A credit union is a financial institution that typically offers lower fees, higher savings rates, and a more personalized approach to customer service to its members. In addition, credit unions may offer lower interest rates on loans. And, it may be easier to obtain a loan with a credit union than with a larger impersonal bank.
A small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. A local coffee café that employs 10 people is an example of a small business. A standard furniture manufacturing company that employs less than 500 people is also an example of a small business.
If you run a small business in Florida, you might want to know the best credit union that you should do business with. Having said that, here are some of the best credit unions for small businesses in Florida that you can do business with.
Best Credit Unions for Small Businesses in Florida
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Suncoast Credit Union
Suncoast Credit Union is considered as the best credit union for small-business loans in 2021. Suncoast Credit Union services 39 counties in Florida. In order to bank with Suncoast Credit Union, your business must be licensed in Florida and located in one of those counties.
Suncoast Credit Union has two business checking options: Business Smart Checking and Business Classic Checking. Business Smart Checking has no monthly fee or minimum balance requirement. A $50 opening deposit is required with either account.
You can get up to 200 fee-free transactions with Business Smart and up to 300 with Business Classic when you bank with Suncoast Credit Union. Debit card purchases, online bill pay, and other automated transactions do not count toward those limits.
Over and beyond, Suncoast offers insurance for small-business owners, including liability, property insurance, and workers’ compensation.
Tropical Financial Credit Union
Another credit union that a small business owner should consider doing business with in Florida is Tropical Financial Credit Union. Tropical Financial Credit Union operates as a financial cooperative and they offer well-packaged services and products that a small business can leverage to grow and expand.
Tropical Financial offers banking services such as free and high-yield checking accounts, high-interest savings accounts, low rates on loans, retirement planning, debt consolidation and refinancing, small business services, and free financial seminars.
Tropical Financial Credit Union was awarded a 4-star rating with Bauer Financial Inc. as well as the Governor’s Florida Sterling Award in 2005.
Suncoast Credit Union
Suncoast Credit Union is one of the best credit unions in Florida that a small business owner should consider doing business with. The entry-level account of Suncoast Credit Union is Suncoast’s Business Smart Checking.
Please note that you will need a $50 minimum deposit to open an account here (across both business checking accounts). There is no minimum required balance and no monthly maintenance fee for this account. The first 200 transactions are free in this account, too.
If this doesn’t sound quite enough for you, you can always look to their next tier, Business Classic Checking. This account will give you 300 free transactions, and a lower price if you go over this limit ($0.10 vs. $0.20). But you will need to keep $2,000 in the account to avoid the $20 monthly maintenance fee.
SunTrust
SunTrust is yet another ideal credit union that small business owners in Florida should consider when shopping for a credit union to do business with. SunTrust bank stands out because of its low-fee business checking account, which becomes a free checking account if you complete just five transactions per month — a cinch for most business owners.
SunTrust merged with BB&T to form Trust Bank but still offers business banking under its own name for the time being. Business checking options could change down the road. SunTrust has three business checking options: Simple Business Checking, Primary Business Checking, and Business Advantage Plus Checking.
Simple Business Checking is $5 per month, but the fee is waived for the first 12 statement cycles. After that, make just five debit or credit transactions per month to avoid the fee. Transaction limits range from 50 to 500 per month, depending on the account.
You can enjoy up to $2,000 in fee-free cash deposits for Simple Business Checking. Up to $10,000 for Business Advantage Plus Checking.
Bank of America Financial Center
Bank of America Financial Center is yet another credit union that a small business owner should consider in Florida. Even though the banks don’t have quite as many branches in Florida, it is safe to say that Bank of America Financial Center has an active presence in Florida and they can boast of 492 branches.
Aside from that, with 4,200 Bank of America branches across the country, along with 16,000 ATMs, you can will definitely not get it wrong when you bank with Bank of America Financial Center.
Capital One
Another credit union that a small business owner should consider if you are in Florida is Capital One. With Capital One, customers can sign up for free checking and savings accounts that offer nice returns compared to competitors. If you choose the Capital One 360 Checking account, you will enjoy no monthly fee and the account pays a modest interest amount with a $0 minimum balance—not bad for a checking account.
In addition to their own ATMs, which are fewer and farther between than some other major banks, Capital One customers also have access to the Allpoint and MoneyPass networks. That means access to a total of over 70,000 ATMs.
Wells Fargo
Wells Fargo is no doubt one of the biggest banks in the world and they have special products and services that are targeted toward small businesses. Interestingly, Wells Fargo has 522 banking locations in the state of Florida. That means you’re likely to find a convenient branch no matter where you live.
Operating for nearly 100 years, Wells Fargo has the experience to satisfy their customers’ needs, and size means stability and security for managing wealth for both individuals and businesses. It is important to note that Wells Fargo is a top small business lender, according to reports by the Small Business Administration (SBA), making them a solid choice if you run your own business.
City National Bank of Florida
City National Bank of Florida is one of the best banks in Florida that a small business owner should do business with. City National Bank of Florida (CNBFL), based in Miami, Florida, is the second-largest financial institution in the state with over $22 billion in assets. CNBFL has 32 branches, from Miami-Dade County to the greater Orlando area, and nearly 1,000 employees.
City National Bank of Florida has been recognized for its community involvement and has held an “Outstanding” community reinvestment rating from the Office of the Comptroller of Currency (OCC) for the past 18 years. It continues to be one of the most liquid and best-capitalized banks in Florida and is rated 5 stars “Superior” by BauerFinancial.
It is important to note that the City National Bank of Florida (CNBFL) was the only retail bank in Florida that had no customer complaints filed against it with state regulators in 2011.
Tampa Bay Federal Credit Union
Another credit union that an entrepreneur who is looking to start a business in Florida should consider is Tampa Bay Federal Credit Union. Tampa Bay Federal Credit Union was chartered on May 23, 1935. Originally known as Tampa City Employees Credit Union, it was organized by 13 City of Tampa workers.
It’s said that for many months during its inception, the assets were stored in a Hav-A-Tampa cigar box. The first year’s assets were almost $400, which was a fortune in that era! Tampa Bay Federal Credit Union has continued to serve not only City of Tampa employees, but also the Tampa Bay community in general.
CAMPUS USA Credit Union
CAMPUS USA Credit Union is yet another ideal credit union that an entrepreneur who intends to start a business in Florida should consider. CAMPUS USA Credit Union was originally chartered in 1935 as Gainesville Florida Campus Federal Credit Union, and was the first credit union on a U.S. College Campus.
In 1994, they changed their name to Your Campus Federal Credit Union before converting to a State of Florida charter under their current name; CAMPUS USA Credit Union. CAMPUS serves over 140,000 members from all over the world. As a not-for-profit cooperative, they are owned by its members. So at CAMPUS, you’re not just a member – you own the place.
Chase Bank
If you own a small business in Florida and you are looking for a credit union to do business with, then you should consider a big and strong bank like Chase Bank. As a new Chase checking customer, you will enjoy $100 when you open a Chase Secure Banking℠ account with qualifying activities.
Some other reasons why you should consider Chase Bank is that there is no minimum deposit to open an account with the bank. No paper checks to track and no Chase fees on money orders or cashier’s checks. You can easily pay bills, cash checks, and send money with Zelle® all for a $4.95 monthly service fee.
Eckerd Credit Union
Eckerd Credit Union is yet another ideal credit union that an entrepreneur who owns a small business in Florida should consider doing business with. In June 1963, employees and their families of Eckerd Drug Company and its subsidiaries formed a cooperative known as Eckerd Credit Union.
These elected officers set policy as well as enforce regulations and bylaws in the operation of the credit union. ECU Credit Union a Division of Eckerd Credit Union is a non-profit organization offering the benefit of low-cost service to its members. To accomplish this purpose, the credit union operates on the basis of this objective.
South Florida Federal Credit Union
South Florida Federal Credit Union is yet another ideal credit union that an entrepreneur who owns a small business in Florida should consider doing business with. On October 1, 2019, South Florida Federal Credit Union merged with Guardians Credit Union to become South Florida FCU, A Division of Guardians Credit Union.
The creation of South Florida Federal Credit Union’s website was aimed at providing members with up-to-date information and enhancing, not replacing, the personal service provided to members.
In an effort to continue to offer its members access to information, they have embraced technology and continuously improved the online services they provide. With the addition of Online Bill Pay, E-alerts, E-Statements, and Secure Remote Check deposits, managing your account online is more convenient than ever.
Iberiabank
Lastly, another ideal credit union that a small business owner should consider in Florida is Iberiabank. Iberiabank has 68 branches in the Sunshine State, with the most concentrated in central Florida. The bank recently merged with First Horizon Bank, which will eventually expand its footprint in Florida.
The three primary account options that Iberiabank has, include a free business checking account with no minimum balance requirement.
Business Interest Checking earns 0.1% on balances of $10,000 or higher with Iberiabank. Other benefits you will enjoy when you bank with Iberiabank include no fee for cash deposits up to $10,000 on all accounts. You can download checking account transactions to QuickBooks for easy bookkeeping.