Business Savings Account

Unlike other financial institutions, MCCU requires a minimal opening deposit for our business members. No asterisks, no hoops to jump through, just a straight forward savings account that will help set your business up for success. 

  • $5 minimum deposit to open
  • Interest-bearing account on balances of $300 or more
  • The account you need to access all other business products and services
  • 24/7 account access through online banking and MCCU Mobile
  • Insured by the NCUA up to $250,000

Business Checking Accounts

Your checking account is where the daily action is at. You use your checking account to pay bills, make purchases, and manage daily financial operations. Since no two businesses’ needs are the same, we offer a variety of Business Checking accounts to ensure we meet your unique needs.


Community Choice Checking

Introducing our Community Choice Checking Account, tailored with small businesses and nonprofit organizations in mind. You’ll enjoy convenient access to essential banking services, all designed to support your financial goals. With straightforward terms and features crafted to empower your organization, the Community Choice Checking Account is the ideal solution for businesses looking for a reliable and cost-effective checking account.

To qualify for the Community Choice Checking, a business member must be a non-profit organization OR meet two of the following requirements:

  • Low average monthly balance – determined as a 180-day average balance that is below $1,000
  • Low transaction count – determined as an average transaction count less than 50 per month
  • Has no employees – you will need to determine if the business has employees by asking the member directly

Business Basic Checking

With a focus on simplicity and efficiency, this account provides the tools you need to manage your finances effectively. Enjoy easy access to a range of banking features designed to support the day-to-day operations of your thriving business. The Business Basic Checking Account is the no-nonsense solution for businesses seeking practicality and reliability.


Business Plus Checking

Our Business Plus Checking Account is tailored for larger businesses that maintain higher monthly cash balances. This interest-bearing account ensures your business’s funds work harder for you. Earn interest on balances over $5,000 while enjoying the convenience of top-tier banking services.


Business Accounts
Effective Date: Tuesday, May 28th, 2024
NameDividend RateAPY*Minimum Opening BalanceBalance Required to Waive Monthly Fee
Business Savings .03% .03% $5 No Monthly Fee
Community Choice Checking Non-interest bearing Non-interest bearing $100 $100
Business Basic Checking Non-interest bearing Non-interest bearing $100 $1,500
Business Plus Checking .05% .05% $100 $5,000
Business Plus Checking .10% .10% $100 $50,000
Business Plus Checking .15% .15% $100 $100,000

Business Loans

If you own a business and you’re looking for a partner to help you grow, look no further than Monroe Community Credit Union. As a local, member-owned financial institution, banking is what we do, but supporting our community is our passion.

Current business members with commercial loans click here to access your loan online.


Commercial Real Estate Loans

  • Competitive rates and terms
  • Secured by a commercial property, such as an office building, warehouse, retail center
  • Can be owner or non-owner occupied

Secured or Unsecured Term Loans - A great option for business owners looking for the predictability of a set monthly payment.

  • Set monthly payment
  • Great option if you're making a one-time purchase
  • Allows you to spread out the cost of equipment required to run your business
  • Gives you the opportunity to take advantage of new

Line of Credit - May be a better fit if you're looking for flexibility and the ability to purchase business necessities for your company on an ongoing basis.

  • Revolving and closed-end options available
  • Great for financing periodic, short-term financing needs
  • Allows you to control your business cash flow
  • Gives you easy access to working capital
  • Flexibility for seasonal purchases
  • Gives you the opportunity to purchase inventory in bulk
  • Only pay interest on the amount you use--unlike a traditional loan

Platinum Business Mastercard – Qualified by personal income and personal credit score to acquire a personal loan used for business purposes.

  • Lines of credit available starting at $500
  • Keep things organized and make business purchases on one card

If you would like more information about our business lending solutions, please contact our Business Development Officer, Brian Millican, at:

(734) 384-2716 or


Introduction In a significant stride towards fortifying financial transparency and combatting unlawful activities, the United States is on the brink of implementing a fresh directive mandating companies to reveal information concerning their beneficial owners. Effective from January 1, 2024, businesses nationwide will be required to divulge vital particulars about the individuals who ultimately own or control their operations. This pivotal shift in regulatory norms is part of a concerted effort to bolster anti-money laundering (AML) and counter-terrorism financing (CTF) measures. Let's explore the essential facets of this mandate, its implications, and the necessary steps for business compliance.

Understanding Beneficial Ownership Reporting

Beneficial ownership reporting involves disclosing individuals holding substantial ownership stakes or exercising significant control over a company—referred to as "beneficial owners." The primary objective is to increase transparency within corporate structures, impeding criminals from engaging in financial malpractices while ensuring accountability and adherence to regulations.

Crucial Details of the Reporting Mandate Commencement Date:

The reporting obligation officially begins on January 1, 2024, urging companies to promptly gear up for compliance measures. Entities Subject to Reporting: Businesses, encompassing corporations, limited liability companies (LLCs), partnerships, and similar entities, fall under the purview of this mandate.

Reporting to FinCEN: All beneficial ownership information must be reported to the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury crucial in safeguarding the financial system against illicit activities.

No Early Submissions: Notably, FinCEN cannot accept reports before January 1, 2024. Companies must be prepared to submit their reports once the mandate takes effect.

Comprehending the Ramifications

The implementation of this beneficial ownership reporting mandate carries extensive consequences:

Augmented Transparency: Disclosing information about beneficial owners aids in illuminating corporate structures, assisting law enforcement agencies and regulatory bodies in tracking and deterring financial crimes.

Risk Mitigation for Financial Institutions: Financial entities like banks and credit unions rely on this data to gauge the risk associated with engaging in business with reporting companies, enabling more effective compliance with AML and CTF obligations.

Adhering to Legal Requirements: Non-compliance with this reporting mandate may result in significant fines and penalties. Businesses need to invest in the requisite procedures and technology to gather and report precise information.

Privacy Contemplation: While enhancing transparency, the mandate also raises concerns about individual privacy. Balancing transparency with privacy rights remains an ongoing challenge.

Steps to Gain Insight and Ensure Compliance To navigate this impending regulatory transition, it's imperative for companies to stay abreast of developments and commence preparations. Visit the official FinCEN website or seek advice from legal and compliance professionals to grasp the specific requirements pertinent to your business.

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