Why You Should Make the Switch

Why You Should Make the Switch

Thinking of bringing your business banking to a credit union, but dreading the process of making the switch? It’s easier than you think, and the payoff is worth the effort.

When it comes to business banking, credit unions present a great alternative for a variety of reasons. The reduction in fees, the low loan rates, and the fact that credit unions are locally-based not-for-profits — these all come to mind first — as well as other benefits that vary throughout each.

But key questions linger, and that's understandable. Among them:

  • Is my business eligible to join a credit union?

  • Is there a fee to join?

  • What should I do before making the switch?

  • What makes BECU a better fit for my business?

  • How do the rates compare?

  • Does the credit union have all the products and services I need?

Let's answer these questions in detail.

Is my business eligible to join a credit union?

Credit unions serve members according to where they live, work, worship or other associations that may vary. For example, if your business operates in Washington state or select counties in Oregon or Idaho, you're eligible to join BECU as a business member.

Is there a fee to join?

Nope! Membership with BECU comes with no fee to join. However, you'll obviously want to deposit money into your new account so you can start using it as soon as possible.

What should I do before making the switch?

Make sure to do plenty of research. If it's a good idea to make the switch, numbers don't lie — you'll see few fees, great rates, and probably higher satisfaction than with your current financial institution. Also, be sure to take into consideration the institution's ability to provide you with products and services that match the needs of your business, and what (if any) prices are attached to those options. Finally, it's also a good idea to ask about specialized personnel who might be trained in handling specific and/or complex questions about any aspect of running your business.

What makes BECU a better fit for my business?

There's an ever-increasing number of reasons why BECU could be a better fit for your business. Few fees and low rates on everything from business credit cards to vehicle and equipment loans are a popular choice among BECU business members, as are the interest rates on Money Market Savings and Business CD accounts. Other reasons you might benefit from the switch:

  • We're a not-for-profit cooperative

  • We're based in your community, so it's in the credit union's best interest to help your business succeed

  • Our investment in tech helps bring members services like Online and mobile banking, remote high-speed online deposits, and access to 30,000+ surcharge-free ATMs nationwide through the CO-OP network.

  • We have options for which checking and savings products best fit the needs of your business — see how much BECU can save your business

How do the rates compare?

These also vary, but credit unions tend to have competitive rates on most business credit products. Deposit rates are also generally attractive at a credit union.

Does the credit union have all the products and services I need?

BECU has the products to meet your business needs with products like payment processing solutions1, payroll services2, Bill Pay, incoming wire transfer and much more. Our experience is local, which gives us deep knowledge and familiarity with the local economy and other factors that affect businesses in this region.

Plus, you also get access to a cooperative network with over 30,000 surcharge-free ATMs across the country for your business deposits and withdrawals.

Your business is your livelihood, so you shouldn't have to pay more just to access your money. Get access to this quick and easy five-step Business Switch Kit (PDF) to help get started with the account opening process, or click the link below to learn more about membership.

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2Payroll services and related products are offered by Paychex®. Paychex is solely responsible for the delivery and quality of those products and services. BECU does not guarantee nor expressly endorse any particular product or service.