Credit Union 1 Business Checking Review

With three regular business checking accounts that offer easy-to-waive monthly fees and high transaction and cash deposit limits, Credit Union 1 (CU1) is an excellent choice if you’re seeking an affordable business checking provider. You can also reduce costs through merchant services, ATM reimbursements, and linked sweep accounts. In addition, CU1 provides cannabis banking, allowing legal cannabis vendors to sign up for its wide range of business products and services.

The majority of CU1’s brick-and-mortar branches are in Illinois, while its other locations are in Florida, Georgia, Indiana, and Nevada. Its participation in Co-op’s Shared Branch network means you can bank in person at Co-op Shared Branch locations.

With a decade of banking experience, my solid financial background helps me provide the best answers to our audience in line with the Fit Small Business editorial policy. I strive for accuracy, clarity, and objectivity in writing reviews and guides to ensure that small business owners can access impartial and critical information that supports their business decisions.

I also completed a Business degree and have substantial experience in facilitating account opening, performing KYC, and cross-selling different banking and investment products and services to both retail and preferred clients.

10 years in Consumer and Preferred banking
Client onboarding experience for retail banking and securities trading
Business graduate

Robi Mansueto

Banking & Credit Cards Expert at Fit Small Business

How I Evaluated Credit Union 1 Business Checking

When doing this Credit Union 1 business checking review, I visited the bank’s website and considered the following criteria:

Product features
Monthly fee
Opening balance
Required balances
Account opening requirements
ATM fees
Cash deposit fees
Annual Percentage Yield (APY)
Monthly transaction limits
Cash deposit allowances
Branch accessibility
Other business banking products

I also compared its business checking accounts against other providers to see how the interest rates, free transaction limits, and monthly service fees stack up. In addition, I looked up third-party review sites to evaluate the CU1 users’ feedback on its business checking.

Pros

Waivable monthly fees
Easy membership requirements
Waives up to four out-of-network ATM fees per month Business Express Checking and Business Performance Checking
Unlimited ATM fee waiver Business Elite Checking
Two free domestic outgoing wires monthly Business Elite Checking

Cons

$100 opening deposit requirement
Low APY on interest-bearing accounts Applies to Business Performance Checking and Business Elite Checking
Limited branch locations

Special Offer	None
Opening Deposit Requirement	$100
Monthly Maintenance Fee	Business Express Checking: $10; waivable Maintain a minimum of $1,500 average daily balance. Business Performance Checking: $15; waivable Maintain a minimum of $5,000 average daily balance. It can also be waived if Merchant Services are deposited into the account. Business Elite Checking: $50; waivable Maintain a minimum of $25,000 average daily balance. It can also be waived if Merchant Services are deposited into the account. Community Checking: None
APY	0.01% for Business Performance Checking and Business Elite Checking
ATM Network	Access over 30,000 Co-op ATMs and 5,000 CU1 shared branches
ATM Fees	Business Express Checking & Business Performance Checking: $1 per transaction for third-party ATMs Up to four waivers monthly; third-party operator fees may apply. Business Elite Checking: Unlimited waivers Third-party operator fees may apply. Community Checking: $1 per transaction for third-party ATMs Waived with Merchant Services
Other Standout Features	Free business debit card with real-time fraud monitoring Scalable checking accounts Sweep accounts Waived monthly fees and processing fees with Merchant Services Digital banking Courtesy Pay and overdraft protection plans ATM fee waivers Two free domestic outgoing wires monthly (Business Elite Checking)

You prefer to join a credit union with easy membership: If you don’t qualify for membership under CU1’s system, you can donate $5 (one-time) to the CU1 Educational Development Association to be eligible. For this reason, CU1 is among our best credit unions for small businesses.
You seek more business checking options: CU1 provides a basic, mid-tier, and high-tier checking product, so you can easily switch as your business grows. Additionally, it offers a nonprofit checking account.
You have a legal cannabis business: CU1 is one of the few financial institutions offering banking services for legal cannabis vendors. Its cannabis business products include deposit accounts, debit cards, online wire transfers and ACH payments, cash pickup services, payroll services, and free ATM access.
You need nationwide access to in-person banking: To compensate for the lack of several branch locations outside Illinois, CU1 participates in the Co-op Shared Branch network, which lets you access CU1’s in-person banking services at over 5,000 Co-op Shared Branch locations across the country.

Visit Credit Union 1

Credit Union 1 Business Checking Alternatives & Comparison

Comparison
Use Cases

Account Name	Monthly Fee	APY	Free Monthly Transactions
Business Express Checking	10; waivable	None	200, then 50 cents per item
Visit Credit Union 1 Member NCUA
Silver Business Checking	None	None	125, then 50 cents per item
Visit U.S. Bank Member FDIC
Standard	None	1.5% Applies to qualifying balances up to $250,000	Unlimited
Visit Bluevine Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank.
Business Checking	None	None	Unlimited
Visit Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings.

	Best For	Learn More
	You prefer a traditional provider offering a checking account with no monthly fee: CU1’s Business Express Checking waives its monthly fee if you meet a fixed balance. Meanwhile, U.S. Bank’s Silver Business Checking is free with no monthly fee waiver requirements.	Read our U.S. business checking review
	You want to earn high interest on your checking deposits: CU1’s APY rate on its interest-bearing checking accounts is 0.01%. Bluevine is an excellent alternative since it pays 1.5% interest on qualifying accounts up to 250,000.	Read our Bluevine business checking review
	You want speedy payouts: CU1 does not offer a way to receive payments faster, unlike Novo, which allows Stripe users to receive funds two to four days early through Novo Boost.	Read our Novo business checking review

See our list of the best small business checking accounts for additional recommendations.

Credit Union 1 Business Checking Reviews From Users

Only a few customers left a Credit Union 1 business checking review on user review platforms. Many appreciated the bank’s excellent loan rates and in-person professional customer service. However, some shared negative feedback, complaining about extended hold times when calling for inquiries or not getting a callback from a representative. The upside is that the provider actively responded to the complaints and offered resolutions or explanations.

Here are CU1’s ratings on third-party sites:

Better Business Bureau (BBB)^[1]: 4.37 from around 90 reviews
WalletHub^[2]: 2.6 from about 50 reviews

Meanwhile, the Credit Union 1 mobile app shows a rating of 4.3 on the App Store^[3] based on over 500 reviews and 4.7 on Google Play^[4] based on more than 600 reviews. Many users praised its user-friendly features, which make it convenient to navigate. Still, a few found the app basic and reported dissatisfaction with the new version.

Credit Union 1 Business Checking Terms

	Business Express Checking	Business Performance Checking	Business Elite Checking	Community Checking
Required Opening Deposit	$100	$100	$100	$100
Monthly Fees	$10; waivable Maintain a minimum of $1,500 average daily balance.	$15; waivable Maintain a minimum of $5,000 average daily balance. It can also be waived if Merchant Services are deposited into the account.	$50; waivable Maintain a minimum of $25,000 average daily balance. It can also be waived if Merchant Services are deposited into the account.	None
APY	None	0.01%	0.01%	None
Transaction Transactions refer to ACH credit, credit origination next day, debit, debit origination, ACH addenda records, 1-touch inquiries, transfers, withdrawals, domestic and foreign ATM deposits, cash deposited, coin deposited, checks deposited, currency order, currency strap, debit card credit and debit transactions, POS credit and debit transactions, payroll deposit, rolled coin, shared branch deposits, check deposit slips, checks paid, and teller assisted transactions. Limit Before Fees	200	350	600	150
Excess Transaction Fee per Item	50 cents	50 cents	50 cents	50 cents Waived if Merchant Services are deposited into the account.
Domestic Wire Transfer Fees	Incoming: $0 Outgoing: $30	Incoming: $0 Outgoing: $30	Incoming: $0 Outgoing: $30 Two free domestic outgoing wires per month.	Incoming: $0 Outgoing: $30
International Wire Transfer Fees	Incoming: $0 Outgoing: $60	Incoming: $0 Outgoing: $60	Incoming: $0 Outgoing: $60	Incoming: $0 Outgoing: $60
ATM Fees None at Co-op ATM network and shared branches.	$1 per transaction for third-party ATMs Up to four waivers monthly; third-party operator fees may apply.	$1 per transaction for third-party ATMs Up to four waivers monthly; third-party operator fees may apply.	Unlimited waivers Third-party operator fees may apply.	$1 per transaction for third-party ATMs Waived with Merchant Services
Cash Deposits	$5,000; then 20 cents per $100	$20,000; then 20 cents Waived if Merchant Services are deposited into the account. per $100	$50,000; then 20 cents Waived if Merchant Services are deposited into the account. per $100	$5,000; then 20 cents Waived if Merchant Services are deposited into the account. per $100

Credit Union 1 Business Checking Requirements

To open a business checking account with CU1, you must first become a member. To apply for membership, you must

Be a legal United States resident
Be at least 18 years old
Have a Social Security number
Have a valid, government-issued ID

If you meet the above criteria, there are two ways to be eligible for membership:

Speak to a Member Solutions Specialist at 800-252-6950 or complete a CU1 online application. The system will determine your eligibility.
Make a one-time donation of $5 to the CU1 Educational Development Association if the above system deems you ineligible for membership.

Finalize your application by paying a one-time $5 membership fee and making a $5 initial account deposit. You may need to complete additional Credit Union 1 business checking requirements depending on how your business is structured. Once you are a member, you can open a business bank account by contacting the Member Solutions Department or visiting one of CU1’s branch offices.

For a checklist of documents banks typically require during account opening, read our guide on how to open a business bank account.

Credit Union 1 Business Checking Features

Waived Monthly Fees	To waive the monthly fee, either: Maintain your account’s minimum balance requirements, specifically Business Express Checking: $1,500 Business Express Plus Checking: $5,000 Business Express Premium Plus Checking: $25,000 Enroll in Merchant Services and deposit accepted payments into your checking account. Depositing funds from Merchant Services will also waive fees for excess transactions and cash deposits, except for Business Express Checking.
Sweep Accounts	Minimum balance to open and earn dividends: $5 Auto-links your CU1 business checking account to a CU1 Savings Account (Sweep Account) to maximize your business’ idle cash APY of 0.01%
Credit Union 1 Business Visa® Debit Card • Due to fraud, CU1 doesn't allow most transactions on Debit Cards from Austria, Bahrain, Botswana, Brazil, Bulgaria, Egypt, Greece, Hong Kong, India, Indonesia, Ireland, Italy, Kazakhstan, Luxembourg, North Korea, Philippines, Qatar, Romania, Russia, Saudi Arabia, Singapore, Slovenia, South Africa, Spain, Sri Lanka, Syrian Arab Republic, Taiwan, Thailand, Trinidad, Tobago, Turkey, Ukraine, or United Arab Emirates. • CU1 won’t allow Western Union wire transfers using your Visa Debit Card.	It features: Visa’s real-time fraud monitoring Zero liability policy, saving you from unauthorized charges Access to over 30,000 Co-op ATMs and 5,000 CU1 shared branches Transaction costs $1 at nonnetwork ATMs Third-party operator fees may apply. Business Express Checking and Business Performance: Waive nonnetwork fees up to four times monthly Business Elite Checking: Unlimited fee waivers Community Checking: Waive fee with Merchant Services
Free Digital Banking	Pay bills Deposit checks Transfer money between CU1 accounts and external providers View account balances and transactions on the Apple Watch View electronic statements and documents Set alerts and manage CU1 debit cards on smartphone Find CU1 locations
Courtesy Pay	Courtesy Pay fee: $32 per overdraft item CU1’s business overdraft coverage service Available for business checking accounts in good standing If you authorize Courtesy Pay, CU1 can cover transactions if you have an insufficient balance
Overdraft Protection Plans	Overdraft protection fee: $5 per transfer To cover transactions against insufficient funds, CU1 can transfer money from a/an Linked savings account Overdraft line of credit
Merchant Services	Partners with Clover Accept more payment types, including EMV chip cards, Apple Pay, and Samsung Pay for payment processing Loyalty and rewards program Invoicing Inventory management Analytics and reporting Fraud prevention tool
Physical Checks	Available via Deluxe
Customer Service	Live chat, secure message, and email Customer Hotline: (800) 252-6950 Monday to Friday, 9 a.m. to 6 p.m. Central Time (CT) Saturday, 9 a.m. to 1 p.m. CT

Other Credit Union 1 Business Products

Business savings
Business money market
Business CDs
Sweep account
Business credit cards
SBA loans
CRE lending
Auto financing
Cannabis banking
Merchant Services

Frequently Asked Questions (FAQs)

Yes. When you open an account with a credit union, you can get lower transaction fees and interest on loans, earn higher yields from your deposit funds, and access more personalized services as a member.

Yes. As a nonprofit institution, credit unions can offer checking accounts with lower fees and higher interest rates than some banks.

It depends. Some credit unions may make a soft inquiry on your credit score when you apply for a checking account; however, it will not affect your credit score. Generally, credit unions don’t check credit reports but may use ChexSystems or something similar to review your banking history.

No, opening a business checking account will not impact your credit score. However, some financial institutions may reject your application when you have poor credit.

Yes. Banks may decline to open a business bank account for several reasons. Some are due to credit issues, lack of supporting documents, and a business categorized as high-risk for engaging in prohibited activities.

Bottom Line

Credit Union 1 is a good business banking option with many ways to reduce or eliminate standard business account fees. Although its APY rates are low, it makes up for that by having scalable business checking accounts that allow users to access high transaction limits, low ATM fees, and cash-saving sweep accounts—all without facing strict membership requirements. CU1 is also one of the few providers offering dedicated services to legal cannabis businesses.

Visit Credit Union 1

User review references:

^[1]BBB
^[2]WalletHub
^[3]App Store
^[4]Google Play

Why You Can Trust Fit Small Business

How I Evaluated Credit Union 1 Business Checking

Pros

Cons

Terms & Features

Use Cases

Credit Union 1 Business Checking Alternatives & Comparison

Credit Union 1 Business Checking Reviews From Users

Credit Union 1 Business Checking Terms

Credit Union 1 Business Checking Requirements

Credit Union 1 Business Checking Features

Other Credit Union 1 Business Products

Frequently Asked Questions (FAQs)

Is it good to open a business account with a credit union?

Is it good to have a checking account with a credit union?

Do credit unions check your credit score to open a checking account?

Does opening a business checking account affect your credit score?

Can you be denied a business bank account?

Bottom Line

About the Author

Robi Mansueto