UMe Credit Union Business Checking Review 2023

If your Burbank, California-based business needs an affordable business checking product, UMe Credit Union’s business checking account is worth considering. It earns interest at a rate of 0.05% and offers unlimited free electronic transactions and 150 free checks deposited, paid and processed per month. Customers can waive the $10 monthly account fee by subscribing to eStatements. Only UMe Credit Union members can open business accounts. Fortunately, acquiring a membership is as easy as making a $10 donation.

Credit union UMe

UMe credit cooperative logo.

What we like

  • The $10 monthly fee can be waived by signing up for monthly statements through eStatements
  • Unlimited free electronic transactions
  • 150 free checks deposited, paid and processed per month

what’s missing

  • Limited selection of business banking products
  • Low Annual Percentage Yield (APY); requires a minimum balance of $5,000 to earn interest
  • A branch in Burbank

Characteristic

  • Unlimited free electronic transactions and 150 free check transactions
  • 0.05% APR
  • Free Instant Issue Visa Debit Card
  • digital banking
  • Safety Net Overdraft Coverage Feature
  • Small Business Loans Available

How UMe Credit Union compares to its competitors

*Bluevine is a financial technology (fintech) platform backed by the Federal Deposit Insurance Corp. (FDIC) and insured through a banking partnership with Coastal Community Bank.

When UMe Credit Union is a Good Choice

  • You want unlimited electronic transactions: Electronic transactions and online bill payment are free and have no transaction limits.
  • Make 150 or fewer check transactions per month: Get 150 free checks deposited, paid and processed each month.
  • You want to earn interest on checking balances: Your business checking account pays 0.05% monthly interest on balances over $5,000.

When UMe Credit Union is not a good option

  • You want nationwide access to physical bank branches: It only has one physical branch in Burbank. Businesses wanting a bank with a broader geographic reach should look to Chase, which has 4,700 branches in 48 states.
  • You want to access savings and credit products: The only business banking products offered by UMe Credit Union are business checking accounts and small business loans. If you want business checking, business savings, and business loan products, we recommend First Internet Bank online only.
  • You want competitive APY: Your business checking account only earns interest at a rate of 0.05%. Bluevine Business Checking offers qualified users 1.50% APY on balances up to $100,000.

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.

UMe Credit Union Business Checking Overview

*Monthly fee may be waived if you subscribe to eStatements.
**Third-party carrier fees may apply.

UMe Credit Union Business Checking Account Requirements

Only members of UMe Credit Union can open a business bank account. To qualify for membership, applicants must meet at least one of the following criteria:

  • Live, work, worship or belong to an organization in Burbank
  • Go to school in Burbank
  • Make a $10 donation to the Burbank Arts and Education Foundation

If you are eligible for membership, you must complete the EMU Business Account Signature Card Business Application Form. Then submit your form with a copy of a current, valid California ID by fax, mail, or in person.

During the account opening process, you will be asked to prepare various business documents. These are the opening documents required by structure:

  • Completed UMe Business account signature card
  • Registered statement of fictitious business name or business license
  • IRS Tax ID Issuance Confirmation (if applicable)

  • Completed UMe Business account signature card
  • Certificate of Limited Partnership (LP-1) or Statement of Registered Fictitious Business Name
  • IRS Tax ID Issuance Confirmation

  • Completed UMe Business account signature card
  • Statement of Information and Articles of Organization (LLC-1) – Both must have the “FILE” stamp from the State of California
  • IRS Tax ID Issuance Confirmation

  • Completed UMe Business account signature card
  • Partnership Agreement or Fictitious Business Name Statement
  • IRS Tax ID Issuance Confirmation

  • Completed UMe Business account signature card
  • Information Statement and Articles of Incorporation – Both must be stamped “FILE” by the State of California
  • IRS Tax ID Issuance Confirmation

UMe Credit Union Business Checking Account Features

transaction limits

UMe Credit Union offers 150 free checks for free deposited, paid and processed. Each check transaction after the limit costs $0.25. Electronic transactions are free and without transaction limits.

0.05% APR

UMe Credit Union pays 0.05% monthly interest on balances over $5,000. Rates are subject to change without prior notice.

Instant Issue Visa Debit Card

UMe Credit Union Business Checking provides a free instant issue Visa debit card with a daily signed debit card transaction limit of $10,000 and a daily PIN-based debit card transaction limit of $500. Cardholders have fee-free access to 30,000 CO-OP ATMs nationwide and get $200 in instant cash back per ATM deposit.

On line bank

UMe Credit Union’s online banking platform allows users to:

  • View account balances
  • Manage cards
  • transfer funds
  • Make loan and credit card payments
  • Send money through Zelle

It also comes with BillPay, a free online bill payment service that allows users to make instant bill payments for free. BillPay also allows users to schedule automatic payments for recurring bills.

mobile banking

The UMe Credit Union mobile app, available on iOS and Android, offers most of the features available in online banking, with additional support for mobile check deposits. It has average reviews, with a rating of 3.2 on Google Play and 3.9 on the App Store. Reviewers praise the app for its easy-to-navigate interface, but complain about slow load times, poor remote deposit capture functionality, and bugs with fingerprint logins.

UMe Credit Union also offers a companion app called CardNav, a card management service that allows users to 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 against overdraft risks. Safety Net pays checks, automatic bill payments and automatic clearing house (ACH) debits when transaction costs exceed the amount of money available in a checking account. However, it does charge a fee of $25 per transaction.

Other UMe Credit Union Business Products

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 in the last 12 months are eligible.

UMe Credit Union Business Checking Pros and Cons

UMe Credit Union’s business checking account is highly affordable for small businesses with lower revenues and transaction volumes. Although it charges a monthly fee of $10, the fee can be waived by subscribing to eStatements. Each month the account offers unlimited free electronic transactions and 150 free checks deposited, paid and processed. However, it only offers interest at a rate of 0.05%.

The credit union’s biggest weaknesses are its limited selection of banking products and lack of physical locations. The only banking products it offers are checking accounts and small business loans. Businesses that need savings accounts, money market accounts, certificates of deposit (CDs), and other types of loan products may have to look elsewhere. UMe Credit Union only operates a physical bank branch located in Burbank.

UMe Credit Union Business Checking Alternatives

Businesses with banking needs outside of the business checking account may find UMe Credit Union’s product selection lacking. Here are some alternatives to consider.

  1. Bank of America is our best bank for small business loans. Offers a wide selection of loan products, including business credit cards, lines of credit, term loans, CRE loans, Small Business Administration (SBA) loans, and equipment loans.
  2. Live Oak Bank is our leading bank for savings products because this online-only bank offers some of the highest interest rates on the market. It currently has an APY of 2.30% on balances of $0.01 and above and offers CDs with terms ranging from six months to five years.
  3. First Internet Bank is best for full service online banking. The online-only bank offers a full selection of banking products, including business checking accounts, savings accounts, certificates of deposit, money market accounts, SBA loans, and business loan products.

Bottom line

UMe Credit Union’s business checking account is a great product for Burbank-based businesses that want to earn interest on deposits, skip monthly service fees, and conduct transactions at an affordable cost. However, its lack of savings and loan products can be a deal breaker for businesses with more complex banking needs.

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