AmeriCU Credit Union’s Blueprint for Assisting Business Members: Key Insights and Strategies
Small businesses form the
backbone of the local economy, driving innovation, creating jobs, and
cultivating a sense of community. AmeriCU Credit Union is deeply rooted in its
commitment to community development and understands the unique challenges these
businesses face. By enhancing its business checking accounts, AmeriCU ensures
that business owners have access to financial services tailored to their specific
needs, promoting stability and growth.
AmeriCU has taken a significant step towards supporting these organizations by enhancing its business checking accounts. Recognizing the pivotal role businesses play in fostering economic development and community well-being, AmeriCU provides these organizations with the tools and resources they need to thrive.
Innovative Features for Modern Needs
The credit union recently enhanced their consumer checking offerings for their members with the goal of increasing core deposits and checking account engagement. They did this by incentivizing members through their new streamlined account options: high-rate and rewards checking. AmeriCU has taken similar steps with their business members to deepen existing relationships, increase core deposits and checking activity, and attract new business members.
The new features of AmeriCU’s business checking accounts are designed to meet the needs of a variety of businesses from non-profits to small and mid-sized local DBAs, partnerships, LLCs, corporations, and larger commercial and industrial operations. It is important to offer account options that appeal to each business type.
For businesses looking for a simple, basic checking account to power their operations AmeriCU’s Business Freedom Checking comes with no monthly fee, no minimum balance requirements, and up to 250 free transactions per month. For business owners seeking an operating account where they can earn more on their hard-earned dollars, a Rewards Checking Account or High-Rate Checking Account may be the perfect choice. The rewards checking is designed for members who actively use their debit card. Members earn points when they meet the monthly criteria of at least 12 debit signature swipes and the presence of e-statements. Once business members earn their points they can redeem them for cash back, gift cards, merchandise, travel, discounts at the register or at the pump.
Business members who choose the high-rate checking account can earn one of the highest rates available on every dollar up to the first $25,000 in their checking account. This rate is currently set at 4% and all they must meet the following criteria: conduct at least 12 debit signature swipes per month, have e-statements, and have at least $50,000 in combined advanced loan dollars in good standing to earn the high-rate. All business advanced loans other than credit cards count toward this total. For a business they can easily achieve this with a real estate loan, an equipment loan, or vehicle loan.
Each checking account has two tiers, each with a monthly fee that can be waived in the first 3 months under certain conditions. Tier 1 is for businesses with up to 250 transactions per month, and Tier 2 is for businesses with up to 500 transactions per month. If business members do not meet the monthly criteria, there are no penalties. They simply do not earn the rewards or high-rate for that month.
AmeriCU’s Business Analyzed Checking is ideal for larger commercial and industrial businesses with high volume transactions who are less interested in perks but are more interested in saving on monthly fees. This account has a flat monthly fee and a charge per transaction, but the business earns credits to offset those monthly fees based on their average daily balance. The more money they have in their checking account, the more they can save on fees. This is a huge advantage for those high-volume businesses.
A Vision for the Future
By enhancing its business checking accounts, AmeriCU is not just providing a service; it is making an investment in the growth of the community. Businesses that thrive in today’s competitive marketplace contribute to a robust local economy. AmeriCU’s support ensures that these businesses have the financial foundation necessary to succeed.
The credit union understands the unique challenges that businesses face, and their goal is to offer solutions that help them maximize their earning potential. By continuously evolving its services and staying attuned to the needs of their business members, AmeriCU is a steadfast partner in economic development. AmeriCU is committed to building a thriving, resilient community where businesses can grow and enhance the quality of life for all.
About Author:
Alycia Schick, a Public Relations and Communications Specialist for AmeriCU Credit Union, utilizes her diverse background in marketing and community engagement to foster community connections through her writing. With more than 18 years of experience, she has a demonstrated history of crafting engaging narratives and executing effective communication plans. Alycia can be reached directly at alycia.schick@americu.org.