{"id":4537,"date":"2024-12-10T10:47:02","date_gmt":"2024-12-10T15:47:02","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=4537"},"modified":"2024-12-10T10:47:02","modified_gmt":"2024-12-10T15:47:02","slug":"becu-business-review","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/business-banking\/becu-business-review","title":{"rendered":"BECU Business Banking Review 2025"},"content":{"rendered":"\n

Looking for a business banking solution<\/a> that won’t nickel-and-dime you? BECU’s business banking services might catch your eye, especially if you’re based in the Pacific Northwest. While this credit union has grown far beyond its Boeing roots, it still maintains its member-first philosophy with competitive rates and minimal fees. <\/p>\n\n\n\n

We\u2019ve researched BECU’s business banking offerings to help you decide if this community-focused credit union aligns with your business needs\u2014or if a digital-first option might be more suitable.<\/p>\n\n\n\n

<\/span>About BECU Business Banking<\/strong><\/span><\/h2>\n\n\n\n

BECU, originally founded as the Boeing Employees\u2019 Credit Union in 1935, is a member-owned credit union<\/a> dedicated to local communities and businesses. With roots in the Pacific Northwest, BECU has grown from exclusively serving Boeing employees to offering services to a broader range of members and businesses. <\/p>\n\n\n\n

Membership is open to individuals and businesses within Washington State, certain counties in Oregon (including Multnomah and Washington) and select counties in Idaho. Certain individuals affiliated with organizations like The Boeing Company, credit union service organizations (CUSOs) and groups such as the University of Washington Alumni Association are also eligible to join.<\/p>\n\n\n\n

BECU is well-suited for businesses seeking accessible, low-fee financial solutions\u2014especially for companies that serve their local communities. Businesses that want a financial partner with strong local ties\u2014plus a commitment to supporting small enterprises and larger organizations\u2014may find BECU to be a great fit. <\/p>\n\n\n\n

However, BECU does have restrictions on certain types of businesses. These include internet gambling, marijuana dispensaries and money services like payday loans. <\/p>\n\n\n\n

If you\u2019re looking for a local, community-oriented credit union with full-service business banking options and attractive membership benefits, BECU might be the right choice.<\/p>\n\n\n\n

<\/span>BECU Business Features and Pricing<\/strong><\/span><\/h2>\n\n\n\n

BECU offers business banking products designed to support businesses with varying financial needs. These services range from essential checking and savings accounts to specialized loans and cash management services. <\/p>\n\n\n\n

Here\u2019s a breakdown of their main business accounts and services.<\/p>\n\n\n\n

<\/span>Business Checking Accounts<\/strong><\/span><\/h3>\n\n\n\n

BECU provides two business checking<\/a> options: Business Basic Checking and Business Interest Checking. Both accounts come with no monthly maintenance fees, no fees on electronic transactions and no foreign transaction fees. <\/p>\n\n\n\n

Both account types offer high-speed online and remote check deposits, and free access to online, mobile and telephone banking. Business Basic Checking is ideal for companies that want straightforward, non-interest-bearing checking. On the other hand, Business Interest Checking offers interest earnings for those who want their account balance to work for them. <\/p>\n\n\n\n

Both accounts allow a set number of free transactions based on combined account balances across all BECU accounts. They charge $0.20 transaction fee after that limit.<\/p>\n\n\n\n

<\/span>Business Savings Account<\/strong><\/span><\/h3>\n\n\n\n

BECU\u2019s Business Member Share Savings account helps businesses save without high fees or balance requirements. It has no minimum balance, no monthly maintenance fees and earns interest at 0.40 percent APY (as of 11\/1\/2024). With access to over 30,000 surcharge-free ATMs nationwide, businesses can conveniently withdraw funds as needed.<\/p>\n\n\n\n

<\/span>Business Certificates of Deposit (CDs)<\/strong><\/span><\/h3>\n\n\n\n

For businesses looking to grow their savings at a fixed rate, BECU offers CDs with flexible terms from three to 60 months. They also have options like the Bump CD, allowing a one-time rate increase, and the Add-To CD, which enables recurring monthly deposits up to $1,000. <\/p>\n\n\n\n

Current APYs vary by term and deposit amount. BECU is currently offering a promotional rate of 4.40 percent for three to five month CDs.<\/p>\n\n\n\n

<\/span>Business Credit Cards<\/strong><\/span><\/h3>\n\n\n\n

If you need a business credit card, BECU provides flexibility and rewards\u2014and there\u2019s no annual fee. The Business Cash Back Credit Card offers 1.5 percent cash back on eligible purchases. Alternatively, the Business Low Rate Credit Card provides one of the lowest available interest rates, ideal for paying back larger purchases over time. Both cards come with added benefits like purchase protection, travel accident insurance and 24\/7 fraud monitoring.<\/p>\n\n\n\n

<\/span>Business Loans and Lines of Credit<\/strong><\/span><\/h3>\n\n\n\n

When you need flexible working capital, business loans and lines of credit<\/a> can be a lifeline. BECU\u2019s lending solutions include term loans for equipment or machinery, business vehicle loans with financing up to 80 percent and business lines of credit. <\/p>\n\n\n\n

BECU also offers SBA PPP loans to support businesses affected by the pandemic.<\/p>\n\n\n\n

<\/span>Cash Management Services<\/strong><\/span><\/h3>\n\n\n\n

Creating a smart cash management system can save your company time and money. BECU\u2019s cash management services help streamline business financial management. They include accounts payable and receivable management, sweep accounts, zero balance accounts and merchant services with customized point-of-sale systems. These services help automate financial processes, optimize cash flow and simplify your payroll and vendor payments.<\/p>\n\n\n\n

Ultimately, BECU\u2019s range of flexible and affordable business products are designed to appeal to small to medium-sized businesses looking for comprehensive\u2014and local\u2014financial services.<\/p>\n\n\n\n

<\/span>BECU Business Banking Pros and Cons<\/strong><\/span><\/h2>\n\n\n\n

BECU\u2019s business banking services offer numerous advantages, particularly for small to medium-sized businesses, but also have some limitations. Here\u2019s a look at the pros and cons:<\/p>\n\n\n\n

<\/span>Pros<\/strong><\/span><\/h3>\n\n\n\n