Banking Options: Local Banks, Credit Unions, and FinTech

Where you keep your business money affects how fast you get paid, whether you can get a line of credit, and how much time you spend on reconciliation. This Launch & Learn compares the three options small business owners actually choose between. Community and local banks: relationship lending, in person support, SBA experience, and slower technology. Credit unions: member ownership, lower fees, friendlier underwriting, and limits on business services. FinTech products like Brex, Mercury, and Novo: fast onboarding, strong spend controls and integrations, no branch, and deposits held through partner banks. We cover the tradeoffs of each, what FDIC and NCUA coverage means in each case, and how to think about using more than one.