- November 8, 2023
- Posted by General Electric Credit Union
- 5 read
What Nonprofit Businesses Should Look for in a Banking Partner
GECU Voices brings you guidance and insight from experts within the Credit Union. Today’s blog post was penned by Jason Jones, Treasury Management Supervisor.
You’re in the nonprofit business because you care about affecting change in our local communities or around the world. Whether that be closing the hunger gap or expanding educational opportunities for children, the work you do matters – and so does your business partner. Below are a few things nonprofits should look for when choosing a place to bank.
What to consider when choosing a nonprofit business partner
Full range of offerings
Who you bank with should have all the products and services you need to do business. This may include low-rate business loans and credit cards that make it easier to fund new opportunities, fee-free checking accounts that benefit your bottom line, and interest-earning savings accounts that help you meet goals faster.
Does the financial institution you’re interested in have experience working with other nonprofit organizations? This is important, as this experience will give them a better idea of your unique needs and how their products and services align with those.
For example, if you want to accelerate your savings, your point of contact may suggest a Business Advantage Money Market Account. This account comes with no monthly maintenance fee and anytime access to your money.1 As a nonprofit you know every penny counts, and these incremental earnings can add up to big change in your community.
Another example of a tool that benefits nonprofit organizations is Autobooks.2 Offered by some financial institutions, this technology makes it easy to accept funds and donations. It even includes the capability to create QR Codes and accept payments via iPhone Tap to Pay. You’ll get paid directly to your business bank account. Additionally, you can share a secure payment link to your social media or through other communication channels. Use this function to give your fundraising campaigns a boost.
A financial institution with nonprofit experience can help you narrow down which of their products and services are right for you, and how you can leverage them to accomplish goals and meet community-based needs.
Giving back is at the heart of your organization, and the best financial institutions operate the same way. Credit unions themselves are nonprofit organizations, so you can feel at ease banking with an organization that, like you, exists to serve others. While researching your options, consider each one’s work in the community. Do they sponsor local organizations and commit volunteer hours on a regular basis?
General Electric Credit Union (GECU) business members can access all the above and more. We know communities thrive when nonprofits like yours do, too. That’s why we offer competitive rates, dedicated service through our Business Services team, and convenience-boosting technology like Online Banking and our top-rated mobile app.3