Business Services

Business Services

We offer many business services; savings, checking, loans, credit cards and more!

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Important Information: Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What This Means for You

When you open an account, we’ll ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.


Questions?

Contact Educators Member Business Services Rep, Michelle U. at (262) 321-4476, or stop by any Educators location for more information.

Do not use e-mail to send us confidential or sensitive information such as passwords, account numbers or social security numbers. If you need to provide this type of information, contact us by phone.

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Savings Options

Prime Share Savings

A Prime Share Savings account is the base account needed when you become an Educators member. Simply deposit and maintain a balance of $5, which represents your share (and your ownership) in the credit union. Interest is earned on the account when the balance is $100 or more. You’ll now be able to use all of Educators services!

High Yield Money Market

Designed for you to receive the best savings rates as easily as possible. The minimum balance is only $1,000 ( monthly fee if it falls below) with no limit to the number of withdrawals made per month1. Interest rates increase automatically as your balance increases to: $2,500, $10,000, $25,000 and $50,000. Click here for current rates.

Share Certificates

Earn higher interest with share certificates in exchange for your commitment to leave funds on deposit for a set period of time. There is a low deposit minimum of $500, and maturity dates range from 91 days to 5 years, at which time the money can be withdrawn without penalty.  Add-on options are available on some certificates, allowing you to add funds to your certificate (in $500 increments). Some certificates may also include a “jump-up option” which allows you a one-time rate adjustment during the term of the certificate. Specials and current rates are available here.

1 Federal Regulation D limits electronic, automatic and telephone transfers and withdrawals from savings accounts to six per month. Touch Tone Teller and Educators Home Banking transfers will be blocked if the limit is reached.


What will I need to open my business account?

  • Confirmation of Tax Identification Number
  • Valid form of Identification for all Responsible Individuals and Authorized Signers
  • Copies of Business Entity Documents, i.e. articles of organization, filing statues with the state
  • Other documents may be required depending on the nature of the business

Questions?

Contact Educators Member Business Services Rep, Michelle U. at (262) 321-4476, or stop by any Educators location for more information.

Do not use e-mail to send us confidential or sensitive information such as passwords, account numbers or social security numbers. If you need to provide this type of information, contact us by phone.


Business Loans

Educators Visa® Business Platinum

  • Low fixed interest rate of 8.90% APR (Annual Percentage Rate)
  • No annual fee
  • 25-day grace period (Pay your entire balance each month and your purchases are interest free.)
  • $2,500 minimum limit
  • No additional fees for cash advances
  • Free $1,000,000 travel accident insurance
  • Reward Points
  • Concierge Services Program

Click here for more details.


Business Express Line of Credit (BELC)1

Educators Business Express Line of Credit (BELC), is a line of credit which is not secured by collateral. It is typically processed under the Small Business Administration (SBA) Express Program which allows for flexibility, requires fewer forms and less documentation.

To be considered for a Business Express Line of Credit (BELC), you must operate a business in the United States, be a for-profit company, not have the funds available from other sources, have the ability to repay the loan on time from the businesses cash flow, have management experience, and a realistic business plan.

If you are eligible, you can use the money from a Business Express Line of Credit (BELC) for working capital, machinery and equipment, furniture and fixtures, and even the acquisition of a business. We offer flexible terms with draw periods from 12 months – 6 years and repayment terms up to 7 years.


Secure Express Loan (SEL)/Secure Express Line of Credit (SELC)1

The Business Secure Express Loan (SEL)/Secure Express Line of Credit (SELC), is a loan/line of credit which is secured by collateral. It is typically processed under the Small Business Administration (SBA) Express Program which allows for flexibility, requires fewer forms and less documentation.

To be considered for a Secure Express Loan (SEL)/Secure Express Line of Credit (SELC), you must operate a business in the United States, be a for-profit company, not have the funds available from other sources, have the ability to repay the loan on time from the businesses cash flow, have management experience, and a realistic business plan.

If you are eligible, you can use the money from a Secure Express Loan(SEL)/Secure Express Line of Credit (SELC) for working capital, machinery and equipment, furniture and fixtures, and even the acquisition of a business. We offer flexible repayment terms on Secure Express Loan (SEL) up to 10 years depending on the type of collateral used to secure the loan. The Secure Express Line of Credit (SELC) has flexible terms with draw periods from 12 months – 6 years and repayment terms up to 7 years.

1 The SBA Express Loan Program is one of several SBA Programs that offer streamlined and expedited loan processes for a particular group of borrowers. Revolving lines and term loans are permitted under the Express Loan program. Express Lines/Loans $25,000 or less do not require collateral; Express Lines/Loans greater than $25,000 may require collateral.


Other Small Business Administration (SBA) Loans

The SBA 7(a) Loan Program is SBA’s primary and most flexible loan program. It is designed to assist start-up and existing small businesses with financing when they may not be eligible for business loans through other lending channels. 7(a) loans require collateral with collateral liquidation value equal to or greater than the loan amount.


Questions?

Contact Educators Member Business Services Rep, Michelle U. at (262) 321-4476, or stop by any Educators location for more information.

Do not use e-mail to send us confidential or sensitive information such as passwords, account numbers or social security numbers. If you need to provide this type of information, contact us by phone.


Other Business Services

Online and Mobile Banking

  • Check your account history, transfer funds1, automatic monthly transfers and more right from your computer or mobile device. It’s free!
  • E-alerts can be sent to your e-mail or as a text to your mobile device. Schedule E-alerts when a loan is due, when a check clears, when a balance is above or below a certain amount, or make your own custom reminder.
  • Mobile Banking — Check your balance, view your transaction history and transfer funds — anytime from anywhere on your mobile device.

EZ Bill Pay

Never write a check again! Payments are deducted directly from your checking account and will show up on your monthly statement. No limit on the number of bills you can pay. EZ Bill Pay is free if you pay at least 2 bills per month with it (otherwise a $5.95 monthly fee will be deducted from your account at the end of the month).


Merchant Services

Educators has partnered with First Data to offer cost-effective merchant processing programs that are convenient for you and your customers. Upon your request we can refer you to First Data.

  • Innovative payment options for credit cards, pin-based debit, gift cards, electronic check acceptance, and more
  • Visa®, MasterCard® and Discover® Networks, all organized onto one statement
  • Quick access to your account anywhere anytime with Online Reporting
  • Customer Service dedicated to meet your needs
  • Choose from a wide variety of advanced processing solutions including terminals with wireless, Internet and PC-based options.

NEW Pogo>® for your business!

Pogo>® through First Data makes it easy for you to accept major credit and signature debit cards with your smartphone or tablet. It’s fast, secure and easy to use. Click here to get started.


Savings Account Options

Besides your Prime Share Savings account (the base account needed when you become a member of Educators) there are several other options available for your business funds.

  • Special Savings Accounts — Special Savings accounts can be set up for any purpose. No minimum balance is required and interest is earned when the balance is $100 or more.
  • High Yield Money Market — Receive the best savings rates as easily as possible. The minimum balance is only $1,000 ( monthly fee if it falls below). Interest rates increase automatically as your balance increases to: $2,500, $10,000, $25,000 and $50,000. Click here for current rates.
  • Share Certificates – Earn higher interest with share certificates in exchange for your commitment to leave funds on deposit for a set period of time. There is a low deposit minimum of $500, and maturity dates range from 91 days to 5 years, at which time the money can be withdrawn without penalty.  

1 Federal Regulation D limits electronic, automatic and telephone transfers and withdrawals from savings accounts to six per month. Touch Tone Teller and Educators Home Banking transfers will be blocked if the limit is reached.


Investment Services

As a business member, you have access to basic financial planning to specialty areas like pre-retirement planning and portfolio management. Also, when dealing specifically with employers, we offer advice and counseling on retirement and pension plans and the products necessary for implementation.


Questions?

Contact Educators Member Business Services Rep, Michelle U. at (262) 321-4476, or stop by any Educators location for more information.

Do not use e-mail to send us confidential or sensitive information such as passwords, account numbers or social security numbers. If you need to provide this type of information, contact us by phone.


Designed to fit your needs


Business Checking

Whether you have an established business or are just starting out, Educators has a checking account that can meet your business needs.

Our Business Checking features:

  • $25 new account set up charge; no monthly charge and no balance requirements.
  • Account earns dividends on balances over $2,500
  • 300 free items1 with $0.15 charge after first 300
  • Sweep available, with $25 monthly fee

Non-Profit Checking

For non-profit groups and organizations, we offer business checking without a set up
charge and unlimited items monthly.

Non-Profit Checking features:

  • No account set up charge; no monthly charge and no balance requirements.
  • Account earn dividends on balances over $2,500
  • Unlimited items each month1
  • Sweep available on account, with no charge

Business Debit Card with Rewards

A convenient way to access your business funds!

  • It’s available on all Business Checking Accounts, with your business name on the card.
  • There is no annual fee and no limit on the number of transactions.
  • Get Reward Points — Earn one point for every two dollars spent on debit transactions (when using the credit/signature option).

Sweep Account

A sweep account links a business checking with a savings account. Sweep accounts allow small businesses to get higher returns on funds that might otherwise sit untouched in a business checking account, and they cut the time and effort required to manage your accounts.

When you open a sweep account, you continue to write checks against and make deposits to your business checking account just like you always have. You get to choose the target balance you want to keep and the type of savings account the excess money “sweeps” into. Each day, after daily transaction obligations are met, any funds that exceed your target balance will be automatically transferred into your sweep account. It also works in reverse. If daily obligations exceed the amount of deposits, funds will automatically be swept back to your business checking account to cover the checks presented and to return the account to the target balance.

Other Benefits

All accounts feature a Business Debit Card, E-statements, Online Banking, EZ Bill Pay2 and
Merchant Services through FirstData.


1 An item is a cashed or deposited check, a check written from your business account, an ACH deposit or withdrawal from your account, or a deposit made to your account.

2 Pay at least two bills per month and EZ Bill Pay is free; otherwise it is $5.95 per month.


Questions?

Contact Educators Member Business Services Rep, Michelle U. at (262) 321-4476, or stop by any Educators location for more information.

Do not use e-mail to send us confidential or sensitive information such as passwords, account numbers or social security numbers. If you need to provide this type of information, contact us by phone.


Business Visa® Platinum

The Educators Visa® Business Platinum Card is a convenient way to pay for your everyday business expenses. With Educators Business Visa®, it’s easy to keep business and personal finances separate.


Business Credit Card Account Basics

Enjoy a low fixed rate of 8.90% APR1, no annual fees and a business credit card limit up to $25,000. You can also earn Reward Points on purchases using the Visa® Platinum. Receive one point for each net dollar spent on business credit card transactions. Reward points may be redeemed for gift cards, travel, merchandise, discounts and incentives on Educators services, and even cash rewards.

Carrying a Platinum business card card also qualifies you for exclusive Concierge Services and Travel Accident Insurance.


Features and Benefits of a Business Credit Card

  • No Annual Fee: Save up to $50 a year compared to other business credit cards.
  • Low Interest Rate: Educators offers a low fixed rate of 8.90% APR1.
  • Make Purchases Interest Free: Purchases are interest free when you pay the entire bill each month.
  • No Cash Advance Fees: Educators does not charge a higher interest rate for cash advances however, interest begins accruing the day of the cash advance.
  • Electronic Services: Payments can be made through payroll deduction, Touch Tone Teller or Educators Home Banking.
  • $1,000,000 Travel Accident Insurance: If you charge your tickets on a common carrier you are automatically covered.
  • Purchase Security with Extended Protection
  • Travel and Emergency Assistance Services
  • Auto Rental Collision Damage Waiver – Primary

Business Credit Card Policy

Visa® Platinum will be offered and serviced by Educators Credit Union.

Statements cycles begin on the first day of each month and end on the last day of each month; business credit card payments are due on the 26th day of each month. The minimum monthly payment is 2% of the outstanding balance or $20, whichever is greater. A late fee of $10 will be assessed when accounts are more than 11 days past due.

Business Credit Card limits range from a minimum of $2,500 to maximum of $25,000.


Applications & Signatures

Simply fill out an application available through Educators Credit Union.

Click here for the Business Platinum Credit Card Agreement and Disclosure.

1 APR=Annual Percentage Rate


Questions?

Contact Educators Member Business Services Rep, Michelle U. at (262) 321-4476, or stop by any Educators location for more information.

Do not use e-mail to send us confidential or sensitive information such as passwords, account numbers or social security numbers. If you need to provide this type of information, contact us by phone.