Espresso small business

Deposits Key to Becoming Full Service Provider

Deposit services are key to moving your credit union from a transactional lender to a full service financial institution for the businesses in your community.

It all starts with the business checking account but quickly moves through the process of developing and or upgrading your current package of services to a program that best fits your credit union and your members. For example:

  • Business checking accounts
  • Business savings and money market accounts
  • Account analysis
  • Online banking for business
  • Merchant bankcards
  • Business tax payments
  • Remote deposit capture
  • ACH origination
  • Sweep accounts
  • Online cash management
  • Payroll services
  • Managing deposits greater than $250,000

Of course, in assembling this package there are many important considerations to address. CU Business Group can provide the necessary expertise to evaluate these key areas:

  • Your system capabilities – what investments are needed and when?
  • Package products – do we buy it or build it in-house?
  • Volumes – what about businesses with large deposits and high cash/coin usage?
  • Pricing – how do I set appropriate fees that are competitive in my community?
  • Targeting – how do I find the businesses that I am looking for?

For more on CUBG’s deposit consulting, contact us at treasurymgmt@cubg.org.

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