invest allows users to manage investments with self-directed trading, robo portfolios, and personalized advice.
Ally Home offers home purchase and refinancing options.
Ally Auto provides auto financing, a key part of their offer.

They emphasize customer care and transparency, with “no hidden fees” (according to themselves) on many of their products.

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

What is Ally Financial Known for?

Ally is known for being one of the first banks to eliminate overdraft fees and to make banking more accessible and customer-friendly. In the corporate world, they’re known for their no-PG business auto loans.

And, there are a few key aspects of their overall offer that people tend to love:

As a fully online bank, Ally offers a wide range of services without physical branches.
Ally is a major player in consumer and business auto loans and financing.
In addition to banking, Ally offers investment options, home loans, and insurance products.

As a one-stop-shop for personal finance, these factors tend to set Ally apart.

You might also like: Business Credit Cards without Personal Guarantee

Company Overview

A Detroit, Michigan-based company, allegedly launched in 1919, Ally Corporate Finance, aka Ally Financial, aka Ally CF, is listed on Crunchbase as an “automotive financial services company powered by a top direct banking franchise.” Both Ally Financial and Ally Financial Inc. were registered as entities in the state of Michigan in May, 2010, which seems to be when the trade name was changed from GMAC Inc.

However, GMAC Inc. was first registered in July, 2009. So, the 1919 founding date must be based on the fact that they’re a subsidiary of General Motors (founded in 1908).

Ally Financila Inc Delaware Company 2009

Still, the company appears to be in good standing, and its most recent annual report was filed in 2024.

Out of 762 Trustpilot reviews, Ally’s Trustscore™ is a low 1.2-stars. A lot of customers warn of poor, outsourced customer service, but some praise the banking. With an online-only bank, customer service shortcomings are almost expected. But, these are pretty poor.

With the Better Business Bureau (BBB), their reviews aren’t so promising either—Ally has a C- BBB rating with 1.06 out of 5 stars, and 1,260 complaints closed in the past 12 months,

While the BBB lists them as being in business for 40 years, this doesn’t match up with the 1919 nor the 2009 founding dates that I found.

Moreover, the reason their BBB rating is low and they aren’t accredited isn’t because they failed to sign up to become accredited. Instead, they’ve been slacking and can’t be accredited because of failure to respond to four complaints and having left eight complaints unresolved.

To make sure we’re being completely fair, it’s important to note that most financial service companies have a hard time maintaining positive reviews. And, an unsatisfied customer is way more likely to put in the effort to leave a review than someone who is satisfied.

So, I did a quick search to see if they had any open or past lawsuits, hoping to come up empty-handed. Sadly, that’s not the case.

Ally Financial is facing multiple class-action lawsuits, including:

Allegations of failing to protect customer data during a breach.
Accusations of discrimination related to its DEI policies.
Private lawsuits over improper collection practices during loan repossession.

With a quick Google search, you can find more information about some of the legal complaints against the company. With that said, I know several people, with vehicle loans through the platform, who are having no problems whatsoever.

In sum, Ally Financial has a mixed reputation. It faces low customer ratings on Trustpilot and the BBB, along with class-action lawsuits over data breaches, discrimination, and loan collection practices. But, some customers still report positive experiences.

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

Ally Financial No PG Business Vehicle Loans Summary

One of my favorite offers from Ally is their business vehicle loans–They’re one of the select few lenders I know of to offer business vehicle loans that don’t require a personal guarantee (no-PG) and no credit check.

Learn more about the option to get vehicle loans in your business name through Ally!

1. Approval Based on Business Credit

Ally’s no-PG business auto loans evaluate your business’s credit history rather than your personal credit. This process focuses on your company’s financial health, allowing you to keep your personal credit separate from your business.

You might also like: This is How to Leverage Business Credit to Transform Your Life

2. Ideal for Fleet Management

These loans are perfect for businesses needing multiple vehicles. Whether you need cars, trucks, or specialized vehicles, Ally provides flexible solutions tailored to your growing fleet.

3. Flexible Loan Terms

Ally offers various loan terms, usually ranging from 36 to 84 months. You can choose short-term or long-term financing to manage payments according to your cash flow and operational demands.

You might also like: A Full OnDeck Review: All You Need to Know About This Business Funding Offer

4. Competitive Interest Rates

With no personal guarantee required, business owners can protect their personal assets. This makes no-PG business auto loans a smart choice for companies looking to expand while minimizing personal financial risk.

5. Personal Asset Protection

6. Additional Costs to Consider

Buyers should be aware of potential costs, such as down payments, registration fees, and any modifications needed for the vehicles. Understanding these costs upfront can help you budget effectively.

7. Application Process

To start the financing process, you can download the commercial line of credit application from Ally’s website. It’s a straightforward process that allows you to get started quickly.

8. Work With a Local Dealer

Interested buyers should find a local dealer to learn more about eligibility, specific rates, and additional financing options available through Ally. To find dealers in your area that work with Ally Financial, see their dealer locator.

Frequently Asked Questions

What bank owns Ally Financial?

Ally Financial is an independent financial services company and does not have a parent bank. It was formerly known as GMAC Inc., a subsidiary of General Motors.

Is Ally Bank FDIC insured?

Yes, Ally Bank is FDIC insured. This means that deposits are protected up to the legal limit, which is currently $250,000 per depositor, per insured bank.

Is Ally Bank 100% safe?

While Ally Bank is FDIC insured, no bank can guarantee 100% safety. However, it is considered a reputable institution with security measures in place to protect customer information and funds.

What credit score is needed for Ally Financial?

Ally Financial typically requires a credit score of 620 or higher for its auto loans, but specific requirements may vary based on the type of loan and other factors. It’s best to check directly with Ally for the most accurate information.

Conclusion: Is Ally Financial Any Good?

So, can Ally be trusted? Well, they present some appealing options, especially with their no-PG business vehicle loans—These loans allow business owners to secure financing without risking personal assets.

However, the company faces significant criticism regarding customer service and transparency, as shown by their low ratings on Trustpilot and with the BBB.

While many customers do report positive experiences, the ongoing legal issues and mixed reviews warrant some level of caution. If you’re considering Ally Financial, weigh the benefits against the potential drawbacks. Conduct your own research and explore other financing options to be sure you make the best choice for your needs.

If you’re interested in applying for Ally’s no PG business vehicle loan, watch my recent video:

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

NAMYNOT Net 30: Marketing Services That Build Business Credit

By Joe

If you want a way to improve your business’s cash flow while better marketing your business, NAMYNOT’s Net 30 account could be what you need—This option lets you defer payments for up to 30 days, providing more financial flexibility.

Curious about how their Net 30 terms work and how they might benefit your business? Keep reading to find out everything you need to know.

This is what’s in store:

What is NAMYNOT?
- Company Overview
What is a Net 30 Account?
NAMYNOT Net 30 Features & Benefits
How to Qualify for NAMYNOT Net 30
Final Thoughts

Now, let’s roll!

What is NAMYNOT?

NAMYNOT, aka “nmi,” offers businesses a range of marketing services to support growth and visibility. According to their own marketing message, they focus on clear communication and create strategies that fit each client’s specific needs. Whether you want to strengthen your online presence or reach new customers, NAMYNOT can help with practical marketing solutions.

Here’s a quick look at what they offer:

Organic lead generation with content marketing.
Email marketing campaigns.
Custom marketing strategies, both online and offline.
Professional website design and maintenance.
Ad management.

With experience across various industries, NAMYNOT works with businesses of all sizes—They provide straightforward, adaptable solutions that can help your business move toward their goals.

And, they offer business bureau reporting, which means that you may be able to have your payments reported to help you establish or improve business credit.

You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors]

Company Overview

namynot inc. 159 n sangamon st pmb 2726, chicago, il 60607, états-unis

NAMYNOT Inc. is a Chicago-based web services company that was allegedly founded in 1999 (according to Crunchbase) or 2000 (according to LinkedIn) by Antonio Wells. The company is active and in good standing in the state of Illinois, but their incorporation date was in 2021.

Now, I did find namynot.com in the Wayback machine as early as 2002, which indicates that the company was probably in operation before that time. Based on the homepage screenshot saved over 20 years ago, the brand’s design trends were quite different at that time, with a focus on flash animation web design.

For fun, I popped in to see what NAMYNOT’s website looked like in 2010, and there had been quite an improvement.

Since the company’s launch, Wells has worn many hats. From 2017 to present, he’s been the Managing Director at Celebrity Myxer. From 2015 through 2017, he served as the Senior Manager of Web and Content at BlueStacks, and he was the Founder & Chief Editor at AndroidTapp for over seven years. It seems he’s an experienced entrepreneur with a focus on marketing. And, NAMYNOT is his longest-standing venture.

While I didn’t see any past or open lawsuits against the company, the Better Business Bureau (BBB) warns that they misused the BBB brand logo in that they are not accredited with the BBB. Still, they maintain 5-star reviews on the platform.

While I didn’t spend too much time searching for business aliases, I did not see NAMYNOT or nmi listed Trustpilot or Reddit. With a marketing service, this isn’t super alarming, but made me wonder if Wells had been freelancing through another platform to build clientele.

I did find wells on Upwork with 100% job success and great client reviews as far back as 2019. Clients consistently commend Antonio Wells for his SEO expertise, thorough research, and ability to create high-quality content that drives lasting results.

Upwork clients also value his professionalism, clear communication, and strategic insights, often noting how his work positively impacted their businesses. Many clients say that they plan to rehire him, describing him as reliable, knowledgeable, and easy to work with.

So, despite some ambiguity around its founding date and lack of BBB accreditation, the brand maintains a strong reputation. With consistent positive feedback and a focus on marketing, NAMYNOT has quietly built trust and credibility over the years. In short, they’re likely legit.

You might also like: How Can Crown Office Supplies Help You Build Business Credit?

What is a Net 30 Account?

A net 30 account is a type of credit account that gives you 30 days to pay off a purchase after receiving an invoice. It’s pretty common in business-to-business transactions.

For example, if a company buys supplies from a vendor with net 30 terms, they don’t have to pay upfront—they’ll get an invoice and have 30 days to settle it. It helps businesses manage cash flow by giving them more time to pay for goods or services while still keeping operations running smoothly.

And, many contemporary net 30 vendors offer payment reporting to business credit bureaus.

NAMYNOT Net 30 Features & Benefits

Again, NAMYNOT has a net 30 offer that’s worth a look. Here, explore the features and benefits of being approved for their net 30 terms.

1. Pay Later

With NAMYNOT’s net 30 business line of credit, you have the flexibility to purchase digital marketing services now and defer payment for up to 30 days—This means you can invest in essential services, like a website redesign or social media advertising, without immediate financial strain.

For example, if you need to launch a marketing campaign to promote a new product but are short on cash this month, you can use the net 30 option. You can focus on growing your business while managing your cash flow more effectively.

2. Build Business Credit

Timely payments on your Net 30 account contribute positively to your business credit profile. When you pay your invoices on time, your payment history is reported to Dun & Bradstreet (the leading business credit bureau).

This can improve your creditworthiness and open doors to better financing options in the future. As a business owner, you might become able to secure a higher credit line or more favorable loan terms, which makes it easier to fund your growth ambitions.

3. No Personal Guarantee Required

One of the significant advantages of our Net 30 account is that it does not require a personal guarantee or a credit check. This feature protects your personal credit score and separates your business finances from your personal finances.

For instance, if your business faces a financial hiccup, your personal assets remain safe. This can give you peace of mind as you focus on running and scaling your business.

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

4. Up to $10K Credit Line

You can qualify for a credit line of up to $10,000, giving you ample resources to invest in your business. Whether you want to launch a new marketing initiative, hire freelance talent for a project, or upgrade your office equipment, a credit line can give you the flexibility you need.

Imagine having the capital to execute a comprehensive digital marketing strategy without immediate cash outflow—this could significantly boost your business visibility and sales.

You might also like: What is the Best Credit Card for Ad Spend? Expert Insights

5. Easy Application Process

Applying for a Net 30 account is straightforward and free of charge. This means you can get access to critical funding without the burden of complicated applications or hidden fees. The streamlined process allows you to focus on what matters most—growing your business.

Once your application is approved, you can start using your credit line almost immediately, which enables you to act quickly on new business marketing opportunities.

You might also like: Free, Printable Business Credit Application Template (+How to Use it)

How to Qualify for NAMYNOT Net 30

To qualify for a NAMYNOT net 30 account, make you meet the following requirements:

You own a profitable, U.S.-based business.
Your business is active and was registered at least 90 days ago.
You want to take advantage of NAMYNOT’s services.
You own at least 25% of the business.
Your business has an EIN and a DUNS Number.
No past, negative payment history has been reported about your business.
You have a professional website.

If you run a profitable business, have the title of Authorized Officer, and meet all the above requirements, you can confidently apply for a NAMYNOT Net 30 account.

Note: If you don’t yet have a professional website, NAMYNOT might be able to help.

You might also like: The CEO Creative Net 30 Review: Is it Worth Your Time?

Final Thoughts

NAMYNOT offers marketing services alongside a net 30 payment option, which can help you manage cash flow while investing in your business. Whether you need digital marketing, a website redesign, or want to build your business credit, their flexible terms can help without the pressure of upfront payments.

With an easy application process, no personal guarantee, and credit lines up to $10K, NAMYNOT’s Net 30 option could be a practical choice if you’re looking to expand your marketing efforts. What do you think?

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

FairFigure Review: Is it Really That Easy to Build Business Credit?

By Joe

I first discovered FairFigure when writing up my most recent post, a comprehensive Fidextech review. I found it so interesting that I put it at the top of the list to research next. Now, here’s everything I know.

Let’s take a look at what FairFigure is, see an overview of company leadership, and explore the features of the card in detail.

This is what’s in store:

What is FairFigure?
- Company Overview
FairFigure Capital Card Features
FairFigure Partnership Opportunity
Conclusion: Is FairFigure Legit?

Now, let’s roll!

What is FairFigure?

FairFigure is a platform designed to help small business owners build, monitor, and improve your business credit. They offer a service that allows you to track both your business and consumer credit scores in real time. It includes features like a Business Credit Correct tool that helps identify and fix incorrect information.

FairFigure also offers the FairFigure Business Capital Card, which you can use to get funding without personal credit checks or personal guarantees.

Key features include:

Business and consumer credit monitoring.
FairFigure Capital Card that helps build credit while providing same-day funding.
Payment reporting to commercial credit bureaus.
Identity Theft Protection and Darknet Scanner to help secure your company.

With FairFigure, there are no personal credit checks for funding or credit applications, since they rely on business EINs instead. The company positions itself as a tool to help businesses grow by helping them improve credit scores and secure better funding options.

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

Company Overview

FairFigure Capital LLC is a Fort Lauderdale-based company that was founded in 2021 by Dana Angelino. Angelino happens to own and co-own several other companies, including numerous net 30 offers that help people build business credit.

His other businesses include:

Crown Office Supplies
Shirtsy
Signsy
Greentees
Coconut Bikinis
A few others

So, FairFigure’s founder is as informed as anyone could be about the business credit building market and net 30 offers. Other than a bank executive, I can’t think of a better background for a business credit builder company leader.

While FairFigure is not Better Business Bureau-accredited, they have an A- rating on the platform, with minimal complaints and a handful of positive reviews from satisfied users.

I didn’t find any FairFigure reviews on Trustpilot, mentions on Reddit, or staff reviews on Glassdoor. Most of the reviews I did find appeared to be affiliate reviews, so I assume they were somewhat biased.

Without ever having applied for the card myself, I can only say that, if I were a betting man, I would wager that the company is trustworthy based on what I know about its leadership.

With that said, I did notice something about the offer that is quite misleading. FairFigure claims to offer cashback on card purchases.

However, while I was searching for the cashback amount, I came across a blog post on the official website that states: “Instead of cash back, [the FairFigure Capital Card] benefits primarily revolve around your credit.”

I’m not a fan of deceptive messaging or brands with a lack of transparency, so this doesn’t sit so well with me. But, even without cashback, the offer is worth taking a look at.

You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors]

FairFigure Capital Card Features

The FairFigure Capital Card is a “no PG” (no personal guarantee) business credit builder card. It lets you apply using your company’s EIN, which allows you to build business credit without personal credit checks or guarantees.

The card offers:

Flexible four or eight week repayment terms.
Credit monitoring tools.
Identity theft protection.
Reporting to commercial credit bureaus.

Moreover, it provides funding based on business revenue and reports payments to key business credit bureaus, which helps boost your credit score. Ultimately, it’s designed to separate personal and business finances, which makes it practical for small businesses that want to build credit and access funding.

Note, funds must be repaid in full within the payback terms you choose—It’s more like a corporate card, not a credit card.

1. No Personal Guarantee

You don’t have to worry about personal credit checks or guarantees when you apply for the FairFigure Card—This keeps your personal and business finances separate, which reduces the risk to your personal credit score and assets.

No PG business credit offers are perfect for businesses that want to build credit solely through their EIN.

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

2. Adjustable Spending Limits

Your spending limit with FairFigure is based on your business revenue. For example, if your business meets the qualifications, you could start with a $1,000 limit. As your revenue grows, so does your spending power.

So, if your business brings in $10K in monthly revenue, you might qualify for an $8K limit. The scalability allows you to extent your purchasing power as your business expands and gives you access to more capital when needed.

3. Net 30 or Net 60 Repayment Terms

Net 30 or net 60 terms refer to how much time you have to pay back what you’ve borrowed. With FairFigure’s card, you can choose either 30 or 60 days to pay your balance in full.

If you choose net 30, you’ll need to pay off your card in full within 30 days of making a purchase. And, if you choose net 60, you have 60 days.

4. Personal and Business Credit Monitoring

For $30 per month, FairFigure offers business credit monitoring that helps you track your financial health.

FairFigure monitors business credit scores from:

Fundex
CreditSafe
Equifax

And, provides consumer credit monitoring from:

Equifax
Transunion
Experian

This service not only keeps you updated on your credit scores but also reports your $30 monthly subscription as a separate vendor tradeline.

So, paying for the monitoring service helps build your credit faster by adding an extra positive payment to your business credit report.

5. Identity Theft Protection

With the $30 credit monitoring subscription, FairFigure includes $1 million in identity theft protection to safeguard your business. You’ll also benefit from a Darknet scanner that alerts you if your business’s sensitive information is exposed.

With this added security, you can focus on growing your business without the worry of identity theft.

6. Reporting to Business Credit Bureaus

According to FairFigure’s official website, they report data to:

Equifax Commercial
CreditSafe USA
SBFE
Their own Foundation Report

So, you can get your credit monitoring and FairFigure card payments reported to these bureaus.

However, there is no current indication that FairFigure reports to Experian Business or Dun & Bradstreet. This may change, so it’s a good idea to check their official website for the most up-to-date information.

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

FairFigure Partnership Opportunity

Again, I first learned about FairFigure through Fidextech, a web design and marketing agency that offers FairFigure net 30 terms to their clients, which caught my attention.

Through the affiliate program, you can earn up to $120 for each client or customer who signs up and is approved for the FairFigure Capital card. The card allows you to offer net 30 terms to your clients who can then pay you while building positive payment histories.

The program supports new businesses by establishing their profiles with credit bureaus and helps most business owners get approved for at least $1,000 in initial funding.

You might also like: A Complete Fundwise Capital Review: Should You Use Their Business Funding Services?

Conclusion: Is FairFigure Legit?

So, can you really build business credit that easily with FairFigure? It’s a bit more complex than a simple yes or no. While FairFigure offers two tradelines—the Capital Card and the monitoring service—these alone may not be enough to significantly boost your business credit.

Still, you can use the FairFigure card to pay your other tradelines, which might be super helpful. Keep in mind that paying $30 for credit monitoring is optional and may not be necessary on the business credit building journey; there are other ways to track your credit without this added expense.

Ultimately, FairFigure provides some solid tools, but building substantial business credit often requires more than just these offerings. Consider your options carefully before you dive in.

Want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Newegg Net 30: Build Business Credit Shopping for Electronics

By Joe

If you’re a business owner who wants to build business credit, and you’re in need of any of Newegg’s range of electronics, you may be interested in Newegg net 30 payment terms. Using their net 30 terms responsibly, you can get your on-time payments reported to business credit bureaus…But, is it worth it?

Here, I’ll explain exactly what you can expect with Newegg net 30, from the product offer to how to apply, and how your payments can impact your business credit. I’ll share everything I know.

This is what’s in store:

What is Newegg Net 30?
How to Get a Newegg Business Account & Apply for Net 30 Terms
What Does Newegg Net 30 Do?
Frequently Asked Questions
Final Thoughts

Now, let’s dive in!

What is Newegg Net 30?

Newegg Net 30 is a “buy now pay later” credit line offered to businesses through Newegg Business, which allows you to manage your purchases with ease (and build credit). With Net 30 terms, you have 30 days to pay for any purchases, free of fees—This flexibility helps with managing your cash flow, giving you extra time to settle your invoices.

The service includes a centralized account management dashboard for primary users, which enables easy access to view and manage all your invoices in a printer-friendly PDF format. You can also manage and increase your spending limits as needed.

To apply for Newegg Net 30, you need a Newegg Business account. The application process takes approximately 3-5 business days, and approval notifications are sent via email.

After that, you can make purchases with net 30 terms (or net 55) and Newegg will report your on-time payments to Dun & Bradstreet and Equifax Business. In turn, on time payments will contribute to an increased business credit score.

What Does Newegg Offer?

Newegg offers a comprehensive range of electronics and IT products tailored for businesses. Their selection includes:

Computer hardware
PCs and laptops
Data storage solutions
Networking equipment
Servers
IT solutions

They also provide computer peripherals, POS and digital signage, business software, and office supplies. Additionally, Newegg has products in the automotive and industrial sectors, as well as a variety of refurbished items.

Whether you need business laptops, desktops, docking stations, printers, or software, Newegg has a wide array of products to meet your business needs.

You might also like: Summa Office Supplies: Should You Leverage Net 30 Terms?

Newegg Net 30 Requirements

Newegg Business serves all sized businesses, education institutions, government entities, healthcare procurement, and VARs & SIs—To apply for Newegg Net 30 terms, you need to make sure you meet several key requirements.

First, you must have an active Newegg Business account—This account serves as the foundation for managing your transactions and credit terms with Newegg. Only the primary account holder is eligible to apply for Net 30 terms, although they can authorize sub-users under the account to use the credit line.

You will also need to provide your organization’s DUNS number, a unique identifier often required for business credit applications.

Moreover, gather essential business information including your:

Registered business name (with DBA if applicable)
Federal tax ID or Employer Identification Number (EIN)
Organization phone number
Registered business address
Your organization’s website URL

You also need a business email address to create a Newegg Business account to apply for Net 30 terms. This email will serve as your login for the account and will be used for communication regarding your Net 30 terms application and other account-related matters.

Lastly, ensure you have user information ready for the primary user who will manage the account, including their first and last name, job title, a business email domain, and a chosen password.

You might also like: Free, Printable Business Credit Application Template (Plus, How to Use it)

Company Overview

Newegg Business Inc. is a Los Angeles-based, for-profit eCommerce company that was founded in 2001 and officially established as a subsidiary of Newegg Inc in 2011. The company is currently active and in good standing with the California Secretary of State.

Newegg’s current CEO, Anthony Chow, has been with the company since 2006, and has a strong executive background, having previously worked with STI corp, Otto Group, and Haier.

However, they have a below industry average rating on Glassdoor, where employees are fairly unsatisfied with their treatment. Newegg has a 2.2-star rating on the platform, with particularly low senior management ratings.

While staff opinions can tell you a lot about a company, customers are even more important to listen to. NeweggBusiness has garnered a poor TrustScore of 2 out of 5 on Trustpilot from 12 reviews.

Trustpilot complaints primarily focus on issues such as poor customer service, delays in order processing and delivery, product quality concerns, and difficulties with returns and refunds. Keep in mind, this sample is rather small, and people are more likely to leave a review when they’re upset than when they’re satisfied.

I found one lawsuit targeted at Newegg Business Inc., which was filed by Rose Moroso for personal injury that doesn’t fall under other specified categories. The case is currently pending in the Chatsworth Courthouse of the Los Angeles County Superior Courts in California.

Because the case is pending, I can’t speak to any conclusions that might be drawn.

In all, the Newegg Business Inc., the company that oversees Newegg Net 30, is a legitimate business, but they may have some issues with customer service and employee satisfaction.

You might also like: How to Use a Home Depot Business Account to Boost Your Credit

How to Get a Newegg Business Account & Apply for Net 30 Terms

Applying for Newegg Net 30 terms is straightforward if you follow these steps:

Log into your existing Newegg Business account or create a new one if you haven’t already.
Navigate to your account dashboard where you’ll find the “Apply” link within the Net 30 Term Account section. Click on this link to access the application form.
Fill out all required fields accurately and completely, Make sure that all business and user information is correct and up-to-date.
Submit the application form electronically through the provided interface.

Processing typically takes 3-5 business days, so you’ll have to wait—You will receive an email that notifies you of your application status. If Newegg requires additional information or verification, they will contact you using the primary email associated with your account.

For further assistance or questions about the application process, contact Newegg Business directly at (888) 482-6678 or email sales@Newegg Business.com.

You might also like: This is How to Get Grainger Net 30 Terms (+Build Business Credit)

What Does Newegg Net 30 Do?

Newegg Net 30 offers businesses a valuable financial tool by providing a flexible payment option for purchasing electronics and other essential products. This payment term allows businesses to manage their cash flow effectively, balancing immediate operational needs with financial stability. It’s akin to having a line of credit tailored to your purchasing needs, offering convenience and flexibility in procurement.

1. Comprehensive Product Offer

Newegg boasts a diverse array of electronics, hardware, and software products suited for businesses across various industries. From high-performance computing equipment to everyday office supplies, Newegg covers a wide spectrum of business needs.

Now, Newegg’s prices aren’t the best. To show you an example, I pulled two products at random:

Newegg has the highest advertised price on the Brother IntelliFax-2840 High-Speed Laser Fax.

But, their price for the Acer Nitro XZ271U 27″ 1500R Curved Zero-Frame Monitor is competitive.

While prices on Newegg may sometimes be higher, the convenience and deferred payment option can outweigh the slight premium. And, compared to other net 30 vendors I know of, their prices don’t seem to be marked up quite as much—I believe this is because they work with various vendors, which drives competitive pricing.

When shopping on Newegg, consider the total cost of ownership rather than just the upfront price. Factor in the convenience of deferred payment and the business credit-building potential, which has value in itself. And, keep in mind that you can probably write off some of these purchases, though you’ll have to ask your accountant to be sure.

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2. 30 or 55 Days to Pay

The 30-day and 55-day payment windows that Newegg Business Net 30 and Net 55 offer can significantly impact your business finances by providing a buffer in cash flow management—This period allows you to procure necessary equipment or supplies without immediate financial strain. Buying now and paying later can preserve liquidity for other expenses.

However, it’s super important to honor payment deadlines diligently to avoid late fees and maintain a positive relationship with Newegg Business. When you don’t pay on-time, you’re at risk of having this reported to business credit bureaus as well, which can negatively impact your business credit.

Note: Newegg’s Net 55 terms are harder to come by and offered through Synchrony Bank (accessible after your business credit is established).

Use your 30-day or 55-day payment term strategically to optimize your cash flow. By timing your purchases and payments just right, you can synchronize cash inflows and outflows, which can make your business finances more stable. And, along with other vendor offers like Uline Net 30 or Amazon Net 30, you can use your purchases to boost your business credit score.

You might also like: Using 30 Day Net Vendors to Build Your Business Credit Score

3. Reasonable Application Process

While instant account approval isn’t an option, Newegg’s Net 30 application process is straightforward and typically processed within 3-5 business days. You are required to furnish basic business information and undergo a credit evaluation—This cautious approach helps make sure that credit terms are extended responsibly.

You can get your business matched with suitable purchasing power without unnecessary delays. You can also treat the application process as an opportunity to assess your business’s financial health—By understanding your creditworthiness and how it’s perceived by vendors like Newegg, you can proactively manage and improve your business’s financial standing over time.

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4. Reports to Business Credit Bureaus

One of the standout benefits of utilizing a Newegg Net 30 account is that they report on-time payments to business credit bureaus. This helps establish and strengthen your business credit profile, potentially opening doors to better financing options and vendor relationships in the future.

On the other hand, failing to pay on-time can negatively impact your credit score, limiting your access to favorable terms from other suppliers and financial institutions.

And, some people have cited that they don’t report frequently or that their payments weren’t reported at all. Whether this is true or not, I can’t personally speak to.

Look at your net 30 account, not just as a purchasing tool, but as a means to build long-term financial credibility. Consistent, timely payments demonstrate reliability and responsibility, which can enhance your business’s reputation and negotiating power in the marketplace.

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5. Affiliate & Reseller Programs

Newegg Business offers two key programs beneficial for small businesses interested in leveraging their offerings and utilizing Net 30 terms.

The Affiliate Program allows you to earn commissions by referring customers to NeweggBusiness through their websites. It’s free to join, requires no startup or maintenance fees, and provides easy-to-use marketing tools such as text and banner links.

You can promote a wide range of products including:

Computer electronics
Office supplies
Networking gear

The Reseller Program enables you to sell directly on Newegg’s platform, which reaches over 350,000 verified business customers and taps into a global marketplace of over 37.3 million customers. Sellers benefit from low commission rates applied only to successful sales, along with tools like Shipped By Newegg (SBN) for streamlined fulfillment services.

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6. Rewards Program

Newegg Business Rewards is a loyalty program where you earn “BizPoints” based on your purchases, with higher tiers offering increased benefits.

At the Platinum level (for purchases over $20K), you earn 2 BizPoints for every $2 spent, along with perks like hassle-free returns and discounted Saturday deliveries.
Gold level members (spending up to $5K), earn 1.5 BizPoints per $2, with benefits including free shipping on eligible orders over $500.
Silver level (for purchases up to $4,999), earns 1 BizPoint per $2, and provides access to exclusive offers.

So, purchases on the platform are incentivised.

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Frequently Asked Questions

Can you finance a PC on Newegg?

Newegg offers financing options through partners, including terms like Net 30 and Net 55, allowing you to finance purchases, including PCs.

Does Newegg let you make payments?

Yes, Newegg accepts various payment methods, including credit/debit cards and financing options such as Net 30 and Net 55, tailored to different purchasing needs.

Does Newegg report to Dun & Bradstreet?

Yes, Newegg Business reports net 30 payment history to Dun & Bradstreet and Equifax Business. Timely payments can positively impact your business credit profiles with these bureaus.

How many Net 30 accounts should you have?

It’s recommended to have a few well-managed Net 30 accounts to build your business credit effectively. Aim for a manageable number, typically ranging from 2 to 5 accounts, depending on your business’s size and credit goals.

What is the Newegg scandal?

The Newegg scandal involved a situation where a customer returned an open-box motherboard to Newegg, but upon receiving it, Newegg claimed it was “damaged.” This assertion was contested and, despite the controversy, Newegg eventually resolved the issue by offering a refund to the buyer.

Final Thoughts

Newegg Net 30 offers a strategic way to manage cash flow while building your credit profile through timely payment and reporting to business credit bureaus—This service provides flexibility with 30-day repayment terms, which enables you to access a wide range of electronics and IT products without immediate financial strain.

Despite some concerns about customer service and employee satisfaction, Newegg Business Inc. remains a viable option for businesses seeking to optimize purchasing power and enhance their creditworthiness in the marketplace.

If you’re considering leveraging Newegg Net 30, weigh its benefits against potential drawbacks to make an informed decision for your specific circumstances.

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Space Coast Credit Union Review: SCCU’s Small Business Offer

By Joe

Here, I want to introduce Space Coast Credit Union (SCCU) and point out some of the special advantages that credit unions offer compared to large banks, particularly for businesses. You’ll find an overview of SCCU’s business credit cards, loans, and other small business financial products.

And, you’ll see insightful comparisons of some of SCCU’s accounts with highlights of their benefits, features, and how they cater to your needs. By the end, you’ll have a clear idea of what SCCU has to offer and whether or not you should consider them for your business banking.

This is what’s in store:

What is Space Coast Credit Union?
- Locations Served
- Membership and Eligibility
Business Financial Products and Services
SCCU Customer Service
SCCU Community Involvement
Frequently Asked Questions
Conclusion

Now, let’s get ready for takeoff!

What is Space Coast Credit Union?

SCCU is a financial institution that offers a range of services tailored for both personal and small business needs. Founded in 1951, it has grown to become one of the largest credit unions in Florida, serving over 500K members.

The credit union was established with the mission to give members competitive financial products and services and maintain a strong commitment to the community. Over the years, SCCU has expanded its offerings to include comprehensive banking solutions for individuals and businesses.

SCCU helps small businesses through a variety of offers:

Business banking
Business loans
Business credit cards
Merchant services

SCCU offers some unique benefits including the “True Cash Discount” from Banc Card, which promotes cash transactions and reduces fees. Plus, SCCU’s Business Advisors provide personalized guidance on strategic planning and financial management.

Finally, their “Honestly Free Business Checking” really has no hidden fees and no required minimum balance.

Locations Served

SCCU operates in the eastern part of Florida, with a strong presence in Miami, Melbourne, Palm Bay, Boca Raton, and Fort Lauderdale. They have approximately 60 branches spread across these areas to make sure members have convenient access to banking services.

Branches are equipped with features like ATMs with night drop boxes, drive-thrus, safe deposit boxes, coin sorters, and some offer specialized services like deposit ATMs and extended hours—Their online banking services further extend accessibility to members nationwide.

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Membership and Eligibility

To become a member of SCCU, you need to reside in one of the 34 counties in Florida that SCCU serves. These counties include Alachua, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Duval, Flagler, Hernando, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, and Volusia.

If you meet this criteria, you can join SCCU by opening a personal Share Savings Account online or at any of their 65 branch locations. Your Share Savings Account not only makes you a member but also a co-owner of the credit union—It comes with benefits like earning dividends on the first dollar of savings and no monthly maintenance fees.

When you join, SCCU will check your account, credit, and employment history to verify your eligibility. This may include getting reports from third parties, including credit reporting agencies. Once your membership is established, you can access SCCU’s business products and services.

To open a business account online or in-person with SCCU, you’ll need to provide:

Business legal name
Ownership percentage (and have at least 25% ownership
Employer Identification Number (EIN)
Articles of Organization, partnership registration, or fictitious name verification from Sunbiz
Partnership agreement (if applicable)
Signers/Beneficial owner information

SCCU will provide a Resolution of Authority Form and a Business Service Account Agreement.

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Business Financial Products and Services

Whether you’re starting a new venture or expanding an existing one, SCCU offers many tools to help your business thrive. Learn more about their business banking, loans, lines of credit, and merchant services.

1. Business Banking/Checking

SCCU offers two main business checking accounts: Free Business Checking and Business Interest Checking. These accounts are designed to save you time, money, and stress, so you can focus on running your business.

Free Business Checking is SCCU’s most popular option. It comes with no direct deposit requirement, no minimum balance requirements, no transaction limits or fees, and no monthly low balance fee. You only need a minimum opening deposit of $50. This account is ideal if you want a straightforward, cost-effective way to manage your business finances without additional costs.
Business Interest Checking provides the added benefit of earning interest on your account balance, without the need for traditional bank sweeps. Like the Free Business Checking account, it also has no direct deposit requirement and no minimum balance requirement—This account allows your money to work for you while maintaining the simplicity of no monthly fees and transaction limits.

	Free Business Checking	Business Interest Checking
Minimum Opening Deposit	$50	$50
Monthly Low Balance Fee	None	None
Minimum Daily Balance	None	None
Transaction Fees	None	None
Statements	Free	Free
Multiple Business Account Holders	Allowed	Allowed
Earns Interest	No	Yes

Both accounts offer numerous free services, including:

Free statements
Free online and mobile banking
Free mobile deposit
Free Visa® debit card
Free access to SCCU ATMs
Free account alerts and 2-way text fraud alerts
Free bill payer
Free CALL-24 telephone banking
No processing limits

Plus, SCCU advertises that you can get paid up to two days early.

2. Business Credit Cards

SCCU offers a Visa® Platinum Business Credit Card with rewards and competitive interest rates. You earn 3 points per dollar at restaurants and office supply stores, 2 points per dollar on gas, and 1 point per dollar on all other purchases.

Points can be redeemed for:

Cash back
Gift cards
Travel
Entertainment
Theme park tickets

The card features a 0.00% introductory APR for the first 6 billing cycles on purchases, balance transfers, and cash advances. After the intro period, the APR is based on creditworthiness, with rates as low as Prime Rate (8.5% as of today) + 7.99%.

With this card, there are no annual fees, balance transfer fees, or cash advance fees. But, you can incur a late payment fee of up to $27 and there’s a minimum finance charge of $0.50.

Unique perks for cardholders include:

Free 2-way text fraud alerts
Visa zero liability protection
Digital wallet payment options
Contactless payments
Card controls through the mobile app

The Visa® Platinum Business Credit Card provides financial flexibility, rewards, and essential security features.

3. Business Loans

SCCU offers a handful of business loans:

Commercial real estate loans
Commercial construction loans
Commercial vehicle loans
Business equipment loans

Commercial real estate & construction loans help you build, buy, or refinance properties like offices, warehouses, or retail spaces. SCCU provides loans for owner-occupied and investor-owned properties, as well as commercial construction. There are no application fees or pre-payment penalties, and terms vary based on the project.

For construction loans, you can expect a structured draw schedule tied to construction milestones.

Commercial vehicle & business equipment loans are ideal for purchasing or refinancing business vehicles or equipment—They offer low credit union rates and flexible terms. Like real estate loans, there are no application fees or pre-payment penalties. Terms range from 24 months to 10 years or more, depending on the equipment and the lender.

For commercial vehicles and equipment loans, the benefits include separating personal and business finances, potential tax deductions, and full ownership of the vehicle or equipment.

SCCU offers fixed- and variable-rate loans, with specific rates based on creditworthiness and loan type. While they don’t disclose their commercial loan rates, comparable consumer loans come with rates as low as 6.25% for mortgages and 6.24% for auto loans.

4. Business Savings & Investment Opportunities

SCCU has a variety of business savings and investment options tailored to help your business grow while earning competitive returns.

The Business Savings Account and Business Money Market Savings both offer attractive interest rates that vary based on the balance maintained, starting from 0.04% APY for balances under $100K up to 1.25% APY for balances of $250K and above—These accounts come with:

No transaction limits or fees
Free account alerts
Easy access through online and mobile banking

Additionally, their Certificates of Deposit (CDs) offer fixed interest rates ranging from 3.94% to 4.60% APY, depending on the chosen term length from 3 to 60 months. CDs have a $500 minimum deposit requirement.

5. Treasury Services

Space Coast Credit Union Merchant Services

Finally, SCCU offers comprehensive merchant services through a partnership with BancCard. Through this partnership, they’ve made it more convenient and efficient for business members to process credit payments.

By accepting all major card types (including Visa, MasterCard, American Express, PIN Debit, Fleet, and foreign cards), SCCU enables you to expand your customer base and improve cash flow.

The services feature:

Cost-effective processing programs with no hidden fees
Innovative payment options like gift cards and electronic check acceptance
Modern equipment including EMV/NFC terminals and smartphone/tablet functionality

Whether you operate online or have physical locations, SCCU’s merchant services provide flexibility and next-day availability of funds, ensuring businesses can operate smoothly and securely.

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6. Mobile App

The SCCU Mobile app is available for both iOS and Android, and gives you a free and secure way to manage your accounts on the go. With a rating of 3.8 stars from over 4.4K reviews on Google Play and 4.8 stars from 29.6K ratings on the Apple Store, the app is well-received.

In the app, you can:

Deposit checks remotely from your mobile device
Get help on the go with live chat
Monitor your account with customizable alerts
Securely access your accounts using fingerprint or Face ID
Check balances, view transaction history, and pay bills
Transfer funds and make person-to-person payments
Locate SCCU branches and ATMs near you

While the app is free for SCCU members, enrollment in SCCU’s Online Banking service is required. Users benefit from data encryption during transmission and can request data deletion.

However, some users have reported issues like crashes during check deposit and interface navigation challenges (which the developer continues to address through updates and user feedback).

SCCU Customer Service

Space Coast Credit Union customer service

SCCU offers pretty solid customer service for business members.

First, they have dedicated ‘Business Advisors’ who are meant to understand the unique financial needs of businesses and offer personalized guidance.

Next, With extended service hours during the week and on Saturdays, SCCU makes sure you can get jelp when it’s convenient for your busy schedule—They provide multiple ways to connect, whether through phone, email, or visiting a branch, so you can choose the method that suits you best. And, SCCU aims for prompt responses to your inquiries, which will help you manage your business finances efficiently.

Additionally, they offer educational resources like financial estate guides, articles, calculators, and detailed product information to empower you to make informed financial decisions—Their business-centered customer service approach is designed to be supportive and informative.

SCCU Community Involvement

Space Coast Credit Union (SCCU) is really into giving back and being part of their community. They’re all about “People helping people,” which sums up how they roll. They’ve been nominated for Business of the Year, which shows they’re making a real impact locally.

They’re active in lots of charity work, from supporting cancer foundations to helping out with school supplies. When hurricanes hit, like Irma, SCCU stepped up big time, keeping their ATMs and online services running to support their members. They also donated over $76K to the American Red Cross after multiple storms.

SCCU isn’t just about money—they’ve given over $1 million to causes they care about. Whether it’s helping out during disasters or supporting local initiatives, they’re there. Recently, they donated $38k for Hurricane Dorian relief in the Bahamas, showing they’re ready to pitch in when needed.

Overall, Space Coast Credit Union isn’t just about banking; they’re about making their community stronger. Their motto isn’t just words—they live it through their actions, from helping small businesses to lending a hand when things get tough.

Frequently Asked Questions

Does Space Coast Credit Union have monthly fees?

Space Coast Credit Union offers various accounts and services with different fee structures. Many accounts are fee-free, but some accounts may have monthly fees.

How much does Space Coast let you overdraft?

Space Coast Credit Union allows up to $500 in overdraft protection, but charges $30 per item. And, the specific amount allowed for overdrafts can vary based on your account type and individual circumstances.

How much can you withdraw from a Space Coast Credit Union ATM?

You can typically withdraw up to $500 per day from a Space Coast ATM. However, you may be able to speak to a banker to get your limits increased, particularly for business accounts.

Is Space Coast FDIC insured?

No, Space Coast Credit Union is not FDIC insured. Credit unions are insured by the National Credit Union Administration (NCUA), which provides similar coverage up to $250K per depositor.

Conclusion

In all, SCCU offers personalized business financial solutions with competitive rates and flexible terms. They excel in community engagement and social responsibility, contributing actively to local causes.

While their branch network may be somewhat limited, SCCU provides robust business credit cards, loans, and merchant services. And, you can take advantage of the credit union’s educational resources whether you are a member or not. SCCU stands out for its commitment to supporting local businesses and fostering lasting relationships with its members.

If your business operates or plans to expand outside of Florida, SCCU might not be the best fit for you. The credit union primarily serves Florida, so if you need extensive branch access beyond this state, their geographic coverage is limited. So, if your business requires convenient physical banking locations across multiple states, consider a financial institution with a broader network.

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!

Is Sound Credit Union’s Business Banking Right for You?

By Joe

Sound Credit Union primarily serves the Puget Sound area in Washington. They are known for their low cost banking and fair rates, but they also offer business banking and credit.

Credit unions tend to stand out from big banks in many ways. While giving back to the communities they serve, they usually offer better rates on loans and lines of credit. Sometimes, credit unions offer better business credit options for members.

Let’s take a closer look at Sound Credit Union’s business products and services, so you can see if this is the institution for you. Here, we’ll explore their business banking, credit cards, loans, and more.

This is what’s in store:

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

Now, let’s get started!

What is Sound Credit Union?

Sound Credit Union is a financial institution with a strong emphasis on trust, collaboration, and shared success. Established in 1940, it has a long history of providing accessible and affordable financial services to individuals and businesses in Washington state.

Over the years, Sound Credit Union has maintained its commitment to helping its members achieve financial well-being, continuously expanding its services to meet their evolving needs.

A key aspect of Sound Credit Union’s mission is its dedication to supporting small businesses.

It offers a variety of services tailored specifically for business owners, like:

Business checking and savings accounts
Business credit cards
Specialized cannabis business accounts
Small business loans
Commercial real estate loans
Business auto loans
Treasury services

The credit union further supports business growth by offering educational resources on topics like developing new business models, scaling operations, and implementing contactless payments.

Joining Sound Credit Union is a simple process that involves opening an account online in just a few minutes, with no minimum deposit required.

Locations Served

Sound Credit Union primarily serves four counties in Washington state:

King
Pierce
Snohomish
Thurston

In King County, you can find branches in cities like Auburn, Bellevue, Burien, Federal Way, Kent, Redmond, Shoreline, Tukwila, and West Seattle. Pierce County locations include Bonney Lake, Tacoma, Gig Harbor, Graham, Lakebay, Lakewood, and Puyallup. In Snohomish County, branches are located in Lynnwood, Bothell, Edmonds, Everett, and Mukilteo. Thurston County is served by a branch in Olympia.

And, Sound Credit Union offers online services that ensure broader accessibility for businesses nationwide—This includes online banking, mobile banking, and remote deposit capture, which enables you to manage your finances easily from anywhere in the country.

Membership and Eligibility

To become a business member of Sound Credit Union, you need to meet a few simple eligibility requirements.

If you live, work, or attend school in Washington state, or if you are directly related to someone who does, you qualify for membership.
Additionally, if you work for one of Sound’s Select Employer Groups (SEGs), you are also eligible to join.

To join Sound Credit Union as a business member:

Gather your identity docs – Have your Social Security Number, a government-issued ID (like a driver’s license, passport, state, or military ID), and a valid email address ready. These are necessary for identity verification and to comply with government regulations.
Start the online application – Start the application process online with basic information such as your name, home address, date of birth, and contact details. You will also need to select your employment status and provide any additional required details.
Add a co-applicant or beneficiary (optional) – If desired, you can add a co-applicant or beneficiaries during the application process. You will need their name, Social Security Number, and date of birth.
Wait for the final decision – After submitting your application, Sound Credit Union will review it. Upon approval, you will become a member and gain access to the credit union’s products and services.
Fund your account – While there is no minimum deposit required, you can choose to fund your new account using a credit card, debit card, checking account, or savings account.

Once you’re a member, you can open any business account with Sound Credit Union.

You’ll need to verify your business with the usual documents:

Articles of Organization
Employer Identification Number (EIN)
Verification of ownership

Contact the credit union or visit a branch to open a business account.

Business Financial Products and Services

From their banking to their robust loans, lines of credit, and business services, here’s what Sound Credit Union can offer in the way of small business financial products.

1. Business Banking/Checking

Sound Credit Union offers a variety of business checking accounts designed to cater to different business needs:

The Business Free Checking account requires no minimum balance and incurs no monthly fees, which provides essential banking services without additional costs.
The Business Checking account offers 300 free check deposits and withdrawals per month, with a $5K minimum balance to waive the monthly fee—It also includes free debit cards for employees and access to mobile check deposit.
The Business Interest Checking requires a $10K minimum balance to avoid fees and offers 200 free check transactions monthly.
The Analysis Checking account uses an earnings credit to offset fees, which makes it suitable for those with substantial banking activity.

Here’s a wider look at their business checking offer.

	Minimum Bal	Monthly Fee	Free Check Transactions	More Benefits
Business Free Checking	$0	$0	100/month ($0.20/item after)	No fees or minimums, basic essentials
Business Checking	$5K or Cash Management	$0 if above $5K, otherwise $10	300/month ($0.20/item after)	Free employee debit cards, mobile check deposit
Business Interest Checking	$10K	$0 if above $10K, otherwise $10	200/month ($0.15/item after)	Interest earnings on balance
Analysis Checking	Analyzed*	Analyzed*	Analyzed*	Uses earnings credit to offset fees, suitable for large balances

Each account type also benefits from Sound Credit Union’s commitment to security, with features like:

EMV chip debit cards
Email and text alerts
Card lock/unlock options in the Sound Mobile app.

Moreover, businesses can leverage nationwide access to over 30K surcharge-free ATMs, enhancing convenience for cash management needs.

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2. Business Credit Cards

Sound Credit Union offers several business credit cards tailored to different business needs:

The Business Rewards Credit Card is great if you want to earn rewards on every purchase, like Sound Rewards points and travel perks—It also includes features such as auto rental collision coverage and travel assistance, making it handy for business trips.
The Business Platinum Credit Card offers competitive APRs and benefits like purchase security.
The Business Platinum Secured Credit Card is available for businesses looking to build credit with a secured option.

Sound Credit Union Business Credit Card rewards

Sound Credit Union’s rewards program notably is robust—With every purchase made using the Business Rewards Credit Card or Business Debit Card, you earn points that can be redeemed for:

Travel
Merchandise
Gift cards
Cash back
Charitable donations

Plus, new cardholders can kickstart their rewards journey with a generous 10K bonus points upon opening a Rewards credit card account, making it even easier to start enjoying the perks.

All of the business credit cards skip annual fees, balance transfer fees, and foreign transaction fees, keeping things straightforward for managing business expenses. And, they come with EMV chip security and real-time alerts to keep your business transactions safe and secure.

3. Business Loans

Sound Credit Union offers a variety of business loan options designed to meet diverse needs and support your business growth.

Get flexible financial solutions, whether you’re looking to:

Purchase commercial real estate
Acquire equipment or an automobile
Maintain cash flow with a line of credit

With competitive rates and terms available on both owner and non-owner occupied properties, including SBA loan options for qualifying businesses, you can benefit from lower down payments and longer repayment terms backed by the U.S. government.

Sound’s commitment to personal service means you’ll receive support from application through funding and beyond.

4. Business Savings & Investment Opportunities

Sound Credit Union offers competitive rates across its business savings and investment products to help you maximize financial returns:

High-Yield Business Savings Account – Earn a competitive interest rate on balances. Rates are tiered, typically offering higher rates for larger balances. No monthly fees or minimum balance requirements. Interest is compounded and credited monthly, optimizing your savings potential.
Business Money Market Account – Enjoy competitive tiered rates that increase with higher balances. Benefit from liquidity with no penalties for withdrawals or transfers. No monthly fee when maintaining the minimum balance requirement.
Business Certificates – Rates for Business Certificates vary based on the term and type chosen (Basic, Bump, Flex, Jumbo). Generally, longer-term certificates and jumbo certificates (balances of $100K or more) offer higher dividend rates. Interest is compounded monthly. Certificates allow for additional deposits (varies by type) and rollover options.

These rates are subject to change, so it’s recommended to check with Sound Credit Union for the most current rates and terms applicable to your business savings and investment needs.

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5. Banking Services

As you probably expect, Sound Credit Union offers a robust suite of treasury services:

Merchant services
Payroll services
Quickbooks® integration
Tax payments

With a focus on convenience and efficiency, their offerings include merchant services through Total Merchant Concepts (TMC), providing solutions for card payments with options like POS systems and mobile processing.

You can also benefit from comprehensive payroll services via Paychex®, which offers payroll processing, tax management, and HR services with 24/7 support.

Integration with QuickBooks® allows seamless access to real-time financial data, while the Electronic Federal Tax Payment System (EFTPS) simplifies tax payments by enabling scheduling up to 120 days in advance.

These services are designed to streamline operations, enhance financial management, and support growth, backed by local expertise and competitive pricing from Sound Credit Union.

6. Mobile App

The Sound Credit Union mobile app is available on iOS and Google Play.

With the app, you can manage your finances from your mobile device by:

Checking balances
Making transfers
Paying bills
Sending money to others
Depositing checks
Setting security alerts
Managing your cards
Finding branch locations and co-op network ATMs

Recent updates have improved the login process for biometric users, enhanced visibility for closed accounts, and included various bug fixes to enhance user experience—Despite occasional issues reported by users, such as challenges with check deposit photo alignment and some usability concerns, the overall feedback is positive with 4.4 stars on Android and 4.7 stars on Apple devices.

Overall, the Sound Credit Union mobile app is a valuable tool to manage your finances conveniently and securely on the go.

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Sound Credit Union Customer Service

Sound Credit Union prides itself on high-quality customer service. The institution offers multiple support channels to ensure you can get the assistance you need.

Business members can access phone support through the Sound Contact Center from Monday to Friday, 8:00 am to 6:00 pm, and on Saturdays from 9:00 am to 1:00 pm by calling 253-383-2016 or 800-562-8130.

For general inquiries, live chat support is available during the same hours (you can get quick responses in real-time).

Additionally, you can send your questions via email using a secure form on the Sound Credit Union website—this helps make sure your sensitive information like account numbers and Social Security Numbers remain protected.

If your card is lost or stolen, immediate assistance is available by calling 844-332-4899. For those who prefer written communication, Sound Credit Union can be contacted by mail at PO Box 1595, Tacoma, WA 98401-1595, or by fax at 253.383.2079.

For face-to-face interactions, a comprehensive list of branches and ATMs with their hours of operation is available, making it easy to find and visit a local branch.

The credit union’s website also features a robust Support section, offering 24-hour access to answers for common questions and detailed instructions for various services. You have continuous access to important information and resources.

Sound Credit Union Community Involvement

Sound Credit Union is deeply involved in the community, showing strong social responsibility and local support. For instance, they’re running the Auto Loan Payoff Sweepstakes from May 1 to December 31, 2024. If you open or refinance an auto loan during this time, you’ll be entered into a drawing to have your loan paid off, up to $40K. It’s their way of saying thanks and helping you financially.

They also support Washington Women in Need (WWIN). In a recent auction, Sound employees and business partners raised over $25K to help women in Washington get scholarships and career resources. This shows their commitment to empowering women and reducing student loan debt.

Sound Credit Union promotes financial tech innovation through a partnership with the University of Washington Tacoma. They host the FinTech Incubator Challenge, encouraging new financial tools. The 2023 winner, Prasanth Chaitanya Gupta Arisetty, created an app called Spendalyze, which tracks and analyzes transactions. He received $10K and a membership to CoMotion Labs in Seattle.

They also host community events like the Annual Shred Day. This event helps you safely dispose of sensitive documents and supports local food banks with canned food donations.

Through these initiatives, Sound Credit Union shows its dedication to social responsibility, community support, and helping members like you achieve financial security and success.

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Frequently Asked Questions

What time does Sound Credit Union open?

Sound Credit Union opens at 8:00 am from Monday to Friday. On Saturdays, it opens at 9:00 am.

What time does Sound Credit Union close?

Sound Credit Union closes at 6:00 pm from Monday to Friday. On Saturdays, it closes at 1:00 pm.

How secure is Sound Credit Union?

Sound Credit Union is highly secure. It employs robust security measures, including encryption, fraud monitoring, and secure login protocols to protect members’ personal and financial information. Additionally, it is federally insured by the National Credit Union Administration (NCUA), providing an extra layer of financial security.

Does Sound Credit Union accept Zelle?

Yes, Sound Credit Union accepts Zelle, allowing members to send and receive money quickly and securely using the Zelle service through their Sound Credit Union account.

Conclusion

Sound Credit Union provides business checking accounts with no monthly fees and robust transaction allowances. Their commitment to community involvement, like the Auto Loan Payoff Sweepstakes and support for Washington Women in Need, shows their dedication beyond financial services.

With personalized service and local support, Sound Credit Union stands out for businesses seeking efficient financial solutions and responsive customer care. Leveraging their digital banking tools and treasury services can streamline operations and support long-term growth effectively.

If you prioritize competitive rates and community involvement, Sound Credit Union provides a solid option for businesses in the Puget Sound region. However, if you require extensive branch access outside Washington or specialized banking services like international transactions, exploring other institutions may better suit your needs.

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!

Apple Federal Credit Union Business Banking in North Virginia

By Joe

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 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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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!