Business Accounts at Credit Unions vs. Banks

Choosing the right financial partner for your business isn't always easy. Many traditional banks come with high fees, rigid rules, and one-size-fits-all services that might not fit your business needs. Business credit unions, like USC Credit Union, shine by offering competitive business bank accounts that often have better terms and more flexibility than traditional banks!

Credit unions are like a treasure trove for business owners, offering everything you need to manage your cash flow and save money faster. They cover everything from checking and savings accounts to small business loans. Plus, you'll enjoy perks like hassle-free transactions, free ATM access, and low minimum deposits.

Why Business Credit Unions Over Banks?

1. Ownership and Focus

• 1. • Banks: Aim to make profits for shareholders, often prioritizing their interests over those of customers.
     • Credit Unions: Are member-owned, meaning they focus on serving their members' needs with personalized member service and flexible financial support for small businesses.

  2. Fees and Interest Rates
     

     • Banks: Typically charge higher fees and offer less favorable interest rates on loans and savings accounts.
     • Credit Unions: Generally offer lower fees and better interest rates, helping your business save money. While credit unions have specific membership eligibility requirements, many business accounts at credit unions have no monthly service fee, or the fee can be waived by maintaining a minimum balance or meeting other criteria. They can also offer higher, competitive savings APY rates to help grow excess cash for the future!
  3. Community Connection
     
     
     • Banks: May not have a strong community focus, often operating on a larger, more impersonal scale.
     • Credit Unions: Are deeply connected to their local communities, providing support and resources that can help your business grow. This community-oriented approach fosters a supportive environment where small businesses can thrive!

  4. Products and Services

     • Banks: Offer a wide range of products and services, but they may not be tailored to small businesses.
     • Credit Unions: Provide the same products and services, including checking, savings, and money market accounts, but with a community touch, making them an ideal partner for any small business owner looking for a reliable financial ally.

How to Find the Best Credit Unions for Business Accounts

When choosing the best credit union for your business accounts, it's essential to keep a few key factors in mind to make sure you find the perfect financial partner. Here are some tips to help you identify and select the best credit unions for your business needs:

1. Location - Find a credit union with branches conveniently located near your business. Easy access to physical branches is important when you need in-person banking or consultations!

2. Services Offered - Check that the credit union offers essential business banking services like checking accounts, savings accounts, money market accounts, merchant services, and online banking tools. Extra services like payroll processing, loans, and lines of credit are a big plus. 

3. Reputation - Look into the credit union's reputation. Search for reviews and ratings from other business owners. A credit union with a strong history of serving small businesses and a reputation for excellent member service is a great sign of reliability and trustworthiness!

4. Member Feedback - Listen to what current members have to say. Their feedback can give insights into the credit union's member service, responsiveness, and overall satisfaction. Positive testimonials and word-of-mouth recommendations are valuable indicators of a credit union's quality.

How a Credit Union Small Business Account Can Boost Growth

Credit union business accounts usually offer lower fees and better interest rates on loans and savings accounts, which can significantly boost your business savings. These extra funds mean investing more in new equipment, expanding your product line, or hiring more staff. 

Through Thick and Thin

Credit unions often lend a helping hand when the going gets tough, offering flexibility and understanding to see your business through challenging times. With this kind of member-focused approach, you're set with a financial partner in it for the long haul.

Choose USC Credit Union for Your Small Business in Los Angeles or Orange County

If you're a small business owner in Los Angeles or Orange County, California, USC Credit Union is your perfect financial partner! With USC Credit Union, you get:

• Access to 30,000+ shared branches and 5,000 ATMs nationwide, plus Citibank and 7-Eleven ATMs with the Co-Op Network.

• Feature-rich business products and services, including:

  • Business checking that covers all the basics for your cash flow needs.

  • Business savings with rates as high as 0.05% APY¹.

  • Business money market accounts with rates as high as 4.25% APY².

• 24/7 access to Online Banking, Bill Pay, and Zelle.

• Free financial wellness resources and events.

• Comprehensive coverage options for your business.

• Small Business Retirement and Tax Planning services from wealth experts.

Join USC Credit Union for Business

Do you have questions about your business needs? Schedule an appointment with a member-specialist to learn all the benefits of business membership with USC Credit Union. 

Ready to get started? Begin your USC Credit Union business account application today. It only takes a few minutes to grow your business with a local partner who loves seeing you thrive!