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Business Bank Accounts

 
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8824
Ladies Man
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Joined: 29 Jul 2004
Posts: 15136
City: Wilmington, Delaware

PostPosted: May 13, 2009 7:25 am    Post subject: Business Bank Accounts Reply with quote

What banks are you guys using?

I personally like RBC, in all sincerity. They are a very well run bank.


I am considering JP or Wells.

Should I go local or national?

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pet575
Wakeboarder.com Freak
Wakeboarder.com Freak


Joined: 20 Jun 2006
Posts: 3630
City: Kansas City, MO

PostPosted: May 13, 2009 8:22 am    Post subject: Reply with quote

I use Bank of the West and Bank of America. Considering pulling from BoA on a matter of my own principles, though.
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brew
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Joined: 09 Aug 2005
Posts: 2777
City: Jackson

PostPosted: May 19, 2009 7:41 pm    Post subject: Reply with quote

I go mid-size local on everything. They are much easier to deal with than the large national banks and they generally have more money to lend as well as better lending procedures than the small local banks.
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imshirazy
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Joined: 01 Jul 2008
Posts: 117

PostPosted: Jun 07, 2009 6:21 am    Post subject: Reply with quote

I know this is an old post to bump but I'm a banker and felt like I could share something here.

To be honest, it's not important to look at local vs. national but lending practices. For example, a few banks did "predatory lending" and "sub-prime lending" which assisted in this whole economic mess, while other banks did not. Reports such as Barons will tell you which banks are more secure, but at the same time some of these secure banks (such as people's united) have higher fees.

Credit Unions tend to be better than banks because they are not profit seeking, therefore offer better mortgage rates, less fee rates, etc. But, it's still up to you to shop around. For business accounts there's several things to ask for. Most banks charge a monthly fee for business accounts, and the fee will vary dependent upon transactions done, but can be minimalized by keeping higher balances. Make sure you know all the fees for the accounts first, be sure to ask as well. Bankers are usually hesitant to mention all the fees, but they will tell you all of them if you ask nicely and insist you want to know EVERY fee that could apply to you.

I could go on forever but it's un-needed as of now since it's an old post anyway lol

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_bruky
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Joined: 24 May 2009
Posts: 1201

PostPosted: Jul 12, 2009 9:27 pm    Post subject: Reply with quote

Use multiple banks. Give them some direct competition.
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