Let’s dive into what Royal Credit Union (RCU) brings to the table for businesses in Wisconsin and Minnesota—RCU isn’t your typical bank; they’re all about community and making finances easier for everyone.
From business accounts to loans, they’ve got everything you need for small business banking. Plus, they’re big on giving back and teaching folks, especially the young ones, about managing money.
So, if you’re looking for a financial partner that’s got your best interests at heart, RCU might just be the perfect fit for your business. Let’s find out…
This is what’s in store:
- What is Royal Credit Union?
- Royal Credit Union Business Accounts & Products
- Royal Credit Union Customer Service
- Royal Credit Union Community Involvement
- Frequently Asked Questions
- Conclusion
Now, let’s jump in!
What is Royal Credit Union?
Royal Credit Union (RCU) is a Wisconsin-based, not-for-profit financial institution that offers a range of banking services including:
- Checking and savings accounts
- Loans and credit options
- Investments and retirement planning
- Business banking solutions
They emphasize online and mobile banking convenience, which enables members to manage their finances from their fingertips. Additionally, Royal Credit Union provides educational resources and programs to help members make informed financial decisions.
They strive to make a positive impact in the lives of their customers, offering competitive rates and personalized service. With a focus on community involvement, RCU empowers individuals and businesses to achieve their financial goals.
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RCU Locations Served
RCU operates in Wisconsin with a network of branch locations, surcharge-free ATMs, and Co-Op Shared branches. They have a total of 10 branch locations primarily in Eau Claire, Altoona, Chippewa Falls, and Menomonie. Plus, they offer 26 surcharge-free ATMs across these areas for convenient access to funds. You can also utilize a couple of Co-Op Shared branches in Chetek and Neillsville.
You’re eligible to join if you live or work in specific counties in Minnesota or Wisconsin:
- For Minnesota, eligible counties include Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Isanti, Olmsted, Pine, Ramsey, Scott, Sherburne, Wabasha, Washington, Winona, and Wright.
- In Wisconsin, eligible counties are Adams, Ashland, Barron, Bayfield, Burnett, Buffalo, Chippewa, Clark, Douglas, Dunn, Eau Claire, Jackson, Lincoln, Marathon, Pepin, Pierce, Portage, Polk, Price, Rusk, Sawyer, St. Croix, Taylor, Trempealeau, Washburn, and Wood.
And, if you live elsewhere in these states, you can join with a $5 donation. Once you determine your eligibility, you can open an account, apply for a loan online, or visit a RCU branch location to start the membership process.
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RCU Membership & Eligibility
If you don’t automatically have eligibility based on residence, you can join RCU if you have an immediate family member who is already a member or if your immediate family member lives or works in the aforementioned eligible counties—this includes spouses, children, siblings, parents, grandparents, grandchildren, in-laws, and step-family members.
You may also be eligible if you have certain affiliations or employment history. Individuals employed by or affiliated with certain companies or organizations listed by RCU are eligible. These include employees of Uniroyal plant in Eau Claire, WI, Marten Transport, University of Wisconsin-Eau Claire Alumni Association members, Tenneco-Packaging Corporation and several others.
Businesses looking to become members of RCU need to provide specific documentation and information about their business entity, signers on the account, and beneficial owners.
For the business entity, you’ll need:
- Employer Identification Number or Social Security Number (SSN)
- Legal business name
- Business address
- Business phone number
- Business email address
- Trade name(s)
- Two forms of business identification
For signers and beneficial owners on the account, make sure you have:
- Legal name
- SSN
- Date of birth
- Home address
- Phone number
- Email address
- Valid photo ID
- Title/position within the business
- Percentage of ownership (if applicable)
Once the necessary documentation and information are gathered, you can contact RCU either by phone at 800-341-9911 or by visiting one of their offices to begin the process of opening accounts and accessing credit union products and services.
The application process can also be initiated online through the RCU website, where you can apply for the desired accounts and loans.
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Royal Credit Union Business Accounts & Products
RCU’s business offer includes all the fundamentals you need in a business bank. From their business checking accounts to credit cards, loans, and beyond, explore what you can take advantage of here.
1. RCU Business Banking/Checking
RCU presents two business checking account options tailored to cater to different business needs:
- Royal Advantage Business Checking
- Royal Advantage Plus Business Checking
The Royal Advantage Business Checking is ideal for businesses seeking simplicity, featuring no minimum balance requirement and no dividends earned.
This account offers a range of benefits including:
- A free Visa® debit card with EMV chip
- Access to Business Bill Pay
- Business mobile app with camera check deposit
It also provides 300 free checks written or deposited each month, with no monthly maintenance fees and access to a vast network of surcharge-free ATMs nationwide.
On the other hand, the Royal Advantage Plus Business Checking targets businesses maintaining a higher balance, offering dividends at a rate of 0.25% APY with a $3,000 minimum balance requirement.
Alongside all the features of the Royal Advantage Business Checking, this account provides additional benefits such as:
- 40 free checks for new accounts
- Real-time transaction alerts
- Merchant processing
- ACH services
- Wire transfer services
RCU’s checking options are suited to nearly any small business.
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2. RCU Business Rewards Visa® Credit Card
RCU provides the Business Rewards Visa® credit card, designed to help you manage expenses efficiently and earn uChoose Rewards® points. With benefits comparable to a business loan – including a low interest rate and flexible access to funds – it’s a practical offer.
The Business Rewards Visa® card comes with:
- A single low rate for all cardholders (13%)
- No annual fee
- A 25-day interest-free grace period on purchases
- No fees for balance transfers
- Rewards points redeemable for travel, gift cards, and merchandise
The cards feature EMV chip technology, support for digital wallets, and the option to set individual spending limits for cardholders—RCU also offers free tech features such as automatic payment options, secure online banking, and a mobile app, along with 24×7 access to their virtual assistant.
With a current APR of 13.00% (very low), the Business Rewards Visa® card provides a competitive credit option.
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3. RCU Business Loans
RCU provides a diverse range of business loan options, including:
- Small business loans
- Startup & expansion loans
- Investment & commercial real estate loans
- Commercial construction loans
- Business line of credit
- Working capital & term loans
- Business Kwik Cash overdraft protection
These loans aim to provide businesses with the necessary financial support to pursue opportunities, expand operations, and manage cash flow effectively…at any state of business. If you’re interested in exploring these loan options you can contact RCU at 800-341-9911 ext. #3001 or visit their website for further information and application procedures.
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4. RCU Business Savings & Investment Opportunities
With business savings, certificates of deposit (CDs), and money market accounts (MMAs), RCU offers a basic suite of business savings and investment options.
Business savings accounts provide a platform to set aside funds while earning competitive rates, with no monthly maintenance fees and a low $5 minimum balance requirement. These accounts offer convenient access to funds through ATMs and online banking.
Next, For businesses looking for higher returns and guaranteed yields, RCU’s CDs offer locked-in rates and guaranteed returns over various terms. With no minimum balance requirement, their CDs provide flexibility in investment choices.
Finally, RCU’s business MMAs cater to companies looking for higher returns on larger balances while maintaining flexibility and liquidity—The MMAs offer tiered dividend rates based on balance levels, along with features like free paper checks and no monthly maintenance fees.
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5. RCU Treasury Management
RCU’s treasury management solutions offer a range of low or no-fee services tailored to meet your needs. From managing payables and receivables to optimizing liquidity, these tools integrate seamlessly with RCU business accounts, which can provide added value and convenience.
Whether you’re a small business or a large corporation, RCU’s treasury management services provide ways to streamline your day-to-day operations:
- Cash management tools
- Comprehensive online and mobile banking services
- Business desktop deposit
- Online wire fund transfers
- ACH services
- Payroll services
- Merchant payment processing
With a focus on relationship-based service and a commitment to low or no-fee options, RCU combines treasury expertise with credit union values to support businesses—Their dedicated treasury team is available to help optimize your business processes, offering personalized guidance and assistance.
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6. RCU Business Mobile App
The Royal Credit Union mobile app offers a range of features to make banking on the go free, convenient, and secure. With real-time balance and transaction alerts, you can stay updated on their account activity.
The app supports Touch ID® or Face ID® login on compatible devices, ensuring quick and secure access. Managing your account is effortless with features like checking balances and transactions on all devices, including smartwatches.
In the app, you can:
- Deposit checks using the camera check deposit feature
- Schedule appointments for branch office visits
- Manage & freeze your debit or credit card if needed
- Transfer funds, make payments, & pay bills
- Manage business users and complete approvals
The app also offers additional features such as opening a new account or applying for a loan, sending secure messages to get help or assistance, checking your FICO® score, locating nearby Royal offices or ATMs, and signing up for online banking. With industry-standard encryption for safe mobile access and a last login popup for enhanced security, you can trust that their banking information is kept safe and secure.
Rated 4.8 stars on the Apple store and 4.6 stars on Google Play store, the Royal Credit Union mobile app is well-received by users for its user-friendly interface and comprehensive features.
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7. RCU Business Resources
RCU offers a range of resources to support business owners to manage and grow their companies—The business banking team is available to assist small businesses, while their commercial lending team provides expertise for commercial lending needs. For those looking to start or grow their businesses, RCU offers resources and information tailored to business startup and growth.
They provide one-on-one support, tools like checking account comparison, a business switch kit, and financial calculators. Plus, they’ve got quite a library of articles to keep business members informed—I scanned the blog and it’s got tons of financial education-related posts that are pretty well-written.
By prioritizing personal service over Wall Street-style operations, RCU offers a unique combination of support, advice, and financial products for business owners.
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Royal Credit Union Customer Service
While they’re not accredited with the Better Business Bureau (BBB), they maintain an A+ rating on the platform. And, all of their BBB complaints have been handled in a timely manner.
In all, the credit union is well-rated by members, plus, they have an array of customer service options.
Members can reach out via telephone, mail, email, fax, or live chat during the following service hours:
- Monday to Friday: 8:30 a.m. – 7:00 p.m.
- Saturday: 8:30 a.m. – 2:00 p.m.
The Member Service Phone number is 800-341-9911 (or 715-833-8111 locally), and the fax number is 715-552-3000.
For mail correspondence, members can use the mailing address: Royal Credit Union, PO Box 970, Eau Claire, WI 54702. For in-person assistance, visit the Corporate Center at 200 Riverfront Terrace, Eau Claire, WI 54703.
For live chat assistance, visit the RCU website and access instant support with quick links to information.
In all, Royal Credit Union provides convenient options to schedule office appointments for personalized assistance, and customers can access a comprehensive list of office and ATM locations on the website.
Royal Credit Union Community Involvement
RCU is super committed to community involvement across various initiatives—They prioritize financial literacy and education, particularly for youth, as evidenced by their celebration of “Credit Union Youth Month.”
Through programs like Kid’s Club and School $ense, RCU engages young members to learn about saving and financial responsibility. They offer incentives and educational activities to promote financial literacy among children and elementary school students.
Furthermore, RCU’s innovative approaches to financial education, such as the “Go Big or Go Broke” board game, have earned them recognition, including the Wisconsin Governor’s Financial Literacy Award
In addition to educational efforts, RCU actively participates in community events aimed at promoting security and wellbeing. Their annual “Shred Event,” conducted in partnership with Shred Away, provides a safe and convenient way for members and the public to dispose of personal documents. This event underscores RCU’s commitment to facilitating responsible document management.
RCU also collaborates with renowned financial wellness advocates like Jason Vitug to further promote financial education and empowerment. Through events like “Takeover Day” at local schools and coffee chats with RCU team members, Vitug shares valuable insights and strategies for improving financial wellbeing among individuals and communities.
Overall, RCU’s community involvement reflects their commitment to supporting the financial health and prosperity of the communities they serve.
Frequently Asked Questions
Does Royal Credit Union use Zelle?
Yes, Royal Credit Union offers Zelle® as a convenient way for members to send and receive money within minutes using an email address or mobile phone number. Members can access Zelle through the RCU mobile app or online banking platform.
What is the Royal Credit Union routing number?
The routing number for Royal Credit Union is 291880411.
How long does it take Royal Credit Union to clear a check?
Typically, the time it takes for Royal Credit Union to clear a check can vary depending on several factors, including the type of check and the issuing bank. Generally, most checks deposited with RCU are processed within 1-2 business days.
Does RCU have overdraft fees?
Yes, Royal Credit Union may charge overdraft fees for transactions that exceed the available balance in a member’s account. However, members have the option to enroll in overdraft protection services to help prevent overdraft fees.
Conclusion
In a nutshell, RCU is all about helping businesses in Wisconsin and Minnesota thrive. They’ve got everything from checking accounts to loans, and they’re big on giving back to the community.
One cool thing about RCU is how they’re all about teaching folks, especially kids, about money. They’ve got these fun programs like Credit Union Youth Month and I love the idea of the board game, “Go Big or Go Broke,” that helps young adults learn about finances.
Getting in with RCU might be a bit tricky for some people. You’ve gotta meet certain criteria, like living in specific counties or having family ties. But once you’re in, you’ve got access to a bunch of helpful tools and services.
Overall, RCU rocks because they offer competitive business banking stuff, they’re super friendly, and they care about making a difference in the community. If you’re looking to grow your business, RCU could be just the partner you need.
Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!