Self-Help Federal Credit Union Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
The nonprofit collective Self-Help Federal Credit Union offers business owners an interest-earning business checking account that comes with a waivable $15 monthly fee. Its membership requirements are easy, and it has no opening deposit and minimum balance requirement. The account provides free ATM usage, a free VISA debit or ATM card, and online and mobile banking access.
Self-Help Federal Credit Union has brick-and-mortar branches in California, Illinois, Washington, and Wisconsin.
What We Like
- Up to 100 free transactions
- No incoming wire fees
- Easy membership requirements
What's Missing
- Physical branches limited to California, Illinois, Washington, and Wisconsin
- Low annual percentage yield (APY) on checking deposits
- Monthly fee is slightly difficult to waive
Features
- Free VISA debit or ATM card
- Free ATM Usage
- Online and mobile banking
- Access to business resources
- Up to 20 free bill payments
- 100 free transactions per month
- Free starter checks
How Self-Help Federal Credit Union Stacks Up With Its Competitors
APY | Monthly Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
0.05% | $15; can be waived | None at Co-op networks | $0 | |
0.05% or 0.10% | $0 or $15 | None at Affinity Plus, MoneyPass, Co-op, and SUM ATM networks | $0 | |
2.0% for qualified accounts | $0 | None at MoneyPass networks | $0 | |
Business Checking*Self-Help Federal Credit Union and Affinity Plus Federal Credit Union are National Credit Union Administration (NCUA)-insured.
**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 Is Self-Help Federal Credit Union a Good Fit
- Your business deals with up to 100 transactions per month: Under Self-Help FCU, business owners can make up to 100 free transactions per month. It also provides up to 20 free bill payments, and exceeding the limit raises the bill payment fee to $1.
- Your business is just starting out: Self-Help FCU has zero minimum balance or opening deposit requirements. Its website also provides a number of business education resources.
- You struggle to secure loans from other institutions: Self-Help FCU aims to provide financial assistance to unconventional borrowers, such as nonprofits, churches, social service organizations, and green businesses. Businesses can access Self-Help FCU’s loan options without providing valuable collateral.
- You want to support social justice causes: It invests the revenue it generates directly into its members and partner communities. Deposits under Self-Help FCU are used to support development assistance projects.
When Self-Help Federal Credit Union Is Not a Good Fit
- You want to earn interest on checking deposits: Although Self-Help FCU’s business checking accounts are interest-bearing, their APY of 0.05% pales in comparison to competitor rates. A good alternative would be the fintech solution Bluevine, which offers an APY of 2.0% on qualified business checking accounts.
- You rely on in-person banking but live outside Self-Help FCU’s jurisdiction: It only has physical branches in four states: California, Illinois, Washington, and Wisconsin. However, its sister institution, Self-Help Credit Union, has branches in North Carolina, South Carolina, Florida, and Virginia. Larger banking companies, such as Chase, will have more branches available nationwide.
- You don’t want to pay monthly fees: Self-Help FCU charges a monthly fee of $15 for businesses that don’t meet a combined average daily balance of $25,000 for all accounts. The credit unions Bethpage and Affinity Plus have account options that require no monthly fees.
If your small business meets one or more of these scenarios, read our guide to the best small business banks for additional recommendations.
Self-Help Federal Credit Union Business Checking Overview
Self-Help Federal Credit Union Business Checking Requirements
Opening a business banking account requires membership with Self-Help FCU. Individuals who have family or employee associations with Self-Help, or are working, living, or attending school in any one of its eligible counties, are qualified for membership (to determine whether you belong to an eligible county, contact Self-Help FCU). Those ineligible may gain membership to the Center for Community Self-Help by making a one-time $5 donation.
Self-Help Federal Credit Union Business Checking Features
Self-Help FCU offers a full range of banking services, including business checking, savings accounts, and loans. Its business checking accounts come with a number of basic features, such as free debit and ATM cards, interest-earning capacity, and free online and mobile banking.
Free Visa Debit or ATM Card
Opening a business checking account with Self-Help FCU earns account holders their own Visa card automatically. It can be either a debit card or an ATM card.
Interest on Checking Account Balances
All of Self-Help FCU’s business checking accounts earn interest at an APY of 0.05%. Unlike its savings and money market accounts, business checking accounts aren’t required to maintain a specific minimum balance to earn interest.
Free Online & Mobile Banking
Self-Help FCU’s mobile banking app, free for both iOS and Android, comes with a comprehensive set of features. It also contains each user’s transaction history and a directory of available Self-Help FCU ATM and physical branch locations. Via the app, account holders can deposit checks to any of their Self-Help FCU accounts, pay loans, and pay bills. Account holders can also transfer money from their Self-Help FCU accounts to other third-party banks and credit unions.
Reviews for the Self Help FCU app are poor to average on both the App Store (2.5 out of 5) and Google Play (3.5 out of 5 stars). Users rated it positively for its ease of use and convenience, while most low ratings centered on login issues and frequent app crashes.
Other Self-Help Federal Credit Union Business Products
Small Business Loans
Self-Help FCU account holders doing business in Illinois and North Carolina can take loans worth $15,000 and up. However, those outside those states can only qualify for business loans worth $500,000 or higher. These small business loans are valid for any project involving expansion, renovation, and building or equipment purchases—and their requirements are flexible.
Self-Help FCU evaluates criteria such as industry experience, creditworthiness, capital, cash flow, collateral, and personal debt-to-income ratio. Existing businesses or nonprofits must also provide a 10%–30% loan down payment and collateral in the form of real estate, vehicles, equipment, and others.
Other Business Loans
Self-Help FCU extends commercial loans, charter school loans, child care loans, commercial real estate loans, faith-based loans, food system finance loans, and multifamily housing loans. It’s also an approved Small Business Administration (SBA) lender offering SBA 7(a) loans and SBA 504 loans to small businesses.
Business Savings & Money Market Accounts
Businesses that need a safe place to park their money can consider Self-Help FCU’s two savings account options. Its business savings account lets customers earn interest at an APY of 0.15% for no monthly service fee nor minimum balance requirement. The minimum deposit is a low $5. Savings account holders also have access to free online banking and e-statements.
Rates are higher in the organization’s Money Market products—accounts that meet Self-Help FCU’s minimum balance requirement of $500 earn dividends at an APY of 1.89%. However, account holders only get six free withdrawals and transfers each month, including checks. Additional transfers or withdrawals cost $10 per transaction. A $500 minimum deposit is required to open a money market account.
Term Certificates
For higher rates, business owners can open a term certificate ranging from three months to five years. APY starts at 0.10% up to 3.46%—the returns are guaranteed, and the funds are NCUA-insured up to $250K for added investment protection. If you withdraw early, penalties apply. A $500 minimum deposit is required to open a term certificate.
Self-Help Federal Credit Union Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Interest-bearing | Low APY |
| Easy membership requirements | Limited branch locations |
| Free online and mobile banking | Low-rated mobile app |
Self-Help FCU offers a great range of banking services at a low cost and with easy membership requirements. Its thorough loan options is one of the reasons Self-Help FCU made our list of the best credit unions for small businesses. Although its branch locations are limited, it compensates by providing free online and mobile banking.
However, it doesn’t offer competitive rates on its interest-bearing business checking accounts. Additionally, reviewers have expressed that its mobile application leaves much to be desired. Users who left comments on the App Store complained that the app is slow and unresponsive and that it crashes constantly. Its outdated user interface makes it difficult to navigate.
Self-Help Federal Credit Union User Reviews
| PROS | CONS |
|---|---|
| No hidden fees | Call volume is always high, plus unreturned messages on website |
| Professional and personable service | Long time to clear checks compared to other banks |
| Focuses on customers, not credit score | Limited branch operating hours |
| Timely and simple auto loan process | |
| Fees are lower than major banks, plus has high interest rates | |
Self-Help Federal Credit Union has poor to average ratings on WalletHub (3.4/5), DepositAccounts (2.5/5), and Yelp (2.0/5). Users appreciate that the credit union has low and no hidden fees, great customer service, and high interest rates. However, other users said that they were unsatisfied with the long check-clearing period and short operating hours.
Alternatives to Self-Help Federal Credit Union Business Checking
For certain businesses, Self-Help FCU’s low APY, poorly rated mobile app, and lack of physical branch locations might be dealbreakers. In these scenarios, consider these three options:
- Bluevine is best for business owners seeking competitive interest rates. One of Self-Help FCU’s biggest weaknesses is that its business checking account has a low APY. The fintech solution Bluevine offers a 2.0% APY on qualifying balances and has no monthly fee.
- Affinity Plus is best if you want access to a wide range of affordable business banking services. That’s why it’s our top pick for the best credit unions for small businesses. Its mobile application also has a high ranking on Google Play, with users praising its pleasing and easy-to-navigate interface.
- Chase is best for business owners who prefer in-person banking. It has over 4,700 available brick-and-mortar branches and, such as Self-Help FCU, charges a monthly fee of $15 for its basic business checking products.
If you’re looking for more recommendations, check out our guide to the best small business checking accounts.
Bottom Line
For women, people of color, and low-income families and communities, Self-Help FCU’s mission to provide quality financial services to underserved communities might make the credit union a great banking option. Although its business checking accounts don’t offer competitive rates, it can meet business needs through its extensive range of services, which includes not just checking but also loans and savings accounts. Easy membership requirements make Self-Help FCU accessible to all types of businesses.
