When it came to selecting a financial institution for your business, did you shop around for the best credit union you could find near Boston? Or did you just open an account at one of the big regionals?
Believe or not, this simple decision could save (or cost) you thousands of dollars. For example, Jeff Haden, contributor editor for business publication Inc. shared how his experience with a credit union saved him a significant amount of cash.
When he opened his business accounts, he admits he just went to a place that was convenient and didn’t give a single thought about where he banked. He dove in deep, handing over his entire business relationship, but said, “Occasionally I would notice all the monthly fees for checking and credit card processing and the annual fees for credit cards, and I would wonder if I could do better… but since a bank relationship at rest tends to remain at rest, wondering was all I did.”
One day a credit union location opened near his local grocery store. After days of doing a few drive bys he finally walked into the branch–that’s when his financial life changed for the best. He says once he transferred all of his business accounts to the credit union he ended up saving over $1,000 in about a year. Just by having a credit union account. How easy is that?
How you can save with a credit union
So how did Haden save so much money in such a short amount of time? By just moving his business accounts to a credit union, he didn’t have the same monthly checking fee or annual credit card fees. Plus, he saw a significant difference in credit card processing and merchant account fees too.
Unfortunately, Haden’s story is all too common. Bill Cheney, CEO of the Credit Union National Association told Inc., “Too many small business owners don’t check to find out if a cheaper service is available. Too many don’t push established vendors–of all kinds–on costs.”
Small business owners also may not realize they have full access to their credit union through a number of channels like business online banking, online bill pay, plus to an endless number of surcharge-free ATMs. All these services are free of charge.
You also have access to a full array of business services to support your company like business retirement plans and merchant services. Credit unions like Community Credit Union offer other unique services like the Bank at Work program. Through this offering, you can provide the benefits of credit union membership to your employees.
Here’s how you can really save
Not convinced you can really save money with the best credit union near Boston? See how business checking at Community Credit Union compares to what the big banks near Boston offer:
Wells Fargo Business Choice Checking: $14 monthly service fee
Santander Bank Business Checking: $15 monthly service fee
Bank of America Business Fundamentals Checking: $16 monthly service fee
Community Credit Union Free Business Checking: No monthly service fee
When compared to banks that have a branch on every corner, you could certainly save up to $200 alone in checking account maintenance fees. And that doesn’t include the better rates on business loans, money markets and savings. Plus, you have a choice of three outstanding accounts to meet all your needs.
Community Credit Union locations are also conveniently located in Lynn, Peabody and Summerville. Call 800-862-7009 or visit today so you too can start saving money on your business relationship.