Bethpage 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.
In the ever-evolving world of business banking, Bethpage Federal Credit Union’s business checking products stand out by offering competitive interest rates for almost no fees and at very low minimum balance requirements. They even earn interest at an annual percentage yield (APY) of 0.20%, one of the highest rates offered by American credit unions. Its other benefits include free digital banking, free debit cards, and merchant services.
If you’re looking to open a business bank account, Bethpage FCU’s business interest-bearing checking account is worth taking into consideration.
Bethpage Federal Credit Union
What We Like
- Competitive interest rates on checking accounts
- No minimum balance requirements
- No monthly fee
- No transaction limits
What's Missing
- Physical branches limited to New York State
- Online applications are only available to specific states
Features
- 0.20% APY on checking accounts
- Free online banking
- Free telephone banking
How Bethpage Federal Credit Union Stacks Up With Its Competitors
APY | Monthly Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
| 0.20% | None | None at Bethpage and Co-op networks | None |
 | 1.5% for qualified accounts | $0 | None at Affinity Plus, MoneyPass, Co-op, and SUM ATM networks | None |
 | 0.05% or 0.10% | $0 or $15 | None at MoneyPass networks | None |
*Bluevine is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank.
When Bethpage Federal Credit Union Is a Good Fit
- You want to earn interest on checking deposits: With an APY of 0.20%, Bethpage FCU offers one of the most competitive interest rates of any American credit union. The high interest rates it offers on checking accounts is why we list it as one of the best credit unions for small businesses.
- You’re comfortable with conducting banking activities online: Bethpage FCU’s physical branches are located exclusively in New York state. To compensate for its lack of in-person banking options, Bethpage offers free digital and mobile banking, and its iOS and Android mobile apps have received good reviews from past and current users.
- You want access to investment advisory services: It’s one of the few credit unions in the United States that offers investment products specifically for businesses. Its financial consultants help businesses create investment plans that meet their needs; offers include retirement planning, succession planning, wealth management, and investment services, including investment plans involving stocks, bonds, mutual funds, annuities, and cash management solutions.
Attention New York lawyers: In addition to a business checking account, Bethpage FCU offers a fee-free Interest on Lawyer Account (IOLA) checking account to attorneys and law firms registered to practice law within the state. It earns interest at a rate of 1.00%, and Bethpage FCU transmits interest earned to New York State’s IOLA fund to help create grants for nonprofit civil legal services across the state.
When Bethpage Federal Credit Union Is Not a Good Fit
- You live outside New York and rely on in-person banking: Bethpage FCU only has physical branches within New York state. Those in other states can only conduct banking activity through the Bethpage FCU website or mobile app. A larger banking institution, such as Chase, will have more physical banking options available.
- Your state of residence lies outside of Bethpage FCU’s online application jurisdiction: Currently, Bethpage FCU only accommodates online applications from Arizona, California, Connecticut, Florida, Georgia, Illinois, Nevada, New Jersey, New York, North Carolina, South Carolina, Virginia, and Washington. Those who live outside of these states will have to travel to one of Bethpage FCU’s physical branches in New York to apply for membership. For more flexible membership requirements, check out Affinity Plus Federal Credit Union.
If your small business meets one or more of these scenarios, see our roundup of the best small business banks for additional recommendations.
Bethpage Federal Credit Union Business Checking Overview
Required Opening Deposit | $0 |
Required Balance Minimum | 1 cent to earn interest |
Monthly Fee | $0 |
APY | 0.20% |
Transaction Limit Before Fees | None |
ATM Fees | Free at Bethpage and Co-op networks |
Cash Deposits | $0 |
Bethpage Federal Credit Union Business Checking Requirements
Opening a business checking account requires membership at Bethpage FCU. To become a member, a candidate needs to open a Bethpage FCU savings account with an opening deposit worth at least $5.
Although anyone can become a member, online applications are limited to residents the following states:
- New York
- Arizona
- California
- Connecticut
- Florida
- Georgia
- Illinois
- Nevada
- New Jersey
- North Carolina
- South Carolina
- Virginia
- Washington
If you aren’t a resident of one of these states, you’ll need to submit your application to one of Bethpage FCU’s physical branches.
Bethpage Federal Credit Union Business Checking Features
A Bethpage FCU business checking account comes with high APY rates, a free business debit card, and free online and telephone banking.
Interest-earning Account
Balances under Bethpage FCU business banking accounts earn interest at a dividend rate of 0.20%. To be eligible for interest, an account needs to have a balance worth at least 1 cent.
Free Business Debit Card
Bethpage FCU supplies free debit cards automatically to businesses that open business checking accounts. Debit cards under Bethpage FCU use chip technology to increase security and reduce fraud.
Free Online & Telephone Banking
Bethpage FCU account holders can bank remotely fee-free. Through the Bethpage FCU website, account holders can transfer money, pay bills, and make transactions. The bank’s mobile app, available on iOS and Android, also lets account holders deposit checks, transfer funds, and view balances and transaction history. The app, highly rated on both the App Store and Google Play, has received a lot of user praise for running smoothly and having easy navigation.
Merchant Services
Bethpage FCU has merchant services―powered by CardWorks―that let businesses accept customer payments from all major debit and credit card providers, including Apple Pay. It also offers mobile payment acceptance solutions for both smartphones and tablets. Technical support for merchant services under Bethpage FCU operates 24/7/356.
Small Business Trio
Account holders can sign up for Bethpage’s Small Business Trio, a bundle of small business banking solutions. It includes free business checking, merchant services powered by CardWorks, and a cash rewards business credit card.
Other Bethpage Federal Credit Union Business Products
Credit Cards
Account holders can choose between three types of Mastercard business credit cards: low-interest cards, cash back rewards cards, and points-earning rewards cards. All come with no annual fee and a maximum line of $50,000 and are protected under Mastercard’s Zero Liability fraud policy. Business owners with multiple employees can request additional cards per account for team member expenses.
Savings, Money Market Accounts & Certificates
Business owners who need a place to park their money can choose between Bethpage FCU’s savings accounts, money market accounts, and business certificates. Of the three, Bethpage FCU Business Savings Accounts have the lowest APY at 0.10%. They also require a minimum balance of $5.
Its money market accounts are more competitive and offer an APY of 1.00%. However, businesses can increase their earnings further through Bethpage FCU’s business certificates, which offer APY rates between 1.00% to 2.65%, depending on term length. The shortest possible term is three months, which earns interest at a dividend rate of 1.00% while the longest possible term is 60 months, which earns interest at a dividend rate of 2.65%. Accounts must have a minimum balance of $50 to earn interest on business certificates.
Lending Products
- Vehicle loans: Businesses that need to purchase vehicles for their company can secure low-rate loans for flexible terms. The maximum term length for a Bethpage FCU vehicle loan is 84 months.
- Commercial mortgages: Long Island businesses can work with Bethpage FCU to access owner-occupied and nonowner-occupied mortgages. Businesses can buy properties of any type, size, and location.
- Business line of credit: Bethpage FCU offers secured and unsecured lines of credit. Credit can be revolving so that businesses can borrow and repay when needed.
- Term loans: Through term loans, Bethpage FCU account holders can expand their businesses, buy equipment, and acquire additional assets while paying loans over a predictable period. Low interest rates are available for businesses interested in saving.
Investment Services
Bethpage FCU’s investment services let business owners connect with professional financial consultants and create investment strategies for retirement, succession planning, and wealth management. However, unlike Bethpage FCU’s banking services, investments made under the guidance of financial consultants aren’t National Credit Union Administration (NCUA)-insured and may lose value.
Bethpage Federal Credit Union Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Earns interest at a competitive rate | Physical branches only available in New York State |
| Highly rated mobile application | Online membership applications limited to specific states |
| Limited fees | |
On the surface, Bethpage FCU seems to have it all: high APY on checking deposits, limited fees, extensive product offerings, and unlimited transactions. However, its lack of physical branches outside of New York is a major deal-breaker for fans of in-person banking who operate their businesses elsewhere.
And although its requirements are easy to meet, membership remains inaccessible to many business owners as online applications are only available to users living in the states of Arizona, California, Connecticut, Florida, Georgia, Illinois, Nevada, New Jersey, New York, North Carolina, South Carolina, Virginia, and Washington.
Alternatives to Bethpage Federal Credit Union Business Checking
Though Bethpage FCU’s business banking products come with low fees, competitive interest rates, and well-designed digital banking options, the credit union’s restrictive online application process hinders many people from accessing its benefits. If Bethpage FCU cannot meet your business needs, here are three alternative options to consider:
- Chase: Though credit unions often offer better rates and cheaper fees, larger banking institutions will always have an edge when it comes to physical banking. Chase, which offers a number of business checking products, has more than 5,100 brick-and-mortar branches worldwide.
- Bluevine: Bethpage FCU’s interest rates are competitive in comparison to other credit unions, but many banks take interest-earning a little further. The fintech solution Bluevine offers an APY of 1.5% on business checking accounts that can make at least $500 worth of purchases per month using the Bluevine debit card. Accounts that receive $2,500 per month via automated clearing house (ACH) transfers, wire transfers, check deposits, or merchant payment processors also qualify for Bluevine’s highest APY.
- Affinity Plus Federal Credit Union: Like Bethpage FCU, Affinity Plus FCU’s physical branch locations are limited to a single state (Minnesota). However, Affinity Plus FCU’s membership requirements are more flexible. Anyone, no matter their location, can become an Affinity Plus FCU member by simply making a $25 donation to the Affinity Foundation.
If you need other alternatives, you can look into our list of best checking accounts for small businesses.
Bottom Line
Despite its flexible requirements for eligibility, membership at Bethpage Federal Credit Union isn’t very accessible, given that online applications are limited to a few states. However, for businesses operating in New York, Bethpage FCU’s low fees and competitive interest rates make it a great choice for business banking. Account holders can also enjoy a great range of business products outside checking, including savings accounts, lending products, and investment services.
