Bethpage Federal Credit Union Business Checking Review 2023
This article is part of a larger series on Business Banking.
If you’re looking for an affordable, interest-earning business checking account, Bethpage Federal Credit Union’s Free Business Checking With Interest is a great option. The account offers unlimited transactions with no monthly service fees and earns interest at a rate of 0.20% —one of the highest offered by today’s credit unions. Additional benefits include free digital banking, free debit cards, and merchant services.
What We Like
- Earns interest
- No monthly fee or minimum balance requirements
- Unlimited fee-free transactions
Drawbacks
- Physical branches limited to New York state
- Online applications are only available to users in Arizona, California, Connecticut, Florida, Georgia, Illinois, Nevada, New Jersey, North Carolina, South Carolina, Virginia, and Washington
Features
- Free business debit card
- 0.20% annual percentage yield (APY) on checking accounts
- Free online banking
- Free telephone banking
How Bethpage Federal Credit Union Stacks Up With Its Competitors
APY | Monthly Fee | Transaction Limit Before Fees | Minimum Opening Deposit | |
|---|---|---|---|---|
Free Business Checking With Interest | 0.20% | None | Unlimited fee-free transactions | None |
 Business Checking | 2.0% on qualified balances of $250,000 or less | $0 | Unlimited fee-free transactions | None |
 Small Business Checking | 0.05% | $0 | 50 checks cleared and 50 checks deposited per month, then 20 cents per check | 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: In our list of the best credit unions for small businesses, we chose Bethpage FCU as the best credit union for interest-earning checking and savings. Free Business Checking with Interest earns an APY of 0.20%.
- You want nationwide access to physical branch banking: Although Bethpage FCU’s physical branches are located exclusively in New York State, its participation in the Co-op Shared Branch Network means you can conduct transactions at any of the 5,000 Co-op Shared Branch locations across the country.
- You want a business checking account with unlimited free transactions and no monthly fees or minimum balance requirements: Having lower fees is one of the biggest advantages of choosing a credit union over a bank. As a credit union, Bethpage FCU is able to offer lower fees than traditional banks. Free Business Checking With Interest charges no monthly service fees or minimum balance requirements.
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 2%. Bethpage FCU deposits interest earned to New York State’s IOLA fund to help create grants for non-profit civil legal services across the state.
When Bethpage Federal Credit Union Is Not a Good Fit
- 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, 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. If you want to bank with an institution that has a wider service area, choose Chase, which has branches in all 48 lower states. Read our Chase business checking review to determine which account best suits you.
- You want competitive interest rates: Bethpage FCU earns interest at a rate of 0.20%. The fintech solution Bluevine can take your money further with an interest rate of 2.0% on qualifying balances of $250,000 or less. Learn how you can qualify for Bluevine’s APY by reading our review of Bluevine business checking.
If your small business meets one or both of these scenarios, see our roundup of the best small business checking accounts for additional recommendations.
Bethpage Federal Credit Union Business Checking Overview
Bethpage Federal Credit Union Business Checking Requirements
Only Bethpage FCU members can open business bank accounts with Bethpage FCU. To become a member, you need 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 of the following states:
- New York
- Arizona
- California
- Connecticut
- Florida
- Georgia
- Illinois
- Nevada
- New Jersey
- North Carolina
- South Carolina
- Virginia
- Washington
If you are not a resident of one of these states, you will need to submit your application to one of Bethpage FCU’s physical branches.
You will then be asked to provide additional business documentation. Click on your business entity type to see the list of required documents.
- Business certificate
- Social Security number or proof of tax identification number (TIN)
- Bethpage sole proprietorship resolutions form
- Bethpage business account signature card
- Driver’s license for business signer
- Filing receipt
- Certificate of incorporation
- Proof of TIN
- Certificate of assumed name (if applicable)
- 501C3 (if applicable)
- Bethpage corporate resolutions form
- Bethpage business account signature card
- Driver’s license for all business signers
- Filing receipt
- Articles of organization
- Certificate of assumed name (if applicable)
- Proof of TIN
- Bethpage LLC resolutions form
- Operating agreement (if applicable)
- Bethpage business account signature card
- Driver’s license for all business signers
- Filing Receipt
- Certificate of LP or LLP
- LP or LLP agreement (if applicable)
- Certificate of assumed name (if applicable)
- Proof of TIN
- Bethpage partnership resolutions form
- Bethpage business account signature card
- Driver’s license for all business signers
- Business certificate for partners
- Proof of TIN
- Partnership agreement
- Bethpage partnership resolutions form
- Bethpage business account signature card
- Driver’s license for all business signers
- Social security number or proof of TIN
- Bethpage business account signature card
- Bethpage unincorporated association or organization resolutions form
- Driver’s license for all business signers
You can also check out our guide on how to open a business bank account for a downloadable checklist of documents banks typically require.
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
You receive a free debit card with your business checking account. Debit cards under Bethpage FCU use chip technology to increase security and reduce fraud.
Free Online & Telephone Banking
Through the Bethpage FCU website, you can transfer money, pay bills, and make transactions. The bank’s mobile app (see Bethpage FCU on Google Play and Bethpage FCU on App Store), also lets account holders deposit checks, transfer funds, and view balances and transaction history.
The app has received mostly positive feedback, with users saying that it runs smoothly and is easy to navigate. However, many complained about a recent update that removed the ability to log in via PIN code, forcing users to input their full login information. According to users, this update slowed the app down and reduced its accessibility. Additionally, reviewers reported that app notifications no longer arrive in real time.
Courtesy Pay
You can enroll in Courtesy Pay and have Bethpage FCU cover debit card transactions against insufficient balances. The fee for every transaction covered under Courtesy Pay is $10, except when your:
- Overdraft transaction is worth $20 or less
- Total Balance at the time your transaction posts can sufficiently cover your transaction, even though your Available Balance is overdrawn
Merchant Services
Bethpage FCU has merchant services (powered by CardWorks) that let you 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 24/7/365.
Other Bethpage Federal Credit Union Business Products
Bethpage’s Small Business Trio is a business banking bundle that includes Free Business Checking With Interest, merchant services powered by CardWorks, and Bethpage’s cash back Mastercard credit card.
You can choose between three types of Mastercard business credit cards: low-interest cards, cash back rewards cards, and point-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. You can also request additional employee cards.
Bethpage offers the following business savings products:
- Business Savings earns an APY of 0.10% on balances of $5 and above. It charges no monthly fee and has an opening deposit requirement of $5.
- Business Money Market charges a monthly fee of $20, waivable with a minimum balance requirement of $2,500. It earns 0.10% APY on balances below $500, and 2.00% APY on balances of $500 and greater.
- Business Certificate Accounts have an opening deposit requirement of $50. They earn APY from 2.25% to 4.75% and offer three to 60-month terms.
- 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 non-owner-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.
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 are not NCUA-insured and may lose value.
Bethpage Federal Credit Union Business Checking User Reviews
Bethpage Federal Credit Union business checking reviews are mixed. The provider has a rating of 3.3 stars on WalletHub1 (based on more than 100 reviews) and 2 stars on Yelp2 (based on 100-plus reviews). However, most reviews don’t discuss the provider’s business banking products.
The majority of positive feedback is from clients who conducted their banking through physical branches. Meanwhile, negative reviews are from those who tried to access customer service online or through the credit union’s phone line.
According to satisfied clients, the credit union offers friendly and helpful in-person service, and its staff is knowledgeable about its banking products. However, those who posted negative reviews said that customer service is difficult to reach remotely and that its staff is slow to address concerns.
Bottom Line
Despite its flexible requirements for eligibility, membership at Bethpage Federal Credit Union is not 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.
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