- Business Checking: Running a business can get hectic. Our basic checking option is a simple solution that’s easy to manage. There’s no minimum deposit as well as no monthly account fee. Enjoy online banking and a debit card for on the go.
- Premium Business Checking: Need a checking account that grows with you? Upgrade to Premium Checking where dividends accrue daily and post monthly to your account with a minimum balance of $500 or more (min. balance fee $5). There is no minimum to open and no monthly account fee.
We offer multiple loan options to fit your needs. Contact us today to apply.
- Owner-Occupied Commercial Real Estate Loans
- Investment Commercial Real Estate Loans
- Multi-Family Property Loans
- Business Vehicle Loans
- Term Loans
Every business should have a dedicated bank account. Not only are there legal reasons to keep your business and personal funds separate, but there are tax ramifications to consider as well.
To choose the correct business account, consider these key factors:
Fees: Many business accounts charge a monthly maintenance fee. Therefore, ensure you understand the requirements of opening an account and what can happen if you don’t fulfill them. AUCU doesn’t charge a monthly fee for business accounts or require a minimum deposit, other than the $5 credit union membership fee to join.
Features and services: Consider the features and services a financial institution offers. Ensure the credit union you choose offers services like bill payment, check-writing, debit card access, mobile banking, and direct deposit. Additional benefits like employee debit credit cards can be essential. With our business checking account, you’ll enjoy business debit cards and online banking.
Limits: Some financial institutions offer free cash deposits and transactions up to a specific point. After the limits are reached, your business will be charged a fee, which can be either monthly or per transaction, or both. As a business owner, ensure that you know these limits and whether they may affect your profits based on the dollar amount and quantity of business transactions.
Branches and ATMs: A credit union with physical branches can be helpful, especially if you prefer one-on-one help managing your finances. Easy access to an ATM and night drop is essential if your business needs to make daily deposits or withdrawals. Auburn University Credit Union has three branches – two in Auburn and one in Montgomery – equipped with both.
Minimum deposit: This is the amount you’ll need to deposit when opening a business account. The amount depends on the credit union, but not all business accounts require that you have a minimum amount.
Visit one of our branches during business hours. You will be asked to provide basic information about yourself and your business including your Social Security number, valid government-issued ID, legal business documentation, and TIN.
The best business accounts are those with low or no fees, require a minimum opening deposit, and offer mobile or online banking and ATM accessibility. A business account that earns interest and offers integrated business tools is a plus.
Business accounts can help by:
- Making it easier to apply for a business loan to help your company grow
- Strengthening the credibility of your business
- Offering more protection from identity theft for you as well as your business
- Making it easier to accept credit card payments
- Separating personal and business finances.
- Making it easier to file taxes.