6 Frequently Asked Questions About Our Business Memberships & Its Benefits
Owning a business in Lancaster County is a lucrative but often stressful job. Your family and employees depend on you for a regular paycheck. So, if your business isn’t profitable, you risk letting down the people who depend on you and on whom you depend. Because of this responsibility, you often look for ways to save more money because every penny counts.
Your financial institution is one area you may not have considered as a potential money pit. If you currently have banking services with a traditional bank, you’re likely paying fees just for having an account. Beyond that, banks generally charge higher interest on lending products, higher per-transaction fees, and lower returns on savings accounts. You deserve to keep more of your hard-earned money, which is why a Lanco Federal Credit Union membership may be right for your small business.
Our business membership benefits include no minimum balance beyond your $5 membership share, no monthly fees, free business starter checks, and more. Plus, our credit union’s member services are second to none. Get started today by reading our answers to six of the frequently asked questions about becoming a business member, and then apply for your business membership!
1. Is It Better for a Business to Use a Bank or a Credit Union?
It depends on the values and services you’re looking for from your financial institution. Banks are for-profit organizations, so their goal is to make money off their customer to pay to shareholders. The difference is that a credit union is a not-for-profit institution owned by its members. So, any profits made by the credit union get returned to its members through free convenience services, higher dividends on savings products, and lower interest rates on lending options.
Like a bank, a credit union is federally insured for up to at least $250,000. The National Credit Union Administration (NCUA) provides this security for our members. Plus, when you join a credit union like Lanco FCU, you’re supporting your local community since all members have ties to Lancaster County. Members work together with the credit union to build resilient and strong local economies.
2. What Are the Benefits of Credit Union Membership for My Business?
Having a business membership comes with its share of benefits. Whether you choose our federally insured credit union for checking, savings, lending, or credit, you’ll be pleasantly surprised with all our services.
Business Checking
Business checking accounts are available to all types of businesses in Lancaster County and offer certain member benefits that you won’t find at traditional banks. For example, as long as you maintain your $5 membership share, there are no minimum balance requirements. While most traditional banks charge a monthly fee if you do not meet a minimum number of monthly transactions or cash deposits, our credit union has no such fees. There is no minimum amount of transactions or cash deposits to hit when you trust us with your money.
You won’t have to pay a per-transaction fee if your customers’ payments are deposited directly into your account. You’ll also enjoy free business starter checks, low-cost overdraft protection, and the use of a Visa® debit card for use at any place that accepts Visa. Additionally, we offer online account management for you to always stay on top of your business finances.
Business Savings
If you’d also like to open a business savings account, we offer that account type too. When your business becomes a member of our credit union with a $5 membership share, it gets deposited into a share savings account. You may also open additional savings accounts with no minimum balance or monthly fees. You’ll earn dividends on savings account balances of $25 or more.
If you prefer to maintain a higher balance in your savings account, you may open a money market savings account. You can earn a higher dividend on your balance without tying up your funds in a CD. The minimum balance required to earn dividends and avoid monthly fees is $1,500.1 You can add funds to your account as often as you’d like and make up to six withdrawals or transfers per month.
Lending Products
Whether you need a commercial mortgage, vehicle loan, equipment loan, credit card, or some other form of business lending, we can help! Running a business is tough on its own, and you deserve lending products with competitively low rates and reasonable repayment plans. You’ll find both of these attributes with all our lending products—from our unsecured business loans to secured lines of credit.
3. Why Should I Choose Lanco Federal Credit Union’s Member Services for My Business?
Beyond our affordable lending products, generous dividends on a savings account, and convenient checking account attributes, Lanco Federal Credit Union’s member services are top-notch. Your business membership benefits include the following:
- Money order and postage stamp purchases at any of our branches
- Free notary services
- Low rates on a Visa credit card
- Free coin counters at our Willow Street and Roseville branches
- Safe deposit boxes at our Roseville branch
- Low-cost overdraft protection
- Lanco FCU Work Perks—When you become a Lanco FCU Preferred Business Partner, your employees can receive exclusive membership benefits through this program. To learn more, contact Steve Turpin at (717) 569-7180 ext. 115 or sturpin@lancofcu.com.
- Online account management
- Mobile banking
4. Is My Business Qualified for a Lanco FCU Membership?
Lanco FCU is a community-based credit union, meaning our members all have ties to Lancaster County. To be eligible for a business membership, your business must be headquartered within Lancaster County, PA. You will also need your $5 membership share to open a business account.
5. What Do I Need to Open a Business Account with Lanco FCU?
When your company is ready to open a business account with Lanco FCU, all the signers on the account will need to complete the membership application at one of our offices. All the signers can come as a group or individually. You’ll also need to bring the following documents, depending on your business type:
- Sole Proprietor
- Photo ID for all signers
- IRS form showing the Tax Identification Number for the business, if you’re using one instead of your Social Security Number
- DBA/Fictitious Name registration with the State of Pennsylvania, if applicable
- License for your line of work, if applicable
- Limited Liability Company (LLC)
- Photo ID for all signers
- IRS form showing the Tax Identification Number for the business
- Certificate of Organization
- Resolution or board minutes showing who has the authority to open and transact on the account
- DBA/Fictitious Name registration with the State of Pennsylvania, if applicable
- License for your line of work, if applicable
- Partnership
- Photo ID for all signers
- IRS form showing the Tax Identification Number for the business
- Partnership Agreement or Partnership Resolution showing who has authority to open and transact on the account
- DBA/Fictitious Name registration with the State of Pennsylvania, if applicable
- License for your line of work, if applicable
- Corporation
- Photo ID for all signers
- IRS form showing the Tax Identification Number for the business
- Articles of Incorporation
- Corporate Resolution or Board Minutes showing who has the authority to open and transact on the account
- DBA/Fictitious Name registration with the State of Pennsylvania, if applicable
- License for your line of work, if applicable
6. Does My Business Need to Be a Credit Union Member Before Applying for Lending?
To take advantage of our lending products, you’ll need to become a Lanco FCU member. We make it easy for you to start enjoying business membership benefits, such as lower interest rates on our loans and lines of credit. All you have to do is gather the necessary documents listed above and go see a smiling face at one of our branches.
Enjoy All the Business Membership Benefits When You Join Our Credit Union!
Whether you choose a credit union to take advantage of the affordable and convenient checking and savings account or to enjoy competitively low-interest rates on lending products, you won’t regret it! Our business membership benefits are designed to help businesses of all sizes in Lancaster County grow and succeed. Get started today to take advantage of our credit union’s member services by becoming a business member!
1Account balances below the required $1,500.00 minimum will incur a monthly fee and will not earn dividends. Refer to the Truth-in-Savings disclosure for more information.