small business credit cards

3 Best Credit Unions for Small Business Banking in 2025

Best Credit Union for Small Business 2020

Key Takeaways

Credit unions often offer lower fees, better interest rates, and flexible lending terms.
They provide personalized service and easier access to business credit.
Navy Federal, Financial Resources, and Sound Credit Union are our top choices.
Other options include Alliant, Consumers, America First, and Digital Federal.
Small community banks can also offer lower fees and flexible terms.
Research and compare options to find the best fit for your business.

As a small business owner or founder, where you choose to do your banking can have a major impact on your long-term operations. And, when researching the best bank or credit union for small businesses, you may have realized that you would rather work with a credit union. Now, let’s look at the top credit unions for small business banking.

What you’ll find here:

Are Credit Unions Better Thank Banks?
- Are Credit Unions Better for Business Accounts?
The Best Credit Unions for Small Business
Final Thoughts

So, let’s get to it.

First, Are Credit Unions Better Than Banks?

There’s a longstanding debate about whether banks or credit unions are “better.” And, it’s important to understand the difference to answer this question. A bank is a for-profit institution and a credit union is a nonprofit organization that provides comparable financial services. So, what are the advantages of credit unions?

At most credit unions, the shareholders are the members while banks funnel their profits to up the chain to its owners. This means that there is more opportunity for members to save on services and earn a larger percentage of total interest accrued with savings accounts and other investments.

As a credit union member, you typically end up with lower interest rates and fees (a major plus). On the flip side, major banks typically have more branch locations where customers can do business and invest more in apps and convenience services. So, you could say that which is the best is a matter of preference.

But, I have a tie-breaker: credit unions have less stringent and often flexible qualification terms for credit. You can’t walk into a bank like Wells Fargo and negotiate the terms of business banking fees, loans, or credit cards. At a credit union, more than not, you can because credit union underwriters usually work in-house and can modify terms and conditions of business and individual financial services.

So, I say that credit unions are in-fact better than banks. Now, let’s move forward.

But, Are Credit Unions Better for Business Accounts?

Aside from the general advantages above, there is another aspect of business banking with credit unions worth considering. When you bank with a credit union, you can leverage the perks above when obtaining business credit. For this reason, we prefer to work with credit unions. Alternatively, small community banks can be better for businesses than large banks.

How to Leverage Business Credit to Transform Your Life

Now, the Best Credit Unions for Small Business

You should have a solid understanding of why or why not a credit union might be best for your small business banking. And, here are the top credit unions to join.

1. Navy Federal Credit Union

With tons of free ATMs sprinkled throughout the United States and several other countries, Navy Federal Credit Union was created for members of the armed forces, DoD, or the National Guard. While you don’t necessarily have to be an active member to join, you must have ties to the military. So, if you are an active member, veteran, or a spouse, parent, grandparent, sibling, child, or grandchild of someone who qualifies, you can qualify for membership.

If you are not a service member, you will have to apply in-person at a branch location. Once you are approved for a personal account, you can then apply for a business membership. And, Navy Federal has excellent offers for businesses.

3 types of checking accounts (Basic, Plus, & Premium)
3 types of savings accounts (Basic and Jumbo Money Market & Certificate)
Real estate, vehicle, and term loans
Business lines of credit

Navy Federal is one of the best credit unions with the lowest rates and fees. Minimum deposits for business savings accounts start as low as $100. And, transaction fees range from $0 to $0.25. And, all accounts earn dividends.

2. Financial Resources Credit Union

With 13 branch locations in New Jersey and New York, Financial Resources Credit Union has been the top SBA Lender in New Jersey since 2013. So, you know their business financial services are dependable.

Here’s what you can leverage with Financial Resources Credit Union:

2 types of checking accounts
3 types of savings accounts (Business Purple, Money Market, & Certificates)
Real estate, equipment, and term loans
Lines of credit

So, whether you’re investing in real estate or you simply want checking and savings accounts to process your business finances, Financial Resources gives you options. Here, terms are flexible and you can get expedited approval on SBA-backed loans because the institution is a preferred lender.

3. Sound Credit Union

With 29 locations in the Puget Sound area of Washington State, Sound Credit Union is self-labeled “Washington’s Favorite Credit Union.” And, they stand out from most financial institutions in more than one way.

For one, they cater to cannabis businesses, which isn’t common. Next, they offer low interest rates, cashback options on certain loans, and they do a lot to support the local community. Furthermore, they have over 5,000 shared branch locations and 30K+ free ATMs nationwide.

And, businesses can take advantage of the following:

Checking accounts
Savings and certificate accounts
Cannabis (I-502 Analysis) business checking accounts
Business loans
Business credit cards

In addition, with Sound CU, you can access a full suite of business services that includes terminals and point of sale systems, eCommerce payment solutions, mobile card readers, payment acceptance, gift card, reward, and incentive programs, and mobile apps and software. The institution’s tech is as advanced as you can get with most major banks.

+Honorable Mentions

Obviously, these three credit unions are only a small drop in the ocean of options. So, in case you aren’t able to select one of these three, I want to share four more credit unions that you can research yourself:

Alliant Credit Union – 2 branch locations in Illinois and 80K+ free ATMs
Consumer Credit Union – 8 branch locations in Tennessee
America First Credit Union – Located in Ogden, Utah
Digital Federal Credit Union – 23 branch locations in Massachusets and New Hampshire, 5.9K shared branches, and 80K+ free ATMs

Why choose a credit union instead of a bank?

Compared to a major bank, a credit union or small local community bank is likely to offer lower fees, increased savings, and more lenient qualification terms for lending.

What are the disadvantages of credit unions?

Typically, credit unions run operations from their own funds, so they might offer less in the way of mobile apps, online banking features, and other conveniences. But, they still have many valuable perks.

Are credit unions good for small business?

Credit unions can be beneficial for your small business. They offer lower fees and interest rates, personalized service, a local focus, easier access to credit, and the opportunity for relationship building. Research and compare different credit unions to find the one that suits your specific business needs.

Which bank is best for small businesses?

A small local community bank or credit union can be the best choice for small business banking. Fees are typically lower than those at major banks and lending qualification terms have more wiggle room. These institutions tend to have more control over their terms and conditions.

How do I choose a bank for my company?

First, create a list of local small community banks and credit unions in your area. Then, call each institution on your list and ask about business checking and savings options as well as underwriting terms for business loans and lines of credit. Finally, choose the option that is the best fit for your operations and goals.

Final Thoughts

The above-listed credit unions offer the best financial services for businesses. If you want your operations to run smoothly, you can’t go wrong with one of these choices. But, do your homework to make sure you choose the best institution to fit your needs.

To find out which banks and credit unions we’re currently working with to obtain lines of credit up to $100K in as few as 30 days, join Business Credit Workshop today.

American Express Business Blueprint Review (Formerly Kabbage)

By Joe

Key Takeaways

Kabbage became Amex Business Blueprint, from lending to a full financial platform.
Blueprint combines banking, lending, and cash flow insights in one dashboard.
Amex Lines of Credit have lower fees than Kabbage (0.95% to 27%, depending on the term).
Business Checking offers higher (1.3%) APY, no fees, and a rewards debit card.
The iOS app is highly rated, but Android users report issues and bugs.
Payment Accept replaced Kabbage Payments, but new customer availability is unclear.
The Resource Center provides business insights and financial tools.

Kabbage was once a popular online lender and one of the SBA’s approved PPP loan providers. American Express quietly acquired Kabbage’s platform in 2020, and reworked it to create Business Blueprint—a comprehensive business cashflow dashboard.

So, what’s changed? And, is American Express Business Blueprint worth checking out? Here, we’ll take a quick peek at why Kabbage might have exited from their operations and learn everything you need to know about the new and expanded offer from Amex.

This is what’s in store:

What Was Kabbage?
What is American Express Business Blueprint?
- Company Overview
How Does American Express Business Blueprint Work?
Frequently Asked Questions
Final Takeaway

Now, let’s dive in!

What Was Kabbage?

Kabbage, founded in 2009, was an automated lending platform offering quick loans up to $250K for small businesses. Known for convenience but high fees, it paused lending during COVID-19 to focus on PPP loans, earning mostly low ratings.

Later, a few years after the purchase by American Express, it transitioned into Amex Business Blueprint, discontinuing its original offer.

Near the end, Kabbage offered tools like:

Kabbage Checking (competitive APY)
Kabbage Payments (low invoicing fees)
Kabbage Insights (cash flow tracking)

While useful, these services faced some technical issues before the transition. The hiccups near the end may have made selling the company the wise choice.

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

What is American Express Business Blueprint?

When I first heard that Amex had acquired Kabbage (whose lending funds used to come from Celtic Bank), I said, “If the brand does bring back working capital in the future, it will most likely come directly from Amex itself. We’ll just have to wait around to see.”

Well, that future is now.

American Express Business Blueprint is a free platform positioned to help small businesses manage their cash flow. It lets you view your American Express business products and linked external accounts in one place. Then, it provides personalized insights to help you make informed financial decisions.

With the tool, you can access features like a 30-day bank account balance projection, which uses data from your linked accounts to help you anticipate future balances. In a nutshell, business Blueprint aims to simplify financial management for small business owners.

Moreover, Amex is offering a Business Line of Credit up to $250K (same as Kabbage), with no mention of Celtic Bank. Today, these loans are serviced directly by American Express National Bank.

Company Overview

American Express Business Blueprint Benefits

American Express, aka Amex, is a global financial services company with roots dating back to 1850. Founded by Henry Wells, John Butterfield, and William Fargo—names you might recognize from Wells Fargo—Amex has built a reputation for reliability and innovation in finance.

Initially known for credit cards, charge cards, and traveler’s checks, the company has since expanded its offerings to include business checking accounts (and, now working capital) further solidifying its leading position in the financial world.

Headquartered in New York and led by CEO Stephen Squeri, Amex stands out as a trusted name in American finance. It’s publicly traded and has endured as a stable force in a fast-evolving industry.

You might also like: A Complete, Unfiltered Amex Business Gold Card Review

How Does American Express Business Blueprint Work?

American Express Business Blueprint login

As I said before, American Express Business Blueprint is free. And, you can log in with existing credentials, if you’re already an American Express member, or create an account.

Once you’re in, you’ll have access to a lot of the same features and services that were available with Kabbage, but with some notable improvements.

1. Business Lines of Credit

american express business line of credit

Kabbage’s fixed-rate loan fees were steep, ranging from 24-99% APR, with no savings for early repayment, no long-term options, and approval limited to businesses with online checking or PayPal.

In contrast, Amex Business Lines of Credit offer a more affordable alternative, with funding from $2K to $250K secured by business assets and personal guarantees.

Amex’s fees range from:

0.95% to 6.05% for single repayment loans (1 to 3 months)
3% to 27% for installment loans (6 to 24 months)

So, Amex offers a much less expensive business lending option than Kabbage was able to. They also offer reduced costs with early repayment on installment plans. However, you must be an Amex cardholder to apply.

2. Business Banking Accounts

Before the transition, there was no such thing as a Kabbage business savings account. Likewise, there is no American Express business savings account (though they do have a consumer savings option).

Kabbage Checking offered FDIC-insured banking with 1.10% APY earned on funds, which they declared was the best deal you’ll find. This wasn’t true with 2% earnings from Bluevine and varying larger amounts from several credit unions.

Today, American Express Business Checking is worth taking a look at. Their business checking account earns 1.3% APY on balances up to $500K and charges no monthly maintenance fee—They also offer a rewards debit card that earns 1 point with every $2 spent, and their high deposit limits can house balances up to $5 million.

However, they lack integrations for tools like QuickBooks and don’t accommodate cash deposits (despite free MoneyPass™ ATM access). Currently, they don’t offer virtual cards, either.

3. American Express Business Blueprint Cashflow Management

Kabbage Insights, in my opinion, was comparable to Quickbooks. While it did deliver visual reports, it was basically an accounting platform. Theoretically, it allowed users to view all their accounts in one place for a clearer picture of cash flow and revenue.

Users could link the system to various banks, including smaller credit unions. PayPal and Stripe integrations were unavailable when I reviewed Kabbage, despite being advertised.

Today, Business Blueprint™ is the core of Amex’s small business offer, with a real-time financial dashboard that consolidates Amex business products and linked external accounts.

It offers:

Personalized cash flow insights
Business income and expense tracking
30-day balance projections
A bird’s-eye view of your financial health

You can get all of this in one place. It’s designed to help you focus on growth instead of spreadsheets. The platform is free, but individual Amex financial products have their own fees and eligibility requirements.

You might also like: Plastiq Review: Can Plastiq Really Simplify Your Finances?

4. American Express Business Blueprint App

Back in September 2020, I noted that Kabbage’s web app and mobile app both seemed a little wonky. I assumed this was because they had recently furloughed staff and cut back on their service offer for the time being.

Today, the American Express Business Blueprint app, available on both iOS and Google Play marketplaces, seems upgraded.

Apple users give The Amex Business Blueprint™ app a 4.8 out of 5 rating, based on 8,500 reviews. Users appreciate its convenience and ease of use. However, some have reported limitations in banking functionalities, like viewing canceled checks and scheduling payments.

However, most Android users seem find the Amex Business Blueprint app frustrating due to:

Persistent login issues
Slow transfers
Frequent glitches
Poor support

Many of them prefer using the web instead.

You might also like: What is the Best Personal Finance Software? Free and Paid Options

5. American Express Invoicing & Payments

American Express Business Blueprint Payments

Kabbage Payments was an online invoicing platform with competitive rates at 2.9% + $0.25 per transaction, slightly lower than most major competitors. It supported email and web link billing, with next-day deposits for transactions processed before 5 PM.

Users could also create a unique URL to sell gift certificates ranging from $15 to $500.

Today, American Express Payment Accept is a service designed to help small businesses process card payments online efficiently. It offers a straightforward solution with transparent pricing, aiming to make payment processing simple and quick.

*But, they may not be accepting new customer applications at this time—Check with Amex for Updated info.

You might also like: Melio Payments Review: Can It Make Business Payments and Getting Paid Easier?

6. American Express Financial Resources

American Express Business Blueprint Customer Service

Kabbage’s “Resource Center” was a blog dedicated to financial advice for business owners. I found the articles to be pretty useful, easy-to-understand, and worth a look.

American Express, on the other hand, has a full suite of resources for small business owners through its Business Blueprint™ platform.

This includes a Resource Center featuring:

Articles on various small business topics
Customer success stories
A massive help center

It provides not just articles but also tools, customer success stories, and guided resources to help business owners manage and grow their finances more effectively.

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

Frequently Asked Questions

Is it hard to get an American Express business line of credit?

Approval for an Amex business line of credit depends on factors like your business’s financial health, credit score, and cash flow. While the process isn’t overly difficult for well-qualified applicants, Amex does require a personal guarantee and evaluates your business assets carefully.

Does Amex business report to Dun & Bradstreet?

Yes, American Express reports business credit activity to Dun & Bradstreet as well as other major credit bureaus, helping you build your business credit profile.

Why do so many businesses refuse Amex?

Some businesses avoid accepting Amex due to higher transaction fees compared to other credit card providers. These fees can cut into profit margins, especially for small businesses.

Is American Express business hard to get?

Obtaining an Amex business card or account generally requires a good to excellent credit score and stable business finances. While not excessively hard, it may be challenging for newer businesses or those with weaker credit profiles.

What is the minimum income for Amex Business Platinum?

American Express doesn’t specify a minimum income requirement for the Business Platinum Card. But, MyFico forums have a lot of anecdotal stories that suggest that they expect applicants to demonstrate significant income or business revenue to justify approval.

Final Takeaway

American Express Business Blueprint took what Kabbage started and expanded it into a full-scale financial platform. With better lending terms, a solid business checking account, and improved cash flow tools, it’s a clear upgrade.

However, some drawbacks remain, like limited integrations and an inconsistent mobile app experience. If you’re an Amex cardholder looking for streamlined business banking and financing, it’s worth considering—just be aware of its gaps.

Are you ready to 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!

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.

You might also like: Is BHG Financial Legit? Personal & Business Loans, VC, & More

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.

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

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!

Royal Credit Union Accounts for Wisconsin & Minnesota Businesses

By Joe

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

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

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

This is what’s in store:

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

Now, let’s jump in!

What is Royal Credit Union?

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

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

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

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

RCU Locations Served

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

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

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

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

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RCU Membership & Eligibility

What do I need to open an account at RCU?

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

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

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

For the business entity, you’ll need:

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

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

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

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

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

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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

Royal Credit Union business checking account

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

Royal Advantage Business Checking
Royal Advantage Plus Business Checking

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

This account offers a range of benefits including:

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

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

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

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

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

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

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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.

3. RCU Business Loans

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

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

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

4. RCU Business Savings & Investment Opportunities

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

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

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

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

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5. RCU Treasury Management

Royal Credit Union business treasury management services

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

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

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

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

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6. RCU Business Mobile App

How do I transfer money from RCU to another bank?

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

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

In the app, you can:

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

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

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

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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

What is the ATM withdrawal limit for RCU?

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

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

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

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

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

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

Frequently Asked Questions

Does Royal Credit Union use Zelle?

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

What is the Royal Credit Union routing number?

The routing number for Royal Credit Union is 291880411.

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

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

Does RCU have overdraft fees?

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

Conclusion

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

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

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

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

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