Banking Notice
- Business Accounts
- Business Financing
- Financial Education & Wellness
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Streamlining Your
Business Finances
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Are you a small business, an established company,
or busy professional? If so, we have the services
to make you efficient.
Business Banking
Business Checking Options
A Business Checking account at NEFCU is the core of your organization's cash management.
You know your business. We know banking. Let's work together!
Unlimited Check Writing | Debit Card Access | Real-Time Alerts | Mobile Deposits | Owner Controlled Online Access for Staff
Business Plus Checking
Minimum Deposit to Open Account | $25.00
Dividends | Non-Interest Bearing
Per Item Fee | 250 Items included | $0.40/Per Item (after initial 250)
(excludes ACH and debit card transaction)
Monthly Service Charge
$10.00 can be waived if one or more of the following are met:
$10,000 combined balances in business deposits, loans, or lines
Sole Proprietors and DBA with $10,000 in combined balances in deposits, loans, or lines in EITHER personal or business accounts
Active Business Services Agreement
Business Draft Checking
Minimum Deposit to Open Account
$25.00
Dividends
Paid on all balances greater than $500
Per Item Fee
$0.15/Per Item over 15/Per Month
Monthly Service Charge
$5.00
For full business account pricing information, please see the Business Pricing Schedule, or speak to any Member Service Representative.
For information on marijuana-related businesses, click here.
Business Online Banking Platform
We have a dedicated business banking platform
with advanced capabilities geared towards all facets and size businesses.
- Allows greater degree of entitlements
- Ability to set limits for access and approvals
- ACH Services
- RDC Services
- Wire Services
- Approval Levels
- Link multiple associated businesses
Benefits
- Centralization of accounts payables and receivables
- Increased security
- Convenience
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Download the NEFCUOnline Mobile
Business Banking App to get started.
Approval of the above transactions are required. Contact our Business Service Officer at 802.764.2643 for more details.
Business Lending Services
We have the right services for your business needs.
Our local team’s experience can guide you to your goals in the most efficient way.
Wire Services
NEFCU processes wire transfers for Business Members through the Business Online Banking Platform. This feature allows a business member to initiate a domestic wire within their limits remotely, without having to go into a branch. Approval of these transactions are required.
- Ability to initiate domestic wire remotely
- Save wire instructions
- Setup recurring wires
- Ability to set different approval levels
Mobile Deposit
Mobile Deposit is the ability for a business member to deposit checks electronically from a location other than the financial institution. This electronic image is considered a negotiable instrument just the same as the original paper check. Mobile Deposit can be performed from a desktop scanner (similar to models used in branches) or done via a mobile device (similar to current offering at NEFCU). Approval of these transactions are required.
- Increased deposit limits (daily and monthly)
- Ability to deposit large numbers of checks effectively
- Ability to deposit larger deposit checks from anywhere
Benefits
- Convenience - Deposit checks at any time, from any where
- Quicker access to funds
Automated Clearing House (ACH)
ACH is a quick, cost effective, and easy way for a business owner to transfer funds, to be paid, or make payments. All ACH transfers can be done through the Business Online Banking Platform. Approval of these transactions are required.
- ACH Credit/Debit | Same Day ACH Credit/Debit
- Recurring ACHs | ACH Templates | ACH Pass Through
- Ability to set multiple levels of approvals for transfers
Benefits
- Increased Automation of accounts payable and receivables
- Generally, the most cost-effective method of transferring funds
- Faster processing time of transactions
- Added security
Approval of the above transactions are required. Contact our Business Service Officer at 802.764.2643 for more details.
Where to Put Your Cash
When cash in is greater than out, you might want to move your extra funds into a NEFCU Power money market account or a savings account.
Power Account (Money Market)
Start your Power Account with $1,000 or more and earn money market rates when your balance stays at least $1,000. Dividends are compounded and paid monthly. You can direct deposit to your Power Account. This account has no monthly fee.
Power Account Rates
| Minimum to Open & Earn Annual Percentage Yield | Dividend Rate | Annual Percentage Yield 1 | Alert Me | |
|---|---|---|---|---|
| Average Balance of $1,000 - $49,999 | $1,000 | 1.40% | 1.41% 2 | |
| Average Balance of $50,000 - $99,999 | $1,000 | 1.90% | 1.92% 2 | |
| Average Balance $100,000 - $249,000 | $1,000 | 1.90% | 1.92% | |
| Average Balance of $250,000 - $499,000 | $1,000 | 2.15% | 2.17% | |
| Average Balance $500,000 and above | $1,000 | 2.15% | 2.17% | |
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Savings Account
Start it off with $5.00 or more and your entire balance will earn dividends. Need to move money out? It's easy to transfer funds to your checking account when NEFCUOnline is standing by 24/7. You can also visit a branch to do a transfer.
Savings Account Rates
| Minimum to Open & Earn APY | Dividend Rate | APY 3 | Alert Me | |
|---|---|---|---|---|
| Savings Account | $5 | .20% | .20% | |
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For full business account pricing information, please see the Business Pricing Schedule, or speak to any Member Service Representative.
Your deposits are federally insured up to $250,000 by the National Credit Union Administration For additional information, please see details and restrictions.
ATM Access for Business Deposit Accounts
- Global ATM access
- Unlimited access to NEFCU ATMs
- Surcharge-free access at Falcon, SUM and CO-OP Network ATMs
- Four free non-NEFCU ATM transactions per account per month
Global Visa ATM Locator
Find an ATM near you, wherever you are in the world.
Filter by 24-hour access, wheelchair accessible, balance inquiry, braille & audio support, deposits, and more.