You’ve worked hard to build or manage a business. One of the foundational tools for continued growth is successful financial operations. That’s why many in the business sector turn to credit unions for their business checking accounts. Known for competitive rates and exceptional service, credit unions work to prioritize their members’ needs, making them the optimal choice for your business.
The benefits of choosing a business checking account at a credit union are many. Keep reading to discover the advantages of doing your business banking through a credit union and how your business can benefit. When you choose to work with a credit union, you choose customized solutions that set your business up for success.
Competitive Rates
Since credit unions are not-for-profit and member-owned, they are not controlled by shareholders who need to make a profit. This means that credit unions can offer better rates for their services, prioritizing the financial needs of their members.When you join a credit union, you unlock competitive rates. Credit union business accounts usually offer higher interest or dividend rates on savings, checking, and money market accounts. This means your business can earn more each time it makes a deposit. Most credit unions have more competitive interest rates on their business loans as well, so you accrue less interest when you do need to borrow.
Lower Fees
Typical banking fees can include account maintenance fees, transaction fees, service fees, overdraft fees, and so on. Since credit unions exist to benefit their members, however, they often charge lower fees for their services than other financial institutions—and may even eliminate certain fees altogether.For instance, CCU’s Business Organization checking account has no service fees, while the Business Elite and Premium checking accounts waive monthly fees when a daily balance is maintained. All business checking accounts at Capital Credit Union offer overdraft protection, free online and mobile banking, and free bill pay, making it easy to access all the services you need.
Lower fees can translate into significant savings for your growing business. Credit unions make it easy to save so you can do the right thing for your business and enhance its success.
Additional Business Services
When you start a business checking account at a credit union, it opens the door to a host of other beneficial business services as well. You can get expert support to help you manage operations while gaining access to:Business Savings
Keep cash in a business savings account with competitive dividend rates and no monthly service fees, as well as free digital banking and bill pay.
Business Loans
Apply for business loans with low loan origination fees, and receive flexible, customized options and terms. With lower interest rates, you keep what’s yours and can invest it back into your business. Open additional locations, expand internationally, provide new goods and services, purchase new equipment, amp up your marketing, or hire additional staff without racking up debt. Business loans give you access to commercial lines of credit, commercial real estate loans, and construction loans.
Business Money Market
Earn higher dividends while still retaining liquidity. Capital Credit Union pays higher dividends than many banks pay on certificates. With a Business Money Market account, dividends compound monthly, and you don’t have to lock up your money, so your funds are available when you need them. Plus, earn even more with our tiered rate structure.
Business Cash Management Services
Treasury management solutions help your business streamline operations, making your cash flow simple, secure, and straightforward. Not only does Capital Credit Union’s treasury management simplify your financial operations, but it also enhances your control.
Take advantage of key features such as:
Not only are team members experts on banking topics, but they have local ties to the community. With a strong focus on local communities and their businesses, credit unions can offer pivotal local support and proven financial options.
While credit unions do require meeting certain membership requirements, they are often easy to join. Many credit unions accept members who work, live, attend school, own property, or own or run a business in a qualifying city. In many cases, if a relative is already a member of a credit union, you may qualify to join.
Take advantage of key features such as:
- Business digital banking
- ACH origination that enables businesses to securely transfer funds
- Business remote deposit for depositing checks through remote and mobile deposit
- Business wires
- Fraud mitigation services
- Liquidity management
- Merchant services that equip your business to receive payments from customers using debit cards, credit cards, and gift cards
- Business credit cards with a range of offerings, including reward-based business credit cards and corporate purchasing cards
Local Ties and Knowledge
When you bank with a credit union, you partner with a team of experienced professionals who have both the knowledge and experience to guide your business to further financial success. Credit unions are member-focused and want to see you succeed. That’s why they offer many resources, including financial literacy programs and education tools, budgeting tools, workshops, and more.Not only are team members experts on banking topics, but they have local ties to the community. With a strong focus on local communities and their businesses, credit unions can offer pivotal local support and proven financial options.
While credit unions do require meeting certain membership requirements, they are often easy to join. Many credit unions accept members who work, live, attend school, own property, or own or run a business in a qualifying city. In many cases, if a relative is already a member of a credit union, you may qualify to join.
Member-Focused Customer Service
Credit unions are known for their exceptional customer service. They have a people-first philosophy stemming from their member-owned, not-for-profit structure and their strong focus on community. You can expect personalized service with customized solutions.They will have a deep understanding of your particular needs and can offer tailored advice and solutions for your business, with an emphasis on your success. They also tend to be more flexible and willing to work with you, making banking easy and hassle-free while empowering you to have more control over your finances.
When you’re ready to open your business checking account at a credit union, CCU is ready to help your business thrive with a variety of checking account options:
- Business Elite—designed for small to medium-sized businesses with many free services
- Business Premium—ideal for larger businesses with increasing dividends for increasing balances
- Business Organization—created to serve non-profit organizations, clubs, benefits, leagues, and more
- Business Analyzed Checking—offset service charges by using earnings credit you earn on checking account balances