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
- Physical branches limited to New York state
- Online applications are only available to users in select states
- 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
Transaction Limit Before Fees
Minimum Opening Deposit
Free Business Checking With Interest
Unlimited fee-free transactions
2.00% on qualified balances of $250,000 or less
Unlimited fee-free transactions
Small Business Checking
50 checks cleared and 50 checks deposited per month, then 20 cents per check
*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. 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.
- You want access to investment advisory services: Bethpage FCU offers investment products specifically for businesses. Its financial consultants help businesses create investment plans that meet their needs. These offers include retirement planning, succession planning, wealth management, and investment services (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
- 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. If you want a more accessible credit union, check out Affinity Plus Federal Credit Union.
- 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 2.00% on qualifying balances of $250,000 or less.
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
Required Opening Deposit
Required Balance Minimum
1 cent to earn interest
Transaction Limit Before Fees
Unlimited fee-free transactions
Free at Bethpage and Co-op networks
Free business debit card
Available via Harland Clarke
Accounting Software Integration
Business Payment Integration
Available via merchant services
Available via telephone, email, and branch visits Monday to Saturday
Other Products Available
Credit cards, savings accounts, money market accounts, CDs, and lending products
Bethpage Federal Credit Union Business Checking Requirements
Only 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.
Though anyone can become a member, online applications are limited to residents of the following states:
- New York
- New Jersey
- North Carolina
- South Carolina
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.
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 $0.01.
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 App Store and Google Play, has received a lot of user praise for running smoothly and having easy navigation.
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 24/7/365.
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
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.
Business owners needing 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.
Business Money Market Account
The Bethpage Money Market account is more competitive, offering an APY of 2.00%. The minimum balance requirement for earning interest is $500.
Business Certificate Accounts
Bethpage offers its best rates through Fixed Rate Business Certificate accounts, which have APY rates from 2.25% to 4.50% and terms from three to 60 months. The minimum balance requirement for earning interest is $50.
- 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 aren’t National Credit Union Administration (NCUA)-insured and may lose value.
Bethpage Federal Credit Union Business Checking Pros & Cons
|No monthly fees or minimum balance requirements||Physical branches only available in New York state|
|Highly rated mobile app||Online membership applications limited to specific states|
|Unlimited fee-free transactions||Low interest compared to online banks|
One of Bethpage FCU’s biggest advantages over other traditional banks in today’s market is that it offers unlimited fee-free transactions without charging a monthly service fee or having minimum balance requirements. Its business checking accounts also earn interest. However, its APY of 0.20% pales in comparison to rates offered by digital banks.
Bethpage FCU has no physical branches outside the state of New York but provides in-person banking services through Co-op Shared Branch locations. Although it offers online and mobile banking, only applicants living in Arizona, California, Connecticut, Florida, Georgia, Illinois, Nevada, New Jersey, New York, North Carolina, South Carolina, Virginia, and Washington can open their accounts online. Applicants who reside elsewhere need to visit a physical branch in New York.
Alternatives to Bethpage Federal Credit Union Business Checking
Although Bethpage FCU offers affordable business checking, it may not meet your business needs. If you need a provider that offers wider geographic coverage, competitive interest rates, and other cost-saving features, you may want to look elsewhere.
Here are a few alternatives to consider:
- Chase is best for nationwide branch access as it has 4,700 brick-and-mortar branches operating in 48 states.
- Bluevine* is best for competitive interest rates. Qualified accounts earn interest at a rate of 2.00% on qualifying balances of $250,000 or less.
- Novo* is best for fee-free ATM usage. Because it reimburses all ATM fees at the end of each month, users are free to make transactions at whichever network is most convenient.
*Providers are fintech platforms backed by and FDIC-insured through a supporting bank partnership (Coastal Community Bank for Bluevine and Middlesex Federal Savings for Novo).
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.