Many credit unions now offer business banking. What draws people to credit unions are better interest rates and lower fees. Credit unions can offer the personal service of a small bank but access to a branch network the size of a large bank.
Credit unions’ membership was once limited to groups of people with a common bond, like the same employer or industry. Many credit unions have switched to a community charter, so anyone in the communities they serve can now join those credit unions.
What draws many people to credit unions are better interest rates and lower fees. Credit unions often provide better rates and lower fees because their customers are their owners. That's why you’re called a "member" at a credit union rather than a customer.
Small businesses are missing out by not considering credit unions for their business banking needs. I worked for a credit union with $2 billion in assets. Most of the business banking group had years of experience at business banks. Many large credit unions have products and services you would find at a business bank with pricing and service that are better.
Many credit unions also belong to shared branching networks and ATM networks that allow you to do your banking at any other credit union or credit union ATM without fees. This vast network of branches allows you to bank at a smaller credit union but has the convenience provided by the extensive branch networks of larger banks.
I wish you the bank or credit union that fits your business. I wish you well.
- Rob Stephens
CFO Perspective Resources
Get all the CFO Perspective resources with a FAST (Finance and Strategy Toolkit) membership.