CoVantage Credit Union: Business Banking in Wisconsin, Michigan, & Illinois (2024)

CoVantage Credit Union offers a refreshing alternative to traditional big banks by prioritizing personalized service and community support. As a credit union, CoVantage operates as a member-owned cooperative, placing the needs of its members above profits. This approach extends to its business banking services, where CoVantage provides tailored credit solutions and financial products to support small businesses.

Here, we’ll explore CoVantage’s business credit cards and other small business products, so you can see how they cater to the unique needs of entrepreneurs.

This is what’s in store:

• What is CoVantage Credit Union?
  • Locations Served by CoVantage
• • 1. CoVantage Business Banking/Checking
  • 2. CoVantage Business Visa ® Rewards Credit Card
  • 3. CoVantage Business Savings Opportunities
  • 4. CoVantage Business Services
  • 5. The MyCoVantage™ Mobile App
• CoVantage Credit Union Customer Service
• CoVantage Community Involvement
• Frequently Asked Questions
• Conclusion

Now, let’s roll!

What is CoVantage Credit Union?

CoVantage Credit Union is a financial cooperative established in 1953 by a group of individuals in Wisconsin with the aim of providing members with improved financial services compared to traditional banks. Its mission revolves around offering better rates, lower fees, and excellent service to its members as a gesture of appreciation for their loyalty.

CoVantage offers specialized products and services to meet business’ financial needs:

• CoVantage provides specialized business savings and checking accounts.
• Business members can access the CoVantage Business Visa ® Rewards Credit Card.
• The credit union offers convenient online and mobile banking options, ensuring easy access to business accounts and financial management tools.
• CoVantage offers business tools, resources, and support to aid financial management.

CoVantage claims to provide exceptional value and service to its members, regardless of their financial status. With market-leading rates on deposits and competitive loan rates, they prioritize affordability. They emphasize respect and fairness for all members and provide free financial counseling and extensive community support through their CoVantage Cares Foundation.

Additionally, their Patronage Payments program has rewarded members since 1981, distributing over $6 million in benefits in 2023 alone. Through accessible technology, online appointment scheduling, and extended Contact Center hours, CoVantage ensures convenience and support for its members’ financial needs.

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Locations Served by CoVantage

CoVantage Credit Union serves businesses across northern Wisconsin, upper Michigan, and Illinois, with branches in various cities including Green Bay, Fox Valley, Antigo, Appleton, Crandon, Elcho, Menasha, Neenah, Rhinelander, Shawano, Suamico, De Pere, Wausau, Rib Mountain, Weston, Rothschild, Plover, Stevens Point, Crystal Falls, Iron River, Menominee, Mokena, and New Lenox—These locations offer a range of services including account opening, loan applications, and credit card inquiries.

Additionally, CoVantage provides fee-free ATMs and Virtual Teller ATMs throughout the region.

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CoVantage Membership & Eligibility

To become a CoVantage member and access its business services, you need to meet certain eligibility criteria, which include living or working in specific counties in Wisconsin, Michigan, or Illinois.

You may also be eligible for membership of you are:

• A donor to the CoVantage Cares Foundation
• A member of Servco FS Cooperative
• A student or alumni of a post-secondary school in Marathon County
• A family member of a current CoVantage members
• A law enforcement worker or firefighter
• A member of certain organizations or associations within the credit union’s charter area

If you’re eligible, you can visit a CoVantage branch location or open an account online.

A $10 deposit in a regular Share Savings Account is required to establish membership—Once you’re a member, you can apply for any financial service or benefit offered by CoVantage, including business products and services.

As a member, you own one share of the credit union, which entitles you to voting rights during the annual election of the Board of Directors. You’ll need to provide your legal name, address, date of birth, and other relevant information and present identification documents like a driver’s license and business docs.

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Business Financial Products & Services

CoVantage Credit Union offers a diverse range of business products and services tailored to the unique needs of entrepreneurs. From essential banking services like business checking accounts to specialized treasury solutions, CoVantage provides products and services to help businesses thrive.

Here, we’ll explore CoVantage’s array of offerings, highlighting the features and benefits that cater to the specific requirements of small business owners.

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1. CoVantage Business Banking/Checking

When evaluating a business checking account, it’s essential to consider associated costs alongside fees, requirements, and advantages. CoVantage’s business checking account is pretty cool when it comes to fees—You won’t get hit with charges for overdrafts, insufficient funds, or courtesy pay. But, there’s a tiny 25-cent fee for each On-Us check you request, just so you know.

Moreover, if you keep a minimum daily balance of $500, you’ll snag a monthly dividend of 0.10%. It’s a sweet deal for sure!

CoVantage offers two business checking accounts for daily banking needs:

1. Plan Advantage Business Checking
2. Plan Commercial Business Checking

For businesses with total commercial loan balances below $500,000 or no loan relationship, the Plan Advantage Business Checking offers benefits like monthly earnings credits and deposit fast-tracking. However, it’s important to note that fees apply for cleared drafts, check deposits, and ACH transactions after specific limits are reached.

Alternatively, the Plan Commercial Business Checking caters to businesses with larger loan balances or nonprofit organizations. While it provides similar benefits such as monthly earnings credits and deposit fast-tracking, it distinguishes itself by waiving fees for cleared drafts, check deposits, and ACH transactions. Understanding these associated costs can help you assess the true value of each account option.

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2. CoVantage Business Visa ® Rewards Credit Card

CoVantage Credit Union’s Business Rewards Visa® Credit Card offers businesses in Wisconsin, Michigan, and Illinois a low 11.490% APR and no annual fee, along with automatic enrollment in the ScoreCard® Rewards program. With one point earned for every $1 spent, points can be redeemed for various rewards.

Additionally, interest paid on the card qualifies for CoVantage’s loan interest rebate program—Practically speaking, this means that as a business using the CoVantage Business Rewards Visa® Credit Card, you have the opportunity to potentially receive a portion of the interest you pay on your loans back. So, if you have an outstanding balance on your credit card or other eligible loans, you might qualify for a rebate on the interest paid by the end of the year.

Account management is available through MyCoVantage™ online banking, including features like activating, freezing, or setting travel notifications for the card. Fees are minimal, with no annual fee and reasonable balance transfer and cash advance fees. It’s a valuable tool to help businesses manage expenses effectively.

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3. CoVantage Business Savings Opportunities

When it comes to your business savings, CoVantage Credit Union offers a range of options tailored to different needs. Start with a Membership Share Savings Account by depositing $10 to establish ownership and earn dividends.

If you need to separate funds, consider opening Miscellaneous Share Savings Accounts—For higher returns, invest in a Term Share Certificate with terms from 3 months to 5 years.

CoVantage also provides IRAs, including an Open Deposit Account or a Share Certificate option. Explore Money Market Accounts for tiered interest rates and liquidity.

With Covantage, your deposits are protected by the National Credit Union Administration up to $250,000. Plus, you might qualify for a savings bonus at year-end. These options empower you to grow your business, earn dividends, and plan for the future confidently.

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4. CoVantage Business Services

On top of banking and credit, CoVantage offers a suite of business treasury services to streamline your financial operations and boost efficiency:

• Remote deposit
• ACH services
• Merchant services (payment processor)
• Night deposit and ATM access
• Crop insurance
• Coin and currency orders

With Remote Deposit, you can deposit incoming checks without leaving your office, saving time and resources. ACH Services enable electronic bill payments and receipts, reducing paperwork and enhancing convenience. Additional services include Merchant Services for handling card transactions, Night Depository for after-hours deposits, and Business ATM/Debit Cards for convenient access to funds. CoVantage also provides crop insurance and coin and currency orders.

Enjoy improved funds availability, fewer branch visits, enhanced record-keeping, and robust security features.

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5. The MyCoVantage™ Mobile App

On the iOS App Store, the CoVantage Credit Union app boasts a rating of 4.6 out of 5 stars, based on feedback from over 6.3K users. It offers convenient features like balance viewing, transaction history, remote check deposit, loan applications, and account openings. Users can also manage payments, transfers, and alerts easily. Security features include Touch ID or Face ID login and Enhanced Login for added protection.

On Google Play, the MyCoVantage Mobile Banking app maintains a 4.4-star rating with over 1.48K reviews. It offers similar functionalities, including balance viewing, remote check deposit, loan applications, and payment management. Users appreciate its convenience but note occasional issues with app performance and updates.

Despite occasional glitches reported by users, the app continues to get mostly good user ratings across both platforms

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CoVantage Credit Union Customer Service

CoVantage provides comprehensive customer support with 24-hour assistance for credit card and debit card matters—You can ensure their financial security is maintained at all times.

Additionally, CoVantage offers various communication channels, including:

• Online appointment scheduling
• Branch visits
• Phone support
• Secure Messages through MyCoVantage™

They accommodate diverse preferences and enable prompt assistance. The Contact Center operates extended hours, including Saturdays, which enhances accessibility for busy business owners. Bilingual assistance is available at select branches.

Overall, CoVantage Credit Union prioritizes efficient and personalized service to support the financial success of businesses in Wisconsin, Michigan, Illinois, and beyond.

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CoVantage Community Involvement

CoVantage Credit Union engages in community initiatives, which demonstrates a strong commitment to giving back and supporting local businesses and organizations. In 2023, CoVantage returned a record $6 million in patronage to its members, marking the largest patronage payment in its history. This unique financial benefit, provided for the 43rd consecutive year, includes bonuses on dividends earned for savers and loan interest rebates for borrowers.

Additionally, CoVantage Cares Foundation, in collaboration with CoVantage Credit Union, raised over $2.7 million through its annual Giving Tuesday campaign to support 90 local nonprofit organizations over eight years—Through this initiative, branch staff selected nonprofit groups in their communities to receive funds raised, which were matched up to $175K by the CoVantage Cares Foundation.

Finally, CoVantage Credit Union has been recognized for its innovative business philosophy, earning awards for its dedication to financial literacy and member service. These initiatives reflect CoVantage’s commitment to social responsibility and its mission of providing outstanding value, exceptional service, and support to its members and local communities.

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Frequently Asked Questions

Conclusion

In wrapping up, CoVantage Credit Union stands out for its member-focused approach and community support. As a business owner, you’ll appreciate their tailored solutions, competitive rates, and commitment to social responsibility. While their geographic reach may be limited, their dedication to providing exceptional value and service remains steadfast.

Whether it’s through their business banking products, community initiatives, or innovative business philosophy, CoVantage strives to empower you in your financial journey—So, if you’re in their service area and meet the membership criteria, consider exploring what CoVantage has to offer for your business’s financial well-being and growth.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!