The Other Side Of The Business Relationship
It may seem every credit union has entered into business lending, but The Credit Union Journal spoke with a half-dozen federal credit unions at NAFCU's conference that aren't currently doing member business loans-but said they are interested in doing so. But many of those credit unions are focused on the lending side of the relationship and overlooking the deposit account side, according to Sue Pogatschnik, CU market manager with Bankers Systems, Inc.
"You don't hear much about deposits, but it goes hand in hand with member business lending," said Pogatschnik during a break in NAFCU's annual meeting here. "Many credit unions already have business accounts that have been opened as consumer accounts. But business accounts require different documentation. The business is an entity with people a part of it. The credit union has to establish the appropriate authorizations and resolutions with the account."