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.
Why you can trust Fit Small Business
- How I Evaluated Credit Union 1 Business Checking
- 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)
- Bottom Line
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.
Terms & Features
| Special Offer | None |
|---|---|
| Opening Deposit Requirement | $100 |
| Monthly Maintenance Fee |
|
| 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 |
|
| Other Standout Features |
|
Use Cases
- 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.
Credit Union 1 Business Checking Alternatives & Comparison
| Account Name | Monthly Fee | APY | Free Monthly Transactions | |
|---|---|---|---|---|
 | Business Express Checking | 10; waivable | None | 200, then 50 cents per item |
| Visit Credit Union 1 | ||||
 | Business Essentials Checking | None | None | Unlimited digital transactions, 25 free teller transactions |
| Visit U.S. Bank | ||||
 | Standard | None | 1.3% | Unlimited |
| Visit Bluevine | ||||
 | Business Checking | None | None | Unlimited |
| Visit Novo | ||||
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 Business Essentials 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 1.3% 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 |
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:
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 | $15; waivable | $50; waivable | None |
| APY | None | 0.01% | 0.01% | None |
| Transaction | 200 | 350 | 600 | 150 |
| Excess Transaction Fee per Item | 50 cents | 50 cents | 50 cents | 50 cents |
| Domestic Wire Transfer Fees | Incoming: $0Outgoing: $30 | Incoming: $0Outgoing: $30 | Incoming: $0Outgoing: $30 | Incoming: $0Outgoing: $30 |
| International Wire Transfer Fees | Incoming: $0Outgoing: $60 | Incoming: $0Outgoing: $60 | Incoming: $0Outgoing: $60 | Incoming: $0Outgoing: $60 |
| ATM Fees | $1 per transaction for third-party ATMs | $1 per transaction for third-party ATMs | Unlimitedwaivers | $1 per transaction for third-party ATMs |
| Cash Deposits | $5,000; then 20 cents per $100 | $20,000; then 20 cents | $50,000; then 20 cents | $5,000; then 20 cents |
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.
Credit Union 1 Business Checking Features
| Waived Monthly Fees | To waive the monthly fee, either:
|
|---|---|
| Sweep Accounts | Minimum balance to open and earn dividends: $5
|
| Credit Union 1 Business Visa® Debit Card | It features:
Transaction costs $1 at nonnetwork ATMs
|
| Free Digital Banking |
|
| Courtesy Pay | Courtesy Pay fee: $32 per overdraft item
|
| Overdraft Protection Plans | Overdraft protection fee: $5 per transfer
|
| Merchant Services |
|
| Physical Checks | Available via Deluxe |
| Customer Service |
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)
Is it good to open a business account with a credit union?
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.
Is it good to have a checking account with a credit union?
Yes. As a nonprofit institution, credit unions can offer checking accounts with lower fees and higher interest rates than some banks.
Do credit unions check your credit score to open a checking account?
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.
Does opening a business checking account affect your credit score?
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.
Can you be denied a business bank account?
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.
User review references:
[1]BBB
[2]WalletHub
[3]App Store
[4]Google Play
