Why Credit Unions Are a Better Business Banking Option

3 MIN. READ

Imagine a banking experience tailored to your business needs with personalized support and lower costs. Banking with a credit union is synonymous with service and convenience for business customers.

If your company does its banking with a major institution, it’s time to consider opening a credit union business account. By choosing a credit union, you'll get a banking partner that actively participates in the local economy and contributes to a thriving small business community.
 

A Credit Union Business Account Means Lower Fees and Better Service

A traditional business bank account has maintenance fees as high as $30 a month. You might also have to pay ATM fees, excess transaction fees, overdraft fees, and cash deposit fees.

We know these fees can add up and eat into your profit margins. That’s why we offer credit union business accounts with the following fee structure:
 

• Low monthly fees
• No per-check charges
• No overdraft or insufficient funds fees
• A network of surcharge-free ATMs

Because credit unions operate as non-profits, we can use surplus revenue to lower fees.

As a credit union business customer, you’ll also have access to a wide range of tailored banking products, including business checking solutions, savings accounts, loans, credit cards, and more.

All these products come with low fees and are convenient to access and manage via online or mobile banking solutions. Plus, most credit unions offer digital business planning tools and resources that align with the unique needs of startups and small businesses.
 

Credit Unions Offer Superior Customer Support

Credit unions operate on a smaller scale and so can focus on in-person customer support. When you open a credit union business account, you’ll typically work with a trusted advisory who will get to know the ins and outs of your organization. This person will guide you as your business grows and your banking needs change.

This model results in increased customer satisfaction. In fact, credit union members are 1.5 times more likely than traditional banking customers to say their financial institution has improved their financial health. Conversely, for-profit bank customers are more likely to complain about unexpected fees.

Our business customers share our local values, which is why credit union banking is such a great match for them. Community-oriented financial education, job creation, and the pooling of local funds to finance business loans contribute to a thriving small business community.

Plus, by considering a wider range of factors compared to traditional banks, we help fledgling businesses get off the ground with fair lending decisions.
 

Unique Selling Propositions of Credit Unions

What makes credit unions different? Here’s an overview of our unique selling proposition:
 

• Our ownership model means members like yourself are the owners and can vote on important decisions.
• Because we have a not-for-profit model, any surplus goes toward lower fees and other perks.
• Ethical banking is one of our guiding principles. We have a strong sense of social responsibility, embodied by programs that support our community.
• Our flexible, small-scale model allows us to review each lending application carefully and consider more than just a credit score to make a fair decision.
• We support a strong South Florida economy by pooling local funds, helping members achieve their financial goals, and creating jobs.
• Our goal is to help our members succeed, which is why we offer financial literacy and business resources.

Explore Business Banking With Power Financial Credit Union

Why choose a credit union for business banking? Our members typically save thanks to lower fees and free services. Plus, getting access to quality banking with a wide range of options, personalized products, and outstanding customer service gives them an advantage when it comes to business planning.

Need affordable and personalized business banking products? Join Power Financial Credit Union for a superior business banking experience! Get started by learning more about our business checking accounts with low monthly fees and no overdraft fees.