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Five Questions to Ask Before Opening a Business Account - CCCU

 Thursday, June 6    CCCU
Five Questions to Ask Before Opening a Business Account - CCCU

Choosing a financial institution for your business



Your business bank accounts should be managed by a trustworthy financial institution that meets the unique needs of your company. So, what’s the best way to choose a financial institution to open a business account that meets your needs? Find out how to select the right credit union for your Portland business here.
 
Whether you’re starting a business, in the early stages of launching a startup, or have been running a company for several years, your relationship with your financial institution of choice is crucial. Wherever you’re at as a Portland business owner, doing your research and assessing your current and future financial needs is essential for your business to succeed.

Are you searching for the right credit union to open a new business account? Ask these five questions to choose the right partner for your business.


1. What do need from your financial institution?


First and foremost, consider what specific business accounts and services you need from your financial institution before opening a business account. Start by answering the following questions to learn which services you’ll want:
 
Financial institutions can vary drastically in terms of what they offer. However, our team can answer any questions you have about opening a business account with services tailored to fit your company needs.


2. Do you need a bank that offers lending?


The next thing to consider is whether you need a financial institution that offers lending. Most businesses will require some type of advance to kickstart operations to be functional for the first few years. Some credit unions and banks are more conservative when it comes to offering lines of credit and small business loans, but you to find the right lending partner you’ll need by start meeting and visiting various institutions. In addition to securing a loan from your banking partner, you should also find one that offers a low interest rate. Local credit unions might be more likely to issue loans to entrepreneurs in their community, so be sure to give us a call to discuss our business banking solutions.


3. How does credit impact your options?


Before choosing a financial institution for your business, it’s important to evaluate your credit. If your company has a low credit score, or hasn’t been operating long enough to establish credit, it could be difficult to secure business loans or credit lines. However, for local businesses in the PDX Metro area, Consolidated Community Credit Union wants to help you find the right business loan. Be sure to visit one of our three Portland community branches to learn more about how we can assist you with your credit.


4. How often will you need to visit the bank?


With online banking, banking apps, and the ability to deposit checks on your smartphone, we know people have less time to visit a branch. However, depending on the specific needs of your business, you may want to visit your financial institution on a regular basis. Ask yourself: 
 
Before choosing an account, think about how often you’ll need to visit a physical branch in person. Consider one that’s close to your place of business, open at convenient hours, and offers the services right for your business.
 

5. Do the perks matter to your business?



In addition to free checking accounts and online banking services, we specialize in merchant solutions for our business partners, and offer various other training materials. We also offer tax assistance and great rates for opening business and real estate loans. Check out the other business banking services we offer to learn more.

While we don’t recommend basing your final decision on just the incentives offered by financial institution, weighing the bonuses can make your decision easier. For some business owners, the best perks involve personalized account services from a local credit union in their community. Also, be sure to read the fine print for any advantages provided by a bank because there could be hidden fees or restrictions.


Help your business thrive by choosing the right bank



By finding the right financial institution, you can open a business account, obtain business loans, get a line of credit, and secure your capital to help your company succeed. Establishing a good relationship with your financial institution will help your company prosper in both the short- and long-term and allow your business to operate smoothly. Contact us if you have any questions on how we can help you find the right financial services for your business.







 


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