Credit unions offer some of the best financial services for consumers. What many people do not know is that credit unions also have business accounts available to entrepreneurs. Opening up a credit union business account could prove tremendously beneficial to businesses of all sizes and shapes. Credit union banks offer unique advantages to all account holders. Find out the advantages you could benefit from by choosing to open a credit union business account in this post.
Fewer Account Fees
Credit union business accounts typically benefit from lower account fees. This is true of all credit union accounts. Credit unions typically offer lower fees than similar business bank accounts from other big banks. These savings from your business bank account could prove extremely beneficial to your business’s bottom line. It will leave you with more money to pay FICA taxes for employees. Transaction fees can quickly add up when business operations are involved. For business owners looking to open a business bank account, the lower fees are a considerable advantage that credit unions have over traditional banking institutions.
Lower Interest Rates
Credit unions have business loans with lower interest rates available to account holders. The interest rates on credit union loans are typically much lower than those you would find for similar lending solutions from big banks. Of course, this is particularly beneficial for business owners like you. The more accessible and affordable business financing solutions are for your business, the better shot you have at expanding your operations. Credit union business accounts get access to low interest business loans that would not be available through other lending institutions. Obviously, this is a huge perk that all entrepreneurs would love to benefit from.
Better Customer Service
When you open a credit union business account, you will be pleasantly surprised with how great the customer service is that they provide. Credit unions are known for providing superior customer service. Although, that is not all that hard when you are competing against the big banks that make it seem like they are doing you a favor by assisting you. Credit union account holders are shareholders in the credit union. Because of this, credit union staff know that you are the boss, and they act appropriately. This makes it easier to work with the banks frequently, which you are sure to do as a business owner. The high quality customer service is one of the biggest benefits of opening a credit union account for business purposes.
No Transaction Limits
Credit unions impose no transaction limits on business accounts. This is a huge advantage that credit unions have over the traditional banking institutions you see commercials for all the time. Transaction limits on business bank accounts can be seriously limiting and damaging for business performance. The last thing a business owner wants is to be punished by their bank for being too successful. When you open a credit union business account, you will never have to worry about transaction limits infringing on your business growth, like you would with credit card processing limitations. This will obviously give your company a huge competitive advantage over other businesses with traditional business bank accounts.
Interest Bearing Checking Accounts
Credit union checking accounts for business also have the benefit of interest accrual features. Most business checking accounts nowadays do not accrue interest, at least not if they are from the big banks. Credit union business checking accounts are interest bearing checking accounts. That means that the business capital you deposit into your credit union checking account will make money while it sits there. This is an incredible advantage over other checking accounts for consumers and businesses alike. You can put your money to work while working to make more of it yourself. It is an exciting prospect. The interest accruing checking accounts for business available at credit unions are one of the biggest advantages credit unions have over big banks. This is surely something you will want to capitalize on.
If you own a business, properly managing business finances is crucial, no matter what your household income. There are many different financial services and solutions available to business owners looking to manage business finances. However, some options are better than others. Credit unions for business are one of the best financial solutions available to business owners. These credit union business accounts have a ton of advantages, the most important of which are detailed above. Consider these credit union advantages when deciding what type of business bank accounts to open for your company. These benefits are surely going to make you want to open a credit union business account to manage your financial business transactions.