Bank Recomendation

Business By dst10spr97 Updated 9 Jul 2011 , 11:41pm by RussellsCakes

dst10spr97 Posted 8 Jul 2011 , 1:35am
post #1 of 19

For those that are already in business, if you care to share, what bank do you use? I am trying to decide where to open a business account and I also have a friend who is starting an IT business that is looking to open an account as well. We're trying to compare fees, services, etc. Do you use a small local bank, credit union, or one of the larger chains. I am already a member of a credit union and considered opening a business account there.

18 replies
sugarandstuff Posted 8 Jul 2011 , 1:50am
post #2 of 19

check out http://www.bankrate.com/ - great site.

scp1127 Posted 8 Jul 2011 , 5:08am
post #3 of 19

I used my personal bank where I have had an account for over 20 years. I have a general account and a revenue account.

jason_kraft Posted 8 Jul 2011 , 4:44pm
post #4 of 19

We use Meriwest Credit Union, it's a local CU in the SF bay area. I've found that credit unions typically are more customer-friendly and have lower fees than banks.

Cakeuhlicious Posted 8 Jul 2011 , 4:54pm
post #5 of 19

I love my credit union. I wouldn't go back to a regular bank.

theresaf Posted 8 Jul 2011 , 5:09pm
post #6 of 19

Some of the larger banks like TD and Chase clear all checks/deposits overnight. That can be a tremendous help when you are starting out (and even when you aren't). No 3day holds for out of state checks or larger amounts either. I'd add that qualification to the list! Good luck

Cakeuhlicious Posted 8 Jul 2011 , 5:26pm
post #7 of 19

Eek, I've only ever had a personal account with Chase, but even payroll checks they would hold for days. I *never* received over night deposit on a check, unless I went to the branch...cashed it...and deposited the cash. LOL I hate Chase. They took over WAMU and I was forced to use them. When they started holding my payroll check is when I decided to go to a CU. I have never been happier.

theresaf Posted 8 Jul 2011 , 5:36pm
post #8 of 19

Cakeuhlicious - I can see why you dont like Chase, but that's never happened to me. I actually prefer TD because they are also open 7 days a week. I do not have a 'bank before 3' kind of schedule many days!

Curtsmin24 Posted 8 Jul 2011 , 5:37pm
post #9 of 19

Credit union. I have had several bank accounts and I refuse to switch to a regular banks. No monthly maintanance fees. Overdraft protection. I can open up certificates to save money for a new venture or product replacement fund. (like a cd but short term.)

scp1127 Posted 8 Jul 2011 , 6:35pm
post #10 of 19

My bank does everything you all are saying about credit unions.

jason_kraft Posted 8 Jul 2011 , 7:01pm
post #11 of 19
Quote:
Originally Posted by scp1127

My bank does everything you all are saying about credit unions.


Which bank?

scp1127 Posted 8 Jul 2011 , 7:21pm
post #12 of 19

City National. I have had home loans through them and three different business accounts over the years. The only aspect where they couldn't compete is with the credit card use. But they don't do that in-house.

CreativeCakesbyMichelle Posted 8 Jul 2011 , 7:34pm
post #13 of 19

Definitely NOT Bank of America. My dad does his lawn maintenance business and personal accounts with them and they are horrible. When he tries to cash checks from customers that use Bank of America checks they still put them through his account so they can charge him fees if they bounce. I have a personal checking and savings with them and they constantly change the terms of my accounts so they can charge more fees and the customer service is horrible. Not sure what part of Florida you are in but I have an account with CFE credit union from when I lived in Orlando and they were great. Very minimal fees, if any, and awesome customer service. Great rates on their credit cards and loans too. You can also use other credit unions that are on their shared networks so if you are out of town its really convenient. I would still use them but they don't have any shared network branches here icon_sad.gif

leah_s Posted 8 Jul 2011 , 7:38pm
post #14 of 19

Credit Union. we have multiple accounts, online banking, tons of services, and as long as I keep $25 in a savings account (not a typo) it's all free.

scp1127 Posted 8 Jul 2011 , 7:48pm
post #15 of 19

Correction: City National does not have overdraft protection for business accounts, but they don't charge me. I think because I have been there so long. My daughters have an account with my name on it. Last year one of them overdrew the account and they took off the charge. It was my old construction company account and they just use it for their money.

I think this is a situation where the same people are at the bank even though it has changed ownership. Sticking with the same bank has been useful to me through the years. My husband has his businesses through another bank and he gets great service.

RussellsCakes Posted 9 Jul 2011 , 11:11pm
post #16 of 19

I will be opening my business account next week. I'm interested in all of this too. Does anyone else use Bank of America? I've got a personal account with them, as does my girlfriend and we have not had any issues. My primary account is with a regional Credit Union, though their ATM is old and doesn't offer a lot of the modern convenience of ATM banking with check deposits and such. I'm on the go a lot. My cake business is a small side operation for now. I work 5 or 6 days a week managing a retail store so I don't have a ton of spare time, so convenience is a huge plus.

jason_kraft Posted 9 Jul 2011 , 11:24pm
post #17 of 19
Quote:
Originally Posted by RussellsCakes

I will be opening my business account next week. I'm interested in all of this too. Does anyone else use Bank of America? I've got a personal account with them, as does my girlfriend and we have not had any issues. My primary account is with a regional Credit Union, though their ATM is old and doesn't offer a lot of the modern convenience of ATM banking with check deposits and such. I'm on the go a lot. My cake business is a small side operation for now. I work 5 or 6 days a week managing a retail store so I don't have a ton of spare time, so convenience is a huge plus.



In my experience Bank of America tends to be among the most customer-unfriendly banks out there. Compare the fees with other banks in your area, smaller banks and credit unions often have better deals for business accounts. Although the big banks do have deals too, I got $200 for free for opening a free business checking account with Chase that I almost never use (I use my local credit union instead).

creatingcakes Posted 9 Jul 2011 , 11:33pm
post #18 of 19

I use Bank of America for personal and business, even my mortgage, and have NO problems with them. The are very customer friendly and I highly recommend them. I have been a customer personally for many years and any problems that I encountered were quickly fixed. JMO

RussellsCakes Posted 9 Jul 2011 , 11:41pm
post #19 of 19

I've currently got accounts a a local credit union, bank of america, and chase. I want to stay away from chase, they try to sell me "services" every time I go in there and I don't want to have to deal with that. I'm going to compare the fees with BofA and my Credit Union. If it is a large margin, I will forgo the convenience and stick with my CU. If it is a small margin I may tend toward the Convenience.

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