Is NFCU a good bank for small business?

Anonymous · ‎10-30-2017

I'm considering a new small business to open and wondering if NFCU would be good for me. It's a Food Truck business that I can work when I please. Very low pressure with small inventory, easy to run.

Anonymous · ‎10-30-2017

do you have a branch near you into which you can make cash deposits?

Its not the easiest financial institution to deal with business wise, but I suspect they can service your food truck business well if you can make cash deposits

Anonymous · ‎10-31-2017

Yes I have a branch nearby

Anonymous · ‎11-01-2017

I've used Navy Fed for my business which is renting out two residential properties. We bring in roughly $5k a month and pay taxes, HOA fees, maintenance etc out of the account and have never had a problem. They have no minimum account balance, no direct deposit requirement and we've all in all had a great experience. We're about 20 minutes from 3 branches and can go there anytime I have an issue. At the branch they even hooked me up with a bank deposit bag! We also have two CD's with them which we use to hold the tenants security deposits as collateral, a business MasterCard with an awesome rate and a vehicle loan for the business. I'd highly recommend them. If you have any other questions, feel free to fire away!

pizza1 · ‎11-02-2017

@Anonymous wrote:
I've used Navy Fed for my business which is renting out two residential properties. We bring in roughly $5k a month and pay taxes, HOA fees, maintenance etc out of the account and have never had a problem. They have no minimum account balance, no direct deposit requirement and we've all in all had a great experience. We're about 20 minutes from 3 branches and can go there anytime I have an issue. At the branch they even hooked me up with a bank deposit bag! We also have two CD's with them which we use to hold the tenants security deposits as collateral, a business MasterCard with an awesome rate and a vehicle loan for the business. I'd highly recommend them. If you have any other questions, feel free to fire away!

Thats some great info!! Thanks for sharing that! A lot of folks dont realize that Navy had this biz side, and they are pretty good about working with you. I personally dont have the biz side, but I do have the personal side, and will try with them in the future for anything biz related.

Anonymous · ‎11-02-2017

I would also take into consideration if you plan on taking credit cards. When we got our Chase Ink card they offered super good rate on credit card processing. We don't take cards as we deal in very large ticket purchases fortune Fortune 500 and government. We take wired funds for most of our payments. We found a bank that has free incoming wires and $15 outgoing.

Anonymous · ‎11-03-2017

Thanks for the great info!