Affinity Plus Federal Credit Union Business Checking Review 2023
This article is part of a larger series on Business Banking.
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.
What We Like
- Earns interest on checking deposits
- Earn rewards on debit card purchases
- Wide variety of banking services
Drawbacks
- No nationwide branches
- High fees for 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
- Available business credit cards, vehicle and equipment loans, and lines of credit
- Multiple customer service support options, such as a hotline, chat with a live agent, chatbot, and video banking
How Affinity Plus Federal Credit Union Stacks Up With Its Competitors
Monthly Fee | APY | Monthly Transaction Limit Before Fees | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Checking | $0 | 0.05% | 50 checks cleared and 50 check deposited, then 20 cents per item | $0 |
 Essential Business Checking | $10 (waivable) | N/A | 50, then 25 cents per item | $25 |
 Silver Business Checking | $0 | N/A | 125, then 50 cents per item | $100 |
*Affinity Plus Federal Credit Union and Wings Financial Credit Union are member-National Credit Union Administration (NCUA) insured.
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 FCU 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 Affinity Plus Federal Credit Union Is Not a Good Fit
- 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, consider 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 of $250,000 and less. 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 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.
You may want to refer to our guide on how to a business bank account for a downloadable checklist of documents banks typically require.
Affinity Plus Federal Credit Union Business Checking Features
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.
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.
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)
The app has a rating of 4.6 stars on Google Play1 (based on more than 17,000 reviews) and 4.8 stars on the App Store2 (based on 52,000-plus reviews). However, the majority of recent reviews highlight that the app is unreliable, with glitches often appearing after update rollouts. A few users complained that the lack of a fingerprint login option, which was previously available, made it difficult to access the app quickly.
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 CT 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 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 4.25%.
- 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 charges no annual fee. For your first 12 months, you get an APR of 2.90%, which will rise somewhere from 15.9% to 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 Federal Credit Union Business Checking User Reviews
Affinity Plus FCU business checking reviews are low to average across third-party review websites. Not many reviews focused on the business checking products. Instead, positive reviews typically praised the credit unions’ customer service, rewards program, and online banking experience. Negative reviews criticized the lack of leniency for overdraft fees and lengthy waiting periods for phone customer service helplines.
The credit union earned the following ratings on these third-party sites:
- WalletHub3: 3.6 out of 5 stars, based on 50-plus reviews
- DepositAccounts4: 2 out of 5 stars, based on more than 20 reviews
- Yelp5: 2 out of 5 stars, based on 40-plus reviews
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.
User review references:
