Bellingham-based Whatcom Education Credit Union (WECU), with a location in Ferndale, recently announced they have added new business products including 4 new business specific checking accounts and several add-on cash management tools.
WECU’s new checking products address needs of non-profits, start-ups, busy growing businesses and larger cash-flush businesses.
We also specifically created a path for non-profits and start-ups to have a low-barrier to banking with no impact to cash flow. Our plan is to grow with our members as their business grows.WECU Vice President of Business Banking Kent Bouma
Cash management and treasury services to speed up receivables, slow down payables and provide overnight investing have historically been the domain of large banks but WECU is now making these services available to their business customers.
Director of Member Experience Jerimy Saldivar explained in a telephone interview that WECU is now offering a free operating account product to for-profit businesses with fewer than 200 transactions and less than $10,000 in cash deposits per month and all non-profits. Higher transaction businesses can now provide employees with direct deposit payroll at no charge and enable vendors to pay via direct deposit, also at no charge.
Businesses maintaining high cash balances can now use them to earn credit toward offsetting activity fees according to Saldivar.
New cash management services that can be added on to some business accounts include:
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- ACH Direct Pay (bank-to-bank payments with customers and vendors)
- Remote Deposit Capture (scan and deposit checks from your business location)
- Online Wire Origination (quick domestic and international payments)
- Sweep Account (automatic overnight investing)
More information on WECU’s business banking products and services is available on their website.