I'm an artist and I am wanting to open a business checking account with a local community credit union. So far I've been debating whether to go with OnPoint or First Tech... any further ideas? Or other input?
Thanks Predditors! Much love.
Posted Feb 8, 2013, 12:44 AM UTC
As a person who works in the Credit Union industry, and also worked for OnPoint, I can give you some advice you may want to consider.
Lets start with OnPoint, they are one of the largest CU in Oregon and have several locations. Their basic business checking is free, meaning no monthly service fee or minimum balance requirements (beyond $100 at opening). A nice plus with them is many of their locations are open till 7 and on Saturdays (I believe their call center is now open 7 days a week till 7pm). As your business grows, you could look to their other services such as loans or a credit card, or possibly merchant services.
I have heard nothing but good things about First Tech, however they do have a $6 a month fee if you do not maintain a daily balance of $1000 in the account. Their opening deposit is $100 as well, but this is pretty standard for business checking accounts with CU. if you do want to go with First Tech, do bear in mind that you would need to qualify for membership, which is working Ina tech industry or living in Lane County.
This will really depend on the type of banker you are, but would multiple locations be important to you? the reason I mention it is because you would actually want to go with First Tech over OnPoint. The reason for this is because First Tech is part of the shared branching network, which allows you to go to other CU's nationwide to do your transactions. So if you were to ever move out of state, travel, or even if you loose your debit card, you will still have access to your account. You can do all basic transactions; deposits, withdrawals, transfers, loan payments, money orders, etc. OnPoint is not part of this network, so if you are the type who needs multiple locations you may want to consider this.
Here is a suggestion, have you looked at Unitus? They have free business checking and no minimum requirements. They have excellent service, and I help many of their members at the CU I work for. They are also part of the shared branching network.
First Tech is part of the shared branching network, which allows you to go to other CU's nationwide to do your transactions. So if you were to ever move out of state, travel, or even if you loose your debit card, you will still have access to your account. You can do all basic transactions; deposits, withdrawals, transfers, loan payments, money orders, etc. OnPoint is not part of this network, so if you are the type who needs multiple locations you may want to consider this.
Yes they are, I am an OnPoint member and actually live in between a US Bank and an Oregon's First Community Credit Union[now known as "First Community Credit Union"] and I frequently use their ATMs for withdrawls and check deposits.
With real "shared branching", you can actually go to the tellers inside the CU and not just use the ATM. For example, I've had an account at US Agencies CU for a long time, but they're very small and only have a branch downtown.
I've since moved to Aloha. I ended up opening another account with Unitus, but the nice thing is they do shared-branching with USACU so I can withdraw larger amounts than the ATM daily limits. Checks deposited this way typically don't end up with hold like most ATM check deposits do. Also, I can take a pile of coins into Unitus, run them through their machine, and deposit into USACU.
The ATM is fine for most stuff... and I often use First Tech's drive-through ATMs, but it's not the same level of service as actual shared-branching.
That said, I've been pretty happy with both of my credit unions.
Thank you for clarifying the definition of shared branching, many people confuse the co-op ATM network for it. Shared Branching is fantastic, IMO.
I love it too! It was the fact that First Tech didn't do shared branching that caused me to end up going with Unitus. When I asked a First Tech teller about shared branching, they told me I had to us the ATM. I don't know if they still do it that way.
Wow! Yes thank you! That is the type of info I was looking for! So helpful, I didn't realize you have to be allowed membership into FirstTech. Thanks for your help!
Also you can use 7-11 ATMs for check deposits and withdrawals as a credit union member, no fees. It's awesome.
I've been with FirstTech for almost 5 years now. I've never had to maintain a specific balance with my checking or saving account.... I do know many ppl that work for the bank, but dont think my accounts are anything special. Getting money out of an ATM from any 7-11 is a convenience!
And I do not think you have to be working in the tech industry anymore to have an account. I think this was mandatory when they first opened, but now anyone should be able to get an account. For example, I had my parents go from BofA to FirstTech and they are not tech people or even working in the tech industry.
They may have been eligible to join because they are your family members. Most Credit Unions allow membership of immediate family members. I looked at their website and it says:
If you meet one of the following membership requirements, then come in and get wired today.
Work
for a high tech or telecom sponsor company for the State of Oregon in Lane County, Oregon Live
In Lane County Oregon Be
An immediate family member of a First Tech member, regardless of where you live A member of the Financial Fitness Association.
And it seems there is a $6 fee if the daily balance falls below $1,000, but this is for business checking accounts only, not personal. See below: Simple Business Checking
Low $6 monthly fee if average daily balance falls below $1,000.
I don't know if they're big enough to suit your needs, but I highly recommend checking out Consolidated community CC. I've had nothing but wonderful, friendly service from them. I've actually have never banked anywhere else because they've given me no reason to leave.
TIL I'm a Predditor.
Also, props to NARVO90 for beating me to the punch.
It's a great group to be in for sure.
Yeah the only problem with NARVO90's answer is that those see to be all about personal checking accounts which.. is not what I'm looking for. Thus is the reason I included "small business" in the title..
Well for a specific answer, check this out:
https://www.advantiscu.org/page.php?page=249
I don't do small business, but this comes highly recommended from someone in my building. Hope it helps!