Among the many credit unions in America, Affinity Plus Federal Credit Union, which only has branches in Minnesota, stands out by charging little to no monthly fees while providing an extensive list of business products. These include checking accounts, savings accounts, business certificates of deposit (CDs), credit cards, and loans.
Deposits in Affinity Plus FCU checking accounts earn interest at an annual percentage yield (APY) of 0.05% for small business accounts and 0.10% for commercial accounts. It also has a generous rewards program that lets users earn points for deposits, loans, and purchases.
Pros
- Earns interest on checking deposits
- Earn rewards on debit card purchases
- Wide variety of banking services
Cons
- No nationwide branches
- No free wire transfers
- Low APY
Features
- MyPlus Rewards program to earn redeemable points on banking activity
- Connects with SwiftPay for merchant services, including credit card processing, cash advances, and merchant sale solutions
- Affinity business accounts include savings, money market, and certificate of deposits (CDs)
- Available business credit cards, vehicle and equipment loans, and lines of credit
- Multiple customer service support options, such as hotline, chat with live agent, chatbot, and video banking
- Free access to more than 60,000 ATMs nationwide
- Easy membership requirements
How Affinity Plus Federal Credit Union Stacks Up With Its Competitors
Monthly Fee | APY | Monthly Transaction Limit Before Fees | Geographic Availability | |
|---|---|---|---|---|
 Business Checking | $0 | 0.05% | 50 checks cleared and 50 check deposited, then 20 cents per item | Minnesota only |
Visit Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union are member-NCUA insured.
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 Standard Checking | $0 | 1.5% for qualifying balances up to $250,000 | No limit | All states (online-only) |
Visit Bluevine
Bluevine is a fintech platform backed and FDIC-insured by a supporting bank partnership with Coastal Community Bank.
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 Silver Business Checking | $0 | N/A | 125, then 50 cents per item | All states
U.S. Bank is available in all states via online banking. It has branches in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.
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When Affinity Plus Federal Credit Union Is a Good Fit
- You want a credit union that offers a full range of banking services: In our list of the best small business credit unions, we named Affinity Plus FCU the best overall because it offers a wide range of business banking products. Its product selection includes two business checking accounts, business credit cards, lines of credit, loan products, CDs, and money market accounts.
- You want to earn interest on checking deposits: Both Affinity Plus Federal Credit Union business checking accounts earn uncapped APY. Small Business Checking offers an APY of 0.05%, while Commercial Checking earns 0.10%.
- You want to earn rewards on purchases: Affinity Plus has a rewards program called MyPlus Rewards, which lets you earn points for debit and credit card purchases, loans, and savings. Points can be redeemed as a number of rewards, including gift cards, cash back, travel and events, and loan rate reductions.
When To Consider Affinity Plus Federal Credit Union Alternatives
- Your business is based outside of Minnesota, and you want to conduct banking in person: All of Affinity Plus FCU’s physical branches are located within Minnesota. If you want to work with a provider with a wider branch network, we recommend Chase, which has branches in all 48 mainland states. Our Chase business checking review can help you determine which account suits you best.
- You want a competitive APY rate: With Affinity Plus FCU business checking accounts, you only get rates of 0.05% or 0.10%. For higher rates, consider Bluevine, which earns 2.00% APY on qualifying balances up to $250,000 for Bluevine Standard and 4.25% APY for Bluevine Premier. Learn more about how to qualify for Bluevine’s APY by reading our Bluevine business checking review.
- Your business relies on wire transfers: Affinity Plus FCU charges a $10 fee for every incoming wire transfer, $15 for outgoing domestic wire transfers, and $40 for outgoing international wire transfers. A good alternative would be Mercury, which charges no fees on incoming and outgoing wire transfers. For more information, read our review of Mercury business checking.
If you meet one or more of these scenarios, check out our guide to the best checking accounts for small businesses for additional recommendations.
Affinity Plus Federal Credit Union Business Checking Overview
Affinity Plus Federal Credit Union Business Checking Requirements
Affinity Plus Federal Credit Union offers two types of memberships: personal membership and business membership. To become a business member, at least one of the owners of your organization must have personal membership.
Below, we’ll outline the Affinity Plus Federal Credit Union business checking requirements to qualify for each type of membership.
Personal Membership
You qualify for personal membership if you have relatives or roommates who are currently Affinity Plus FCU members. If not, you can qualify by working, studying, worshiping, or living in one of Affinity Plus FCU’s approved lists of organizations, schools, and communities. Click on the tabs below to see each list.
If you do not meet any of the above criteria, you can become eligible by making a one-time $25 donation to the Affinity Plus Foundation.
Upon application, you will be asked to prepare the following:
- Your Social Security number
- A valid, government-issued ID with your photo and current residential address
- Funding for your new account
- Visa and other documentation (for non-United States citizens)
All members are required to open a Membership Savings account.
Business Membership
To apply for business membership, you and all signers and beneficial owners of your organization must submit valid government IDs. Additional Affinity Plus Federal Credit Union requirements depend on your business entity type.
Click on your organization structure for a list of required documents.
IRS employer identification number (EIN) letter (if applicable)
Certificate of assumed name (if applicable)
IRS EIN letter (if applicable)
Certificate of assumed name (if applicable)
Articles of organization
Certificate of organization
Operating agreement (if applicable)
Certificate of assumed name (if applicable)
IRS EIN letter
Articles of incorporation
Certificate of incorporation
Certificate of assumed name (if applicable)
501(c) acceptance letter
Articles of incorporation
Certificate of incorporation
IRS EIN letter
Certificate of assumed name (if applicable)
Partnership agreement
Certificate of LP (if applicable)
Statement of qualification (if applicable)
IRS EIN letter
Meeting minutes
Signed officer designation declaration (if applicable)
Mission statement/statement of purpose (if applicable)
To apply, you must submit an interest form through the Affinity Plus FCU website. One of Affinity Plus FCU’s business service specialists will contact you within two business days upon submission.
Before opening a checking account, you may want to check our article on credit union vs bank to see how they stack up against each other. After deciding on a provider, refer to our guide on how to open a business bank account for a downloadable checklist of documents that banks typically require.
Affinity Plus Federal Credit Union Business Checking Features
Business Checking Options
Affinity Plus business checking features two types of interest-bearing accounts:
- Small Business Checking is ideal for businesses with low transaction activity and gives a 0.05% APY. This account does not charge a monthly maintenance fee
- Commercial Checking fits businesses with higher balances and transaction volume. This account offers a 0.10% APY and has a monthly maintenance fee of $15. In addition, it provides a cost-free monthly transaction allowance of 250 checks deposited and cleared. Beyond this limit, a fee of 20 cents is charged.
Free Visa Debit Card
Your business checking account will come with a free Visa debit card, which you can use for transactions anywhere Visa is accepted. The card can be used to withdraw funds fee-free at Affinity Plus FCU, MoneyPass, SUM ATM, and Co-op locations Some MoneyPass and SUM ATM owners may charge a fee. Visit the website for a list of free ATMs. Third-party fees may also apply for nonnetwork transactions.
The card is contactless-enabled, allowing you to pay through the digital wallets Apple Pay, Google Pay, Samsung Pay and more. For additional security, you have access to card controls and can:
- Freeze and unfreeze your card
- Set transaction limits to control spending
- Decline international purchases automatically to prevent fraud
- Get alerts via text or email for card usage notifications
Rewards Program
With the Affinity Plus FCU MyPlus Rewards program, you can earn points through purchases, loans, deposit accounts, and other special point-earning offers. Your debit card earns 1 point for every $4 spent, while your checking account earns 4 points per month per $1,000 in average daily savings balances. You can redeem points for gift cards, travel and events, cash back, donations, fee refunds, and loan rate reductions.
Merchant Services Program
Affinity Plus FCU partnered with payment gateway SwiftPay to give businesses access to credit card processing services and other merchant services. SwiftPay’s offerings include cash discount programs, mobile loyalty programs, cash advances, point-of-sale (POS) solutions (Clover, Clover Mini, and Clover Mobile), and currency conversion programs.
Courtesy Pay
Courtesy Pay covers any transaction that might reduce your balance to less than negative $100. However, you are required to pay a $15 fee per transaction covered. A $90 cap is set daily.
As a member, you can go up to $100 negative without incurring courtesy pay or overdraft fees.
Digital Banking
You can access Affinity Plus FCU’s banking services through its website and mobile app (available for both iOS and Android). Through digital banking, you can do the following:
- View balances and transactions
- Transfer funds
- Schedule bill payments
- Get text or email notifications about account balances, withdrawals, loan due-date reminders, and more.
- Manage cards
- Apply for loans
- Message customer service
- Redeem MyPlus rewards
- Open new accounts
- Deposit checks remotely (via mobile app)
Users gave the app a 4.8 rating on the App Store[1] from around 56,000 reviews and 4.6 from about 18,000 reviews on Google Play[2]. Affinity Plus has fixed the app crashing issues from their recent app update, which led to plenty of praise from their customers. The positive comments mentioned that the app is now functional and user-friendly since the provider resolved the issue.
Video Banking
Affinity Plus FCU Video Banking lets you access the benefits of banking from the convenience of your home. Through video banking, you can speak with member advisors from your computer or mobile device and do any of the following:
- Open a new membership
- Apply for loans
- Sign documents
You can also consult member advisors for help with account maintenance, digital banking, card services, and wires or other transfers. Advisors are available from 9 a.m. to 5 p.m. CT on weekdays and 9 a.m. to noon on Saturdays. To access this service, you must schedule an appointment through the Affinity Plus FCU website.
Other Affinity Plus Federal Credit Union Business Products
Affinity Plus Federal Credit Union offers two types of savings accounts. These accounts are part of the MyPlus rewards program and earn 4 points each month per $1,000 in average daily savings balances:
- Business Savings offers an APY of 0.10% and has a $10 minimum balance requirement.
- Business Shares II also earns an APY of 0.10% but has no minimum balance requirement.
Affinity Plus Federal Credit Union provides a money market account with a high dividend yield with no cap on the number of deposits you can make. This account requires a minimum balance of $5,000 and if the balance falls short, $20 will be collected. The account comes in 3 tiers:
- $5,000 to $9,999 balances earn 2.85% APY The APY rate is valid as of 11/1/2023 and may change at any time.
- $10,000 to $24,999 balances earn 3.00% APY The APY rate is valid as of 11/1/2023 and may change at any time.
- $25,000 and above balances earn 3.50% APY The APY rate is valid as of 11/1/2023 and may change at any time.
Affinity Plus Federal Credit Union offers business-focused CDs with terms ranging from three months to five years:
- Basic Certificate requires a $500 minimum balance and offers terms ranging from three to sixty months. These certificates offer APY rates from 0.30% to 4.75%.
- Wahoo Certificate offers an APY of 1.00%. It has no minimum balance and comes with one no-penalty withdrawal. The term is fixed at 12 months. You can make an unlimited number of deposits, but the maximum balance you can maintain is $25,000.
- Certificate Builder offers an APY of 1.00% at a fixed 12-month term. It has a low $100 minimum balance requirement and comes with unlimited deposits.
- Vehicle and Equipment Loans: For a flat document processing fee of $150, you can access loans for vehicles, industrial machines, or electronic equipment. Loans can amount to up to 80% of the equipment’s value. Loan terms may last as long as 60 months, and predictable payments come with fixed interest rates. Loans up to $25,000 may need to be secured, while loans above $25,000 are required to be secured.
- Revolving Lines of Credit: Affinity Plus FCU offers revolving lines of credit with low minimum monthly payments. Interest rates are variable but have a maximum of 18% for three years. You also have the option of paying only the interest each month. Like with equipment and vehicle loans, Affinity Plus FCU charges a flat fee of $150 for document processing.
Loans are also part of the MyPlus Rewards program and earn 8 points each month per $1,000 in average daily loan balance
The Visa Business Rewards credit card is a variable-rate credit card that does not charge an annual fee. For your first 12 months, you get an APR of 2.90%, which will rise somewhere between 16.4% and 18% after the promotional period. The card is part of the MyPlus Rewards program and earns 1.5 points per $1 spent.
The card comes with tech perks, including contactless payments, digital wallet capabilities, and fraud protection. Affinity Plus Federal Credit Union charges no documentation fees for your application.
Affinity Plus FCU Business Checking Reviews From Users
Few Affinity Plus FCU business checking reviews are available. Low to average ratings are also seen across third-party review sites. Satisfied users gave high star ratings for the excellent customer service they received. They commented that the credit union staff was responsive and helpful. They also appreciated the provider’s high checking interest rates and rewards program.
However, some shared negative feedback and complained about not being notified of a missed payment, which resulted in a credit score drop. Others also mentioned the lack of leniency on overdraft fees.
The credit union earned the following ratings on these third-party sites:
- WalletHub[3]: 3.5 out of 5 stars, based on more than 50 reviews
- DepositAccounts[4]: 2.0 out of 5 stars, based around 20 reviews
- Yelp[5]: 2.1 out of 5 stars, based on 40-plus reviews
Frequently Asked Questions (FAQs)
No. Affinity Plus FCU does not use ChexSystems when opening a business checking account. For more options, see our list of financial institutions with no ChexSystems.
Affinity Plus Credit Union provides multiple interest-earning checking accounts and a wide range of business banking products, which includes various lending options. Moreover, it offers a rewards program where you earn points when you make debit card purchases and maintain average daily balances in your accounts. The reward points can be exchanged for gift cards, travel, and more.
Yes. Affinity Plus FCU deposits are insured by the National Credit Union Administration (NCUA) up to $250,000 per member-owner.
Bottom Line
Though Affinity Plus FCU lacks physical branches outside of Minnesota, it stays accessible by providing video banking options, digital banking, and flexible membership requirements. If your business banking priorities are affordability, convenience, and access to a wide selection of banking products, Affinity Plus FCU could be the credit union for you.
