First Tech Federal Credit Union Business Checking Review 2023
This article is part of a larger series on Business Banking.
If you’re looking for a full-service credit union that can meet your business checking needs, First Tech FCU is a great option. It has two different business checking accounts: the basic Simple Business Checking account and the interest-earning Business Dividend Checking account. Both provide a good number of perks, including a free rewards-earning debit card, free digital banking, and a customizable banking alerts system.
Other First Tech FCU products include business savings accounts, business certificates of deposit (CDs) with competitive rates, and business insurance. The Palo Alto, California-based credit union has branches in California, Colorado, Georgia, Idaho, Oregon, Massachusetts, Texas, and Washington. It also offers in-person banking services through Co-op Shared Branch network locations.
What We Like
- Nationwide access to in-person banking through Co-op Shared Branch network
- In-person or virtual appointment online scheduling
- Business insurance products
Drawbacks
- High minimum balance requirements to waive monthly fee
- $100 opening deposit requirement
- Lacks small business lending products
Features
- Higher-tier accounts earn interest
- Rewards-earning Business Debit Mastercard
- Free digital banking with e-deposits, e-statements, and bill payment
- Business CDs, business savings accounts, and business insurance products
- Overdraft protection service
- Customized alerts
How First Tech Federal Credit Union Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | Out-of-Network ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
Simple Business Checking | None | $6; waivable | $2* | $100 |
 Business Checking | None | None | Refunds all ATM fees | None |
 Business Complete Banking | None | $15; waivable | $3 per transaction at any non-Chase ATM* | None |
*Third-party operator fees may also apply.
**Novo is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Middlesex Federal Savings.
When First Tech Federal Credit Union Is a Good Fit
- You want nationwide access to in-person banking services: Although First Tech FCU has around 40 branches, it provides access to in-person banking services through its participation in the Co-op Shared Branch Network. First Tech FCU Customers can conduct in-person banking services at any Co-op Shared Branch Location.
- You want to earn interest on checking deposits: First Tech FCU offers an interest-earning account called Business Dividend Checking, which earns interest at a rate of 0.05% on balances under $50,000 and 0.10% on balances of $50,000 and over. However, waiving Business Dividend Checking’s $15 monthly fee requires maintaining an average daily balance worth $5,000.
- You want to earn rewards on debit card purchases: Your First Tech FCU business checking account will come with a free Business Debit Mastercard, a rewards card that earns one point for every $2 spent. Points can be redeemed for travel, merchandise, events, and gift cards.
- Your business needs insurance products: In our roundup of the best credit unions for small businesses, we named First Tech FCU the best credit union for business insurance. It offers liability insurance, workers’ compensation, builder’s risk, and commercial vehicle policies.
When First Tech Federal Credit Union Is Not a Good Fit
- Your business needs lending products: First Tech FCU offers only commercial lending products. A good alternative would be Self-Help Federal Credit Union, whose wide range of lending products caters specifically to small businesses. Check out our Self-Help FCU Business Checking review to know more about its lending options.
- You want to open an account online and bank without a monthly fee or minimum balance requirements: There are no fee-free First Tech FCU accounts. We recommend the online-only banking solution Novo, which lets you conveniently open an account online and offers a business checking account with no monthly fee, opening deposit, and required minimum balance. Read our review of Novo Business Checking to learn other fee-free benefits it provides to small businesses.
- You want access to competitive interest rates: The highest APY First Tech FCU’s checking accounts offer is 0.10%. The online-only banking solution Bluevine earns interest at 2.00% on qualifying balances up to $250,000. Our Bluevine Business Checking review provides informative details about its best product features.
If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for more recommendations.
First Tech Federal Credit Union Business Checking Overview
First Tech Federal Credit Union Business Checking Requirements
To open a business bank account, business owners must first become members at First Tech FCU. Those who meet the following criteria qualify for membership:
- Individuals who live or work in Lane County, Oregon
- Employees (and their family members) who work for the State of Oregon or for an innovative company (see First Tech FCU’s partner list)
- Members of the Computer History Museum or the Financial Fitness Association
- Family members or household members of existing First Tech members
Those who don’t meet the above criteria may contact First Tech at (855) 855-8805 or stop by a branch to gain more information.
Before opening an account, see our step-by-step guide on how to open a business bank account. It includes a free downloadable checklist of required documents.
First Tech Federal Credit Union Business Checking Features
First Tech FCU offers two business checking products: Simple Business Checking, which doesn’t earn interest, and Business Dividend Checking, which earns interest depending on the account’s balance. Both accounts come with a free rewards-earning debit card, free digital banking, and banking alerts.
Interest-earning Account
Members who choose the higher tier (Business Dividend Checking) earn interest on their accounts at a rate of 0.05%. If the account balance exceeds $50,000, the interest rate rises to 0.10%. Though there’s no minimum balance requirement to earn interest, there’s a minimum balance requirement ($5,000) to waive the $15 monthly fee. The interest is compounded and credited monthly. Note that opening a Business Dividend Checking account requires a minimum opening deposit of $100.
Rewards-earning Mastercard Debit Card
Both of the credit union’s business checking accounts come with a free Business Debit Mastercard, which earns one rewards point for every $2 spent. It also has a number of fraud-prevention tools, including chip-and-PIN technology, real-time fraud monitoring, and theft resolution services. It also has several benefits, like discounts on useful business software, such as Microsoft 365, Salesforce Essentials, Intuit QuickBooks Online, and Intuit TurboTax Discount. Users can redeem points for travel, merchandise, events, and gift cards.
Digital Banking
Thanks to First Tech FCU’s extensive digital banking features, users can conduct a good majority of their banking transactions online. Through the First Tech FCU website and mobile app, users can view balances, pay bills, manage cards, deposit checks fee-free, and view e-statements. Making an e-deposit under First Tech FCU digital banking only requires scanning or taking a photo of a physical check.
First Tech FCU’s mobile app has good ratings on the App Store1 (4.7 out of 5 with around 36,000 reviews) and Google Play2 (4.6 out of 5 with more than 11,000 reviews). It has received a lot of praise from users for the bank’s excellent customer service.
However, in recent reviews, several customers stated their dislike for the new user interface (UI) layout. They also found it time-consuming to log in compared to the previous design, where they could sign in using a PIN. Some also mentioned getting error messages and experiencing loading issues.
Customized Alerts
To keep users updated on transaction progress, First Tech FCU sends notifications for important events, including cleared checks, completed transactions, failed or successful transfers, and insufficient funds. Users receive these alerts through email or mobile, depending on their preference. They are also free to customize alerts according to their needs.
Customer Service
Clients can easily reach First Tech FCU customer service through its 24-hour hotline at (855) 855 8805, schedule a virtual or in-person appointment online, access live chat, and send secure messages if they register for digital banking.
Other First Tech Federal Credit Union Business Products
First Tech FCU’s business savings accounts come in three tiers:
- Simple Business Savings is available to nonmembers and offers an APY of 0.05% and requires a minimum opening deposit of $25.
- Business Membership Savings, which is exclusive to First Tech FCU members, offers an APY of 0.05% for a lower opening deposit of $5.
- Business Instant Access, which is also exclusive to First Tech FCU members, uses a tiered APY system with interest compounded and credited every month. Its rates range from 0.60% to 0.90%, depending on your account’s average daily balance. The monthly fee is $25, which can be waived by meeting the minimum average daily balance of $5,000.
First Tech FCU’s business CDs earn an APY of 4.02% for its shortest term (six months) and 3.50% for its longest term (60 months). Dividend rates can be fixed or adjustable depending on the preference and strategy of a company.
First Tech FCU offers business loan programs, specifically property funding ranging from $500,000 to $10 million and above. It’s available to properties in all 50 states except Louisiana.
Loan programs are open to the following:
- Multifamily properties
- Office and industrial buildings
- Retail and mixed-use buildings
- Self-storage buildings
- Mobile home parks
- Hotels
- Healthcare
To protect businesses from unforeseen circumstances and accidents, First Tech FCU offers a wide range of business insurance products, which include:
- Directors & officers (D&O) liability
- Inland marine policy
- Business umbrella policy
- Professional liability
- Workers’ compensation policy
- Commercial vehicle policy
- Employment practices liability
- Crime insurance
- Business owner’s policy (BOP)
- Builders risk policy
First Tech FCU is able to offer these products and services through its partnership with Addison Avenue Financial Partners, LLC.
You may be interested in our guide to small business insurance costs and coverage.
First Tech Federal Credit Union Business Checking Reviews from Users
There are no First Tech Federal Credit Union Business Checking reviews, but the bank scored 4.2 out of 5 on Trustpilot3 and 2.7 out of 5 on WalletHub4. Most of the reviews were focused on the credit union’s customer service, with many having highlighted that the staff is friendly, responsive, and able to resolve their account issues.
Customers also praised the personalized customer service approach. They explained that the representatives took time to explain product details, understand each client’s financial situation, and recommend products according to their needs.
Others declared they were pleased with the convenient online scheduling of virtual or in-person appointments, while some mentioned that the processes and policies of First Tech FCU are good but could be streamlined. Meanwhile, those who gave low ratings complained about the long wait times and the lack of credit union personnel in some branches.
Bottom Line
The business checking accounts of First Tech FCU provide all the checking features a typical small business would need. However, the provider offers no free account options, which might be a dealbreaker if having access to lower fees is your main reason for choosing a credit union over a traditional bank. Still, First Tech FCU is an excellent, affordable option if you need a business checking provider that also provides business insurance products.
If you’re trying to decide between a credit union and a bank for your business, you can check out the benefits and drawbacks of each in our comparison of a credit union vs bank.
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