Finding The Best Credit Union for a Business Checking Account: Your Top 5 Priorities
Have you struggled with banking your business’s money in a traditional bank? Are you tired of the per-transaction charges and monthly fees that cut into your bottom line? Leave all that behind when you choose Lanco Federal Credit Union for your business banking. A credit union business account could be one of the best improvements you will make to your company finances.
A credit union is a not-for-profit financial institution that is owned by its members and offers many benefits to go along with this structure. Credit unions provide many services and financial products, including business checking and savings account and business loans and credit cards. Read on to learn more about what you should prioritize when looking for the best credit union for a business checking account.
1. Low Maintenance and Transaction Fees
Worried about meeting the fees and deposit minimums when opening a checking account? Credit unions can offer you a lower minimum balance and minimum opening deposit than traditional banks. If you have concerns about meeting a minimum daily balance or minimum deposit requirement, a credit union might help you get started. For example, at Lanco FCU, you only need a $5 deposit to join the credit union as a business member. There are no other minimum deposits or monthly maintenance fees to start your account with us!
Because the members own the credit union, there are benefits that you just can’t get at a traditional bank. Instead of paying shareholders, credit union profits benefit their members, meaning more money gets returned to you in the form of low- or no-fee accounts and services, higher savings rates, lower interest rates on loans, and more. If you’re currently paying a monthly fee to have a business checking account at a traditional bank, consider how much you could save by moving to a credit union’s free small business checking account.
Plus, you can typically earn higher dividend rates on your savings account to maximize the efficient use of your stored capital, more than you could with traditional business savings accounts. Lower interest rates and no monthly fees extend across most business loans, providing you with more access to capital with a higher return on investment.
2. Technology Infrastructure
Technology infrastructure is often taken for granted nowadays since there has been so much work behind the scenes to give you easy access to your banking needs. Modern credit unions are able to handle digital banking and customer payments without issue. For example, Lanco FCU offers free online and mobile banking, free bill pay options, and low-cost invoicing and payment solutions via Autobooks.
National banks and credit unions have worked together to invest in a robust technological environment for banking. This has allowed credit unions to develop and use the same infrastructure that national banks use. Today, business checking accounts have greater access to technology than ever before. But this doesn’t leave out the personal touch—our digital offerings include easily accessible help via secure chat. with a live representative.
Online account access and a well-connected network are critical to the fast and easy banking business accounts need. When looking for the best credit union for a business checking account, you’ll want to look for a credit union that is always at the forefront of technological advancement.
3. ATM and Branch Access
When you choose a financial institution, you want to not only store your money but also have easy access to it. When looking for the best credit union for a business checking account, you’ll want to find one that has a large ATM network and convenient local branches. For example, at Lanco FCU, you have access to over 5,000 branches nationwide! Whether you’re out of the area or need some quick cash and you’re not near a Lanco FCU ATM, you can access your funds at any Shared Branch location nationwide.
Alongside ATM access, the best credit union for a business checking account will benefit your money mobility. Does this credit union have transaction limits? Or do they offer unlimited transactions? How do they handle check deposits? A financial institution should track wire transfers closely while providing you freedom and access.
When researching your credit union options, track the size of their network and compare it to your needs. Do you need to access your account across a large area, or do you just need a local credit union with a few branches? Research your options and make sure your business account is accessible where you need it.
4. Security and Insurance
One of the most important priorities for a business checking account is the security and insurance offered by the institution. Most credit unions work with the National Credit Union Administration (NCUA) to insure deposits at their institutions. This provides you with peace of mind and security when you bank with a credit union.
The NCUA offers credit unions access to an insurance fund that covers deposits up to $250,000. This protection is similar to what the FDIC offers to national banks. The FDIC does not have jurisdiction over credit unions, so their insurance can’t be relied upon for future-proofing your account. This fact does not mean your money is unprotected. You can breathe easy when you choose us as the best credit union for a business checking account. With Lanco FCU, your deposits are federally insured by the NCUA, giving you peace of mind that you hard-earned funds are protected.
5. Membership Eligibility and Additional Benefits
Credit unions have defined membership requirements. Their service needs to be outlined for a group with a common bond—such as businesses in a geographical area. It isn’t rare for a credit union to state its focus in its business name. For example, Lanco FCU is for businesses that are headquartered in Lancaster County, PA.
These membership requirements are not typically strict, but ensuring you are eligible for a credit union membership is critical. You don’t want to go through the application process only to find you need to start over again. The best free checking account for a small business from a credit union will state their membership requirements, so be sure you check those out to see if you qualify.
Beyond eligibility, you should be aware of the many other benefits that a credit union can provide.
- Free ATM banking and mobile banking
- Free business checking accounts
- Higher dividends on savings products
- Lower interest rates on lending products
One of the largest attractions for those interested in a credit union is their dividends and minimal fees. Because the members own a credit union, they prioritize paying their success back to their community. Members can earn competitive dividend rates on their savings accounts, allowing you to do more with your money.
Come to Us for the Best Credit Union for a Business Checking Account
You need to have confidence in your financial situation. Whether it’s a basic business checking account, money market savings account, or anything else, you should know that you are receiving a financial product that will support your business.
Your business could find this support with the Lanco Federal Credit Union. We proudly serve as the best credit union for a business checking account for those who work at or own small and large businesses in Lancaster County. Whether you are interested in a business checking account or a savings account, we want to make sure your finances are taken care of. Call today and ask about a free business checking account!
Resources:
https://ncua.gov/