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Credit Unions and Business Accounts

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This week we’ve been discussing looking at credit unions if you’re not happy with your family’s current checking and savings system. I know some listeners have businesses and wonder if they can move over those accounts to a credit union.

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While more and more credit unions offer business checking and savings, you have to look at your business’ specific needs to know if they would be a suitable option for you.

Some questions you need to answer include: Learn how to find the right credit union for your business' banking needs.

  • What type of business do you have? Freelancers may simply need an account to handle their online deposits and payments. A big business may need invoice and payroll services.
  • Are there minimum daily or monthly balances required to avoid fees? You want to have an account where you avoid or minimize their fees.
  • What’s your average transaction amount?

If you’re in the market for a business account and you want to see if a local credit union can provide what you need, you can use this tool from the National Credit Union Administration.

 

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