Shaina_small
Reputation: 68

The best credit union for a small business

I see there are some great questions regarding credit unions for individuals, but does anyone have any experience/opinion on credit unions for small businesses? We were using WAMU, then BOA, and hated them both. Specifically, we're interested in ease of deposits and charge card systems for clients to make payment.

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2 Answers

  • Avatar_default
    Reputation: 239

    I don't know the answer but I wanted to put it out there that you might also want to consider smaller regional banks. WA Federal was one of two banks which kept it's top 4-star rating through the worst of the crisis.

    Sound Community Bank is another, which actually started originally as a C.U.

    Umpqua Bank (from Oregon) bought out Evergreen and is expanding. My company does banking with them and I know a non-profit who worked with them when they were Evergreen.

    There is also Seattle Savings, Banner Bank and People's Savings, Sterling Savings (still not that strong financially), and Home Street Bank (was having some issues due to the financial crisis and still isn't fully recuperated) that I can think of off the top of my head.

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  • Img_5852_small
    Reputation: 775

    I second agness' notion to also look into small community banks as well as credit unions.

    While many of the CU's are PERFECT for individuals, as a business, you may have more "in house" needs, rather than just ATM/online banking options.

    I think one of the biggest considerations is going to be what physical branch locations are convenient for you. You'll want something that isn't TOO hard to reach, so you can make deposits, get things notarized, etc. Also, as a small business, I find it's important to actually make several transactions in person, to get to know the staff and branch manager. We've been with Sound Community Bank for over a year now, and it's been a great transition (formerly with Fremont Bank, which became Northstar, which then became Frontier, which got consumed by the HORRIBLE giant Union Bank...we could not get out of their fast enough. Union Bank actually said "we are not interested in small construction businesses. You should take your banking elsewhere." So we did!!). I've also heard great things about Umpqua Bank.

    Some of the credit unions could also be PERFECT for you. But I think finding a branch (or two) that is convenient for your office and your employees, is a top priority. Good luck!!

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