UMe Credit Union Business Checking Review 2023
This article is part of a larger series on Business Banking.
UMe Credit Union’s Business Checking account is an affordable option for Burbank-based companies. It earns 0.05% interest and offers unlimited fee-free electronic transactions and 150 fee-free checks deposited, paid, and processed per month. Customers can waive the account’s $10 monthly fee by signing up for e-statements. While only UMe Credit Union members can open business accounts, acquiring membership is as easy as making a $10 donation.
All UMe Credit Union deposits are National Credit Union Administration (NCUA)-insured up to a minimum of $250,000.
Pros
- $10 monthly fee can be waived by signing up for e-statements
- Unlimited free electronic transactions
- 150 fee-free checks deposited, paid, and processed per month
Cons
- Limited business banking product selection
- Low annual percentage yield (APY); requires over $5,000 minimum balance to earn interest
- Only one branch, which is in Burbank
Features
- Free Instant Issue Visa Debit Card
- Unlimited free electronic transactions and 150 fee-free check transactions
- 0.05% APY
- Digital banking
- Safety Net overdraft coverage feature
- Small business loans and individual retirement accounts (IRAs) available
How UMe Credit Union Stacks Up With Its Competitors
APY | Minimum Opening Deposit | Monthly Fee | Monthly Transaction Limit Before Fees | |
|---|---|---|---|---|
Business Checking | 0.05% | $100 | $10; waivable | Unlimited electronic transactions; 150 checks paid, deposited, and processed per month, then 25 cents per check |
 Smart Business Checking | None | $100 | $10; waivable | 150, then 20 cents per check paid, electronic debit/credit; 12 cents per deposited item |
Business Checking | 2.0% on balances up to $250,000 | None | None | None |
Visit Bluevine
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.
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When UMe Credit Union Is a Good Fit
- You want unlimited electronic transactions: Electronic transactions and online bill pay are free with no transaction limits.
- You make 150 or fewer check transactions per month: Get 150 fee-free checks deposited, paid, and processed each month.
- You want to earn interest on checking balances: Ume Credit Union’s business checking account pays monthly interest at 0.05% on balances over $5,000.
When To Consider UMe Credit Union Alternatives
- You want nationwide access to physical branch banking: It has only one physical branch in Burbank. Companies wanting a bank with greater geographical reach should look into Chase, which has over 4,700 branches across 48 states. Our Chase business checking review can help you determine which account best suits your needs.
- You want access to more business banking products: UMe Credit Union has limited business banking products, solely offering a business checking account and small business loans. If you seek to have business checking, savings, certificates of deposits (CDs), and various business lending products in one place, consider Bank of America. Learn more about its products in our review of Bank of America business checking.
- You want competitive APY: Its business checking account only earns interest at a rate of 0.05%. Meanwhile, the Bluevine business checking account offers qualified users an APY of 2.0% on balances up to $250,000. Read our Bluevine business checking review to learn more about the account’s terms and features.
If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations. You may also be interested in our top-recommended banks for small businesses in California.
UMe Credit Union Business Checking Overview
UMe Credit Union Business Checking Requirements
Only UMe Credit Union members can open a business bank account. To qualify for membership, applicants must meet at least one of the following criteria:
- Live in, work, worship, or belong to an organization in Burbank
- Go to school in Burbank
- Make a $10 donation to the Burbank Arts & Education Foundation
If you are eligible for membership, you must complete the UME Business account signature card, a business application form. Then, submit your form with a copy of a current, valid California driver’s license ID by fax, mail, or in person.
Part of the UMe Credit Union business checking requirements include submitting business documents. Click on your structure below for the list.
Check out our guide on how to open a business bank account. It contains a free downloadable checklist of documents typically required upon account opening.
UMe Credit Union Business Checking Features
UMe Credit Union features a business checking account with interest, unlimited electronic transactions, a waivable monthly fee, and a free business debit card.
No Monthly Fee
The $10 monthly fee of a UMe Credit Union Business Checking account is waived easily by enrolling in e-statements.
Transaction Limits
UMe Credit Union offers 150 fee-free checks deposited, paid, and processed. Each check transaction after the limit costs 25 cents. Electronic transactions are fee-free with no transaction limits.
0.05% APY
UMe Credit Union pays a monthly interest of 0.05% on balances more than $5,000. Rates are subject to change without notice.
Instant Issue Visa Debit Card
The UMe Credit Union Business Checking account provides a free Instant Issue Visa®
Debit Card with a $10,000 daily signed debit card transaction limit and a $500 daily PIN-based debit card transaction limit. Cardholders have fee-free access to over 30,000 CO-OP ATMs across the country and gain $200 immediate cash back per ATM deposit.
Online Banking
UMe Credit Union’s online banking platform lets users do the following:
- View account balances
- Manage cards
- Transfer funds
- View images of cleared checks
- Make loan and credit card payments
- Send money through Zelle
It also comes with BillPay, a free online bill payment service that lets users make instant bill payments for free. BillPay also lets users schedule automatic payments for recurring bills.
Mobile Banking
The UMe Credit Union mobile app offers most of the features available in online banking, with added support for mobile check deposits. The app also provides e-statements, expanded alerts, bank-to-bank transfers, and Face ID login (depending on the device used).
The provider updated its mobile app a few months ago, which resulted in higher ratings compared to before. On the App Store[1], it has 4.8 stars from around 430 reviews. Meanwhile, on Google Play[2], it has 4.7 stars from about 100 reviews.
Users gave positive feedback and appreciated the new app’s design and customizable dashboard. They also praised the ease of completing transactions. However, some complained about relinking their external accounts from the old app and found it inconvenient and time-consuming to enter an authentication code each time they logged in.
UMe Credit Union also offers a companion app called CardNav. It is a card management service that lets users turn cards on and off, set spending limits, create travel notifications, and control where cards will work.
Safety Net
Businesses can sign up for the overdraft coverage feature, Safety Net, and receive protection from overdraft risks. Safety Net pays for checks, automatic bill payments, and automated clearing house (ACH) debits when transaction costs exceed the amount of money available in a checking account. However, it charges a $25 fee per transaction.
Other UMe Credit Union Business Products
Ume Credit Union offers small business loans and IRAs to its customers.
Through its partnership with nonprofit small business lender Accion Opportunity Fund, UMe offers non-FICO-based small business loans from $2,600 to $250,000. Terms are flexible and can last up to five years. Only companies with at least one year in business and no history of liens or delinquencies within the last 12 months are eligible. On average, funds are released in five to seven days.
You may be interested to check out other providers in our guide to the best banks for small business loans.
UMe Credit Union offers individual retirement accounts (IRAs), which are personal retirement plans with tax advantages. The credit union has two IRAs, Traditional and Roth, which annually charge $10 and are available as IRA certificates or IRA savings:
- An IRA certificate has a guaranteed fixed rate for a specific term. After maturity, you can transfer the funds or automatically renew under a new fixed rate. The minimum amount to open is $2,000, and terms range from 12 to 60 months.
- An IRA savings account earns a variable rate and offers flexibility with no locked-in terms. Only $25 is needed to open this account. Currently, it has a 0.25% APY, but rates are subject to change.
Both IRA products are insured by the NCUA. For dividend earnings, you must maintain an average daily balance of $2,000 for IRA certificates and $25 for IRA savings accounts.
UMe Credit Union Business Checking Reviews From Users
The credit union has a rating of 4.0 out of 5 on Yelp[3] from around 130-plus reviews. UMe Credit Union business checking reviews from four years ago indicate that users were satisfied with the provider’s lack of huge fees commonly expected from big banks. They also appreciated the ease in transferring money between accounts.
Others also praised customer service for being welcoming, helpful, and efficient. According to many, the customer service staff are responsive and quick to address issues. However, some were critical of the online banking services. According to users, the mobile app and website crashed very often—but the mobile app was recently updated and has gained a lot of positive feedback.
Bottom Line
We recommend the business checking account of UMe Credit Union for Burbank-based businesses wanting to earn interest on deposits, skip monthly service fees, and make transactions at an affordable cost. However, its lack of savings and lending products may be a dealbreaker for businesses with more complex banking needs.
User review resources:
