Under the new program, branded as the Business+Community business banking program, Michigan First offers the same products traditionally found at the big banks, as well as new business banking solutions such as a flexible loan, low-cost business checking.
Michigan First’s online business banking offers a suite of customizable banking tools that enable small businesses to easily and securely manage their organization’s finances online. Some of the tools include direct deposit, direct payments, domestic or international wire transfer, balance alerts, re-present checks, free bill pay, free e-statements, view every transaction and enhanced online security.
Additionally, Michigan First offers a small-business wealth management advisor who can assist with businesses’ short-term and long-term financial planning. Key business-member benefits include low-cost business checking, interest-bearing savings accounts with low minimum balance requirements and no high fees, deposit insurance up to $500,000 – twice the standard provided by the FDIC and attractive rates for money market and certificate of deposit (CD) accounts.
Michael Poulos, president of Michigan First Credit Union, said: “Our goal with launching a comprehensive business banking offering is to help companies of all sizes, including small businesses, be financially healthy. We offer the products and services that businesses need to grow and prosper, without the hefty costs they would likely endure at banks and some other financial institutions. It is our goal to help place companies in the best position possible to grow and thrive in today’s challenging economy.”
