Determine which federal chartered credit unions are appropriate for you

Finding a federal chartered credit union is slightly trickier than finding a bank, because there are limits as to who can join them. Each credit union specifies in its charter who is eligible to join, a few examples being only government employees or only residents of certain areas. Consider your eligibility when checking out each fed credit union.

I recommend: Start by looking at the National Credit Union Association, which has several criteria by which you can search. You can also check the National Association of Federal Credit Unions for a general compilation of institutions.

Check out policies of government credit unions

Know what services you'll need for your business, and investigate any incentives and fees which will apply to you. Look into details such as loan policies, transaction fees, interest rates and especially business-owner incentives. Many credit unions can offer better rates and services in these areas than typical banks, a fact that will help your business.

I recommend: Various credit unions offer special programs for small business owners, as detailed by the Credit Union National Association (CUNA). For example, Navy Federal Credit Union has special services for business owners, but remember to check eligibility requirements if you're considering that credit union.

Set up a business account at the federal credit union of your choice

Once you've decided which of the federal chartered credit unions will work best for your business, talk to a representative and set up an account. Make sure you take advantage of all available incentive programs, and get literature that details all applicable fees. Look into long-term savings and retirement programs while you're applying; there may be desirable policies in those areas as well.

I recommend: Look into the process and criteria for joining a credit union by checking out the application information at US Federal Credit Union. You can also get helpful pointers and check out more credit unions at Credit Union Co-Op.