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Michigan First Credit Union Launches Online Business Banking Service

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Lathrup Village, Michigan (PRESS RELEASE – February 21, 2010) — Michigan First Credit Union (www.MichiganFirst.com) didn’t need the President’s recent State of Union Address to motivate its efforts to help small businesses. This week, Michigan First launched its online business banking Web site MichiganFirstBusiness.com specifically designed with small businesses in mind.

The launch of this site is part of Michigan First’s continued commitment to ensuring that businesses – from start-ups to established companies – have the financial tools and resources they need to grow and prosper. With this new program, branded as the Business+Community business banking program, Michigan First is dedicated to helping community businesses succeed. Offering the same products that would traditionally be found at the big banks, as well as some unique products, Michigan First’s online business banking services have been designed to provide businesses the most comprehensive range of business banking solutions. Whether a flexible loan, low-cost business checking or an innovative financial solution, Michigan First’s business banking services can help organizations succeed financially.

“Our goal with launching a comprehensive business banking offering is to help companies of all sizes, including small businesses, be financially healthy,” said Michael Poulos, president of Michigan First Credit Union. “We offer the products and services that businesses need to grow and prosper, without the hefty costs they would likely endure at banks and some other financial institutions. It is our goal to help place companies in the best position possible to grow and thrive in today’s challenging economy.”

Michigan First’s online business banking helps businesses run more efficiently through a full suite of customizable banking tools that enable them to easily and securely manage their organization’s finances from anywhere, at any time. These tools include:

  • Direct Deposit: Make electronic direct deposit payments for payroll or accounts payable through the Automated Clearing House (ACH).
  • Direct Payments: Use the ACH to improve cash flow by initiating direct payments from customer accounts.
  • Domestic or International Wire Transfer: Move funds rapidly, posting payments to the receiving account on the same day.
  • Balance Alerts: Keep track of account activity by receiving e-mail or text message notifications when an account level exceeds or falls below a set threshold.
  • Re-present Checks: Resubmit a previously deposited check as an ACH item/debit.
  • Free bill pay: Pay your bills automatically through your Michigan First online account. Schedule payments in advance, even for recurring expenses like rent, leases and payroll.
  • Free e-Statements: Access your statement earlier each month.
  • View every transaction easily: See a list of each deposit and withdrawal, along with images of your checks that have been cashed – keep a running statement online.
  • Enhanced online security: Enjoy even greater protection through new online security measures with security features and firewalls to protect your accounts.

“More than ever, small businesses need not only financial assistance to grow but also financial guidance to ensure they are making the right financial decisions to support their future growth,” Poulos said.

To help organizations develop strategies for managing their business finances, Michigan First provides an exceptional, small-business wealth management advisor who can assist with businesses’ short-term and long-term financial planning.

Key business-member benefits include low-cost business checking, interest-bearing savings accounts with low minimum balance requirements and no high fees, deposit insurance up to $500,000 – twice the standard provided by the FDIC and attractive rates for money market and certificate of deposit (CD) accounts. Furthermore, unlike most banks, the Michigan First Money Market Account has no monthly minimum fees and offers merchant credit card services and unique commercial lending solutions.

To learn more about Michigan First’s online business banking solutions, please visit MichiganFirstBusiness.com

About Michigan First Credit Union

As one of the leading credit unions in metro Detroit, Lathrup Village, Mich. based Michigan First Credit Union, was founded in 1926. With more than $525 million in assets, Michigan First now provides services to more than 75,000 members and businesses. Membership is open to people who live, work or worship in Wayne, Oakland or Macomb County, as well as local businesses. Michigan First continues to invest in its members, the community, youth and financial literacy initiatives. The full-service financial institution offers savings accounts, checking accounts, certificates, money market accounts, consumer and vehicle loans, mortgages, home equity loans, business services, commercial lending, a special vehicle purchasing program, Visa credit cards, MasterCard debit cards and now the next generation of online banking. For more information, visit www.MichiganFirst.com.

To stay updated on news, events and more, follow Michigan First on Twitter at www.Twitter.com/MichiganFirstCU or become a Fan of Michigan First on Facebook www.Facebook.com/MichiganFirstCreditUnion.

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Michael Poulos



3 Reactions
  1. Michigan First’s online business wow…This will really upgrade their banking ,And more easier for customers,as knowing I can operate my bank account anywhere in the world keeps me assured.Kudos to them.

  2. Good to hear that Michigan First Credit Union is finally catching up with the time. This would make it a lot easier and more convenient for Michigan residents. Thanks for sharing.

    Amy Cameron

  3. I am having problem with the first link. It gives a 404 error?

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