Affinity Plus Federal Credit Union Business Checking Review 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
This article is part of a larger series on Business Banking.
Among the many credit unions in America, Affinity Plus Federal Credit Union stands out by charging little to no monthly fees while providing an extensive list of business products, including checking accounts, savings accounts, certificates, credit cards, and loans. Deposits on Affinity Plus FCU checking accounts earn interest at competitive rates, with its annual percentage yield (APY) being 0.050% for small business accounts and 0.100% for commercial accounts. It also has a generous rewards program that lets users earn points for deposits, loans, and purchases.
When opening a business bank account, the advantages of credit unions are worth considering. Not only do credit unions like Affinity Plus FCU offer the full range of banking services modern businesses need, but they also offer competitive rates and lowered fees that give them an edge over other banks in the market.
Affinity Plus Federal Credit Union
What We Like
- Competitive interest rates on checking accounts
- Earn rewards on debit card purchases
- Wide variety of banking services
What's Missing
- No nationwide branches
- High fees for wire transfers
- Overdraft fees
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
How Affinity Plus Federal Credit Union Stacks Up With Its Competitors
Monthly Fee | Business Checking APY | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 | $0 for small business accounts; $15 for commercial accounts | 0.05% for small business accounts; 0.10% for commercial accounts | None at Affinity Plus, MoneyPass, Co-op, and SUM ATM networks | None |
 | None | 0.20% | None at Bethpage and Co-op network ATMs | None |
 | None | 1.50% once qualifications are met | None at MoneyPass ATM locations | None |
*Bluevine is financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC) insured through a supporting bank partnership with Coastal Community Bank.
When Affinity Plus Federal Credit Union Is a Good Fit
Affinity Plus FCU is our top pick for the best small business credit unions thanks to its extensive product offerings, competitive interest rates, and rewards options. It’s a good fit for the following businesses:
- You want a credit union that offers a full range of banking services: Its wide range of banking products―which include two business checking accounts, business credit cards, lines of credit, loan products, certificates of deposit, and money market accounts―allow business owners to keep all their banking activity within one establishment.
- Your business needs to withdraw cash on a regular basis: Affinity Plus lets you withdraw funds fee-free from more than 60,000 ATMs within the MoneyPass, Co-op, and SUM ATM networks.
- You want to earn interest on funds deposited in checking accounts: Its two business checking accounts let businesses earn dividends on their checking account balances at competitive interest rates.
- You want to earn rewards on purchases: Affinity Plus has a rewards program called MyPlus Rewards, which lets businesses earn points for debit 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
While Affinity Plus FCU’s product offerings can cover a wide range of business needs, it may not be the best banking option for the following scenarios:
- Your business relies on wire transfers: Affinity Plus 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 Relay Pro, which charges no fees on incoming and outgoing wire transfers.
- Your business needs to draft and receive large quantities of checks per month: Affinity Plus designed its business checking products for low transaction volumes. Per month, Affinity Plus FCU’s Small Business Checking charges 20 cents per check over 50 for monthly check clearing and 20 cents per check over 50 for monthly check deposits. Affinity Plus Commercial Checking can accommodate larger volumes.
- 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. Consider larger banks, such as Chase and Bank of America, for more access to in-person banking services.
If you meet one or more of these scenarios, check out our guide to the best banks for small businesses for additional recommendations.
Affinity Plus Federal Credit Union Business Checking Overview
Small Business | Commercial | |
|---|---|---|
Required Opening Deposit | $0 | $0 |
Required Balance Minimum | $0 | $0 |
Monthly Fees | $0 | $15 |
APY | 0.050% | 0.100% |
Transaction Limit Before Fees | 50 | 250 |
Check Clearing | 20 cents per month after transaction limit | 20 cents per month after transaction limit |
Check Deposits | 20 cents per month after transaction limit | 20 cents per month after transaction limit |
Wire Transfer Fees | $10 for incoming, $15 for outdoing domestic, and $40 for outgoing international | $10 for incoming, $15 for outdoing domestic, and $40 for outgoing international |
ATM Fees | Free at Affinity Plus ATMs, MoneyPass, SUM, and Co-op networks | Free at Affinity Plus ATMs, MoneyPass, SUM, and Co-op networks |
Non-Affinity Plus Cash Advance | $5 | $5 |
Business Loan Processing Fee | $150 | $150 |
Affinity Plus Federal Credit Union Business Checking Requirements
To open a business checking account, you must apply for membership at Affinity Plus FCU. Eligibility for membership usually depends on where you’re employed, where you studied, and where you live. If you haven’t worked, studied, or lived in Minnesota, you can qualify for membership by making a one-time donation worth $25 to the Affinity Plus Foundation.
Affinity Plus Federal Credit Union Business Checking Features
Affinity Plus FCU’s business checking account comes with several usual features. This includes a rewards program, free ATM usage, business credit cards, equipment and vehicle loans, lines of credit, and merchant services.
Rewards Program
The Affinity Plus FCU MyPlus Rewards program lets users earn points from purchases, loans, deposit accounts, and other special point-earning offers. The Affinity Plus debit card earns 1 reward point for every $4 spent while the Affinity Plus Visa® Business Rewards credit card earns 1.5 points per $1 spent. Points can be redeemed for lower rates on business loans.
Free ATM Usage
Affinity Plus FCU users can withdraw funds from more than 60,000 Money Pass, SUM ATM and CO-OP ATMs across the country. ATM withdrawals come free of charge, except in select locations. The Affinity Plus FCU website contains a list of free ATM locations.
Equipment and Vehicle Loans
For a flat document processing fee of $150, users of Affinity Plus FCU Business Checking 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.
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. Like with equipment and vehicle loans, Affinity Plus FCU charges a flat fee of $150 for document processing.
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, and currency conversion programs.
Highly Rated Mobile App
Although Affinity Plus FCU limited its branch locations to Minnesota, it made up for its lack of physical banking options by increasing online accessibility. Its mobile app lets account holders conduct banking transactions, including check deposits, bank transfers, and bill payments, from the comfort of their devices. The app’s well-designed interface and reliability earned it 4.8 stars out of 12,000+ reviews on both Google Play and the App Store.
Other Affinity Plus Federal Credit Union Business Products
Business Savings
Businesses that have fewer day-to-day transactions can keep their earnings stored in Affinity Plus Federal Credit Union’s Business Savings account for a minimum balance of $10. Deposits are federally insured by the National Credit Union Association (NCUA) for up to $250,000 and earn interest at a competitive APY of 0.100%. Affinity Plus FCU also offers a product called Business Shares II, a type of business savings account that lets users save for specific purposes, such as payroll or taxes, without having to maintain a minimum balance.
Business Certificates
Affinity Plus Federal Credit Union offers business-focused certificates of deposit (CDs) with terms ranging from three months to five years. Funds placed in Affinity Plus Federal Credit Union’s business certificates earn interest on a daily basis and compound monthly. Because interest rates are fixed, earnings on business certificates are fairly predictable.
Business Credit Cards
Affinity Plus FCU’s business credit card is called the Visa® Business Rewards credit card. The variable-rate credit card charges no annual fee and has an annual percentage rate (APR) of 2.90% for 12 months. However, after the promotional period, The APR will rise to between 11.9% and 19.99%, depending on what the user qualifies for. The card comes with tech perks, including contactless payments, digital wallet capabilities, and fraud protection.
Affinity Plus Federal Credit Union Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Highly-rated mobile app | Limited physical branches |
| Rewards program for banking activity | Charges fees for check clearing and check deposits when quantities exceed transaction limits |
| Flexible membership requirements | High fees for both incoming and outgoing wire transfers |
Fans of in-person banking may not appreciate Affinity Plus FCU’s lack of physical branches outside of Minnesota. However, business owners who are satisfied with online banking will find that its extensive banking service offerings, combined with its well-designed mobile application, make it a great choice for business banking. For a credit union, it has very accessible membership requirements.
Alternatives to Affinity Plus Federal Credit Union Business Checking
Although Affinity Plus FCU offers many useful business banking services, it might not be the best choice for business owners who need fewer fees, improved physical branch accessibility, and cheaper wire transfer capacities.
Here are three alternative options to consider:
- Chase: As one of the biggest financial institutions in the country, Chase has no shortage of physical branch locations. Being a bank, it doesn’t require membership, which makes it an accessible choice for fans of in-person banking who want a full range of banking services.
- Bluevine: Businesses that are comfortable with doing banking exclusively online can benefit from using Bluevine, an internet-only bank that offers competitive interest rates on checking and savings deposits. Its business checking account has a 1.50% APY for qualified account holders.
- Grasshopper Bank: Another internet-only banking option to consider is Grasshopper Bank, which charges very few fees for its services. Both incoming and outgoing domestic wire transfers under Grasshopper are free, while incoming international wire transfers cost $5 and outgoing wire transfers cost $25. Grasshopper also provides cash back rewards for debit card purchases.
See our roundup of the best small business checking accounts if none of these alternatives fit your needs.
Bottom Line
Though Affinity Plus FCU lacks physical branches outside of Minnesota, it remains a very accessible banking option due to its top-notch mobile app and flexible membership requirements. If you’re a business owner who wants to conduct all banking activity, including checking, savings, loans, and lines of credit, under one establishment, Affinity Plus FCU could be the credit union for you.
