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If you're a small business owner, you know how important it is to have a reliable business checking account that helps you manage your finances efficiently.
Business checking account credit unions offer a range of benefits, including lower fees and higher interest rates compared to traditional banks.
One of the main advantages of credit unions is that they are member-owned and not-for-profit, which means they can offer more favorable terms to their members.
A credit union's business checking account can help you avoid unnecessary fees, such as overdraft fees and monthly maintenance fees, which can add up quickly.
By choosing a credit union for your business checking account, you can save money and have more control over your finances.
Benefits of Business Checking Account
A business checking account can be a lifesaver for small business owners. It provides stability to your growth strategy.
You can access your money 24/7 through online and mobile banking, making it easy to manage your finances on the go. This is a game-changer for businesses with fluctuating cash flows.
The CUTX Business Checking account also comes with 100 free items per month, which can be a huge cost-saver for businesses with high transaction volumes. Each additional item costs just $0.25, making it a cost-effective option.
A complimentary business debit card is included with the account, making it easy to make purchases and pay bills. This is a convenient feature that can help you manage your finances more efficiently.
You can access your money at over 80,000 surcharge-free ATMs nationwide, giving you the flexibility to withdraw cash when and where you need it. This is a huge perk for businesses with multiple locations or employees on the go.
Local support is also available from the CUTX Business Banking team by appointment, providing you with personalized service and support. This is a great feature for businesses that value face-to-face interaction.
Here are some key features of the CUTX Business Checking account:
By choosing a business checking account with a credit union, you can avoid monthly service charges and enjoy more flexible terms. For example, the Business Savings account requires a $9 one-time membership fee and a $1 initial deposit, but offers a must-have for business membership.
Account Options
If you're looking for a business checking account with low fees, consider the Business Savings account, which has a $5 monthly service charge if your balance falls below $1,000.
You can also choose from Business Checking accounts that offer free online banking and a range of transaction options. For example, the Business Checking account has 100 free transactions per month, while the Premier Business Checking account has 300 items free each month.
To avoid monthly service charges, make sure to maintain a minimum daily balance or average daily balance in your account. For example, the Business Checking account requires a $2,500 minimum daily balance or $5,000 average daily balance to waive the $10 monthly fee.
Find Accounts for Your Needs
If you're looking for a business savings account, consider one that earns dividends to accelerate growth, like the Business Savings account, which requires a $1,000 combined balance in business deposit accounts and charges a $5 monthly fee if the balance falls below requirement.
The Business Money Market account is a good option if you want to earn higher dividends from your surplus cash while maintaining liquidity, but it requires a $10,000 minimum daily balance and charges a $10 monthly fee if the balance falls below requirement.
Business Checking accounts are designed for managing day-to-day finances with ease, and some of them have no minimum balance requirements, like the Basic Business Checking account, which also has no monthly service charges and 50 items free each month.
The Business Checking Plus Account is a good fit for businesses with higher transaction volumes and balances, offering 200 free items per month and a monthly fee waived with an average monthly balance of $10,000 or above.
Here are some key features to consider when choosing a business checking account:
If you have a small business or organization, the Basic Business Checking account might be a good fit, but if you have higher transaction volumes and balances, you may want to consider the Business Checking Plus Account or the Premier Business Checking account, which offers 300 items free each month with a $5,000 minimum balance.
Non-Profit Account
Our Non-Profit Account is designed to support organizations making a positive impact in their communities. It offers everything our Business Checking Account has, plus some extra perks.
The monthly fee is waived, which can save you money right off the bat. No average monthly balance requirement means you don't have to worry about keeping a certain amount of money in your account.
You get 200 free items per month, including checks, deposits, and other transactions. After that, it's just $0.25 per additional item.
The cash/coin processing limit is $15,000, which is a significant amount for many non-profit organizations.
Features and Tools
With a business checking account from a credit union, you'll have access to a range of features and tools to help you manage your finances with ease. Mobile banking is available, allowing you to perform 200 free transactions, including bill pay and remote deposit capture.
You can also earn a competitive earnings credit that may offset monthly maintenance and transaction fees, making it a great option for larger businesses with high transaction volumes. This can help you save time and money by reducing the number of fees you pay.
Some of the convenience features include online deposit pro, online business banking, mobile banking, mobile deposit, and access to nearly 30,000 fee-free ATMs and 5,600+ shared branches nationwide.
Mobile Banking Features
Mobile banking features are a must-have for any business owner. With Affinity's mobile banking features, you can manage your accounts from anywhere, anytime.
You'll get 200 free transactions, which is a great starting point for small to medium-sized businesses. After that, there's a fee of $0.20 per transaction.
One of the standout features is the ability to pay bills in minutes. This is a huge time-saver, especially if you have multiple bills to pay each month.
Another great feature is Remote Deposit Capture (RDC), which allows you to deposit checks remotely using your mobile device.
Here are some of the key mobile banking features you can expect from Affinity:
- 200 free transactions
- Low minimum balance requirements
- ACH Origination available
- Pay bills in minutes
- Remote Deposit Capture (RDC)
These features make it easy to manage your finances on the go, and help you stay on top of your business's banking needs.
Cloud
As a business owner, you need a reliable way to manage your finances, and that's where cloud banking comes in. You can access your business checking account online or through the mobile app.
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One of the key benefits of business checking is the ability to manage day-to-day operating expenses, payroll, and income with ease. This includes using free online and mobile banking, bill pay, budgeting tools, and more.
You can also use your business checking account to make free transactions at no-fee ATMs, up to 100 per month.
To get started with business checking, all you need is a $200 deposit.
Credit Union Cash Management
Affinity offers a range of cash management features to help businesses like yours streamline finances and stay on top of transactions.
With 200 free transactions, you can manage your business's financials without worrying about extra fees. Low minimum balance requirements make it easy to open and maintain a business checking account.
ACH Origination is available, allowing you to initiate electronic transactions and transfers. Paying bills in minutes is also a breeze with Affinity's online bill pay feature.
Remote Deposit Capture (RDC) enables you to deposit checks remotely, saving time and increasing efficiency. This feature is perfect for businesses with high transaction volume.
For larger businesses with complex cash management needs, Affinity offers a business analysis checking account with features like ACH Transactions, Remote Deposit Capture, and Positive Pay.
This account also earns a competitive earnings credit that may offset monthly maintenance and transaction fees.
Here are some key features of Affinity's business checking accounts:
After 200 transactions, a fee of $0.20 per transaction applies.
Growing Your Business
Growing your business means having the right tools and resources to manage your finances and navigate the future. At USC Credit Union, you'll find a partner dedicated to your success.
One of the benefits of banking with USC Credit Union is access to a network of 30,000 shared branches and 5,000 ATMs nationwide. This means you can conduct your business from anywhere, without worrying about limited access to financial services.
As a business owner in Los Angeles or Orange counties, you'll appreciate the convenience of having a credit union that's tailored to your local needs. USC Credit Union is open to businesses located in these areas, making it easy to bank and conduct business.
Free financial wellness resources are available to business owners through USC Credit Union. This can be a huge help in managing your daily finances and making informed decisions about your business.
Here are some of the business solutions and resources offered by USC Credit Union:
- Comprehensive business coverage options for the unexpected
- Workers’ Compensation plans
- Small Business Retirement and Tax Planning
Growing your business savings is also a priority at USC Credit Union. By partnering with a credit union that's invested in your success, you can focus on what matters most – growing your business and achieving your goals.
Choosing the Best Account for You
If you're looking for a business checking account with high transaction limits, the CUTX Business Checking account is a great option, offering 100 free transactions per month.
To avoid monthly fees, you'll want to maintain a minimum daily balance or average daily balance. For example, the Business Savings account requires a $1,000 combined balance in business deposit accounts, while the Business Checking account requires a $2,500 minimum daily balance or $5,000 average daily balance.
Dividends are paid quarterly on the Business Savings account, but not on the Business Checking account. If you're looking for a higher dividend rate, the Business Money Market account may be a better fit, earning higher dividends than a regular savings account.
You'll also want to consider the minimum opening balance and balance requirements for each account. For instance, the Business Savings account requires a one-time membership fee of $9 plus a $1 initial deposit, while the Business Checking account can be opened with a $25 minimum deposit.
Here's a quick comparison of the minimum opening balance and balance requirements for each account:
Ultimately, the best account for you will depend on your business's specific needs and financial situation. Be sure to carefully review the fees, requirements, and features of each account to make an informed decision.
Convenience and Security
You can manage your business checking account from anywhere, anytime with Affinity's convenient features. With Bill Pay, Online Deposit Pro, Online Business Banking, and Mobile Banking, you can easily access your accounts.
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Mobile banking features include 200 free transactions, low minimum balance requirements, ACH Origination, and Pay bills in minutes. Remote Deposit Capture (RDC) is also available.
Affinity's business checking accounts are insured and safe, backed by NCUA insurance. This means you can bank confidently, knowing your funds are protected.
Here are some key features that make Affinity's business checking accounts convenient and secure:
- Access to nearly 30,000 fee-free ATMs and 5,600+ shared branches nationwide
- Mobile Deposit, Online Deposit Pro, and Remote Deposit Capture (RDC)
- Business Overdraft Advantage and Visa SavingsEdge discount program
Save Time and Money with Convenience Features
With Affinity's Business Checking Accounts, you can manage your accounts from anywhere, anytime. This means you can easily access your money and stay on top of your finances without having to physically visit a bank branch.
You can make bill payments online, deposit checks remotely, and even access your account balances on your mobile device. The convenience features of Affinity's Business Checking Accounts include Bill Pay, Online Deposit Pro, Online Business Banking, and Mobile Banking.
Mobile Deposit is another convenient feature that allows you to deposit checks remotely, and you can also access nearly 30,000 fee-free ATMs and 5,600+ shared branches nationwide. This means you can withdraw cash or deposit funds whenever you need to.
Business Overdraft Advantage is also available, which can help you avoid overdraft fees. However, be aware that after 200 transactions, there is a fee of $0.20 per transaction.
One more perk is the Visa SavingsEdge program, which offers discounts on qualifying purchases made with your enrolled Visa Business card. You can find more information on the program terms and conditions at www.visasavingsedge.com.
Insured and Safe
Embracing financial security is a top priority, and you can bank confidently knowing that all CUTX business checking accounts are NCUA insured. This means you're protected up to $250,000 in case of any unforeseen circumstances.
Having your accounts insured gives you peace of mind, allowing you to focus on what matters most – running your business.
Frequently Asked Questions
Is a bank or credit union better for an LLC?
For an LLC, a credit union often offers lower fees and more personalized service compared to a bank, making it a potentially better option. Consider exploring credit union benefits for your business.
How to open a business bank account for LLC Credit Union?
To open a business bank account for your LLC at a credit union, you'll need to provide the Articles of Organization, Employer Identification Number (EIN), and personal identification and information of the LLC's owner(s) or manager(s). Start by visiting the credit union's website or branch to learn more about their business account application process and required documents.
Sources
- https://www.affinityfcu.com/business-banking/business-checking-accounts
- https://www.usccreditunion.org/business-banking/
- https://www.neighborscu.org/home/business/checking-account
- https://www.veritycu.com/business-checking-accounts
- https://www.cutx.org/business/compare-credit-union-business-checking-accounts
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