What bank are you using for you business checking account in the US?

[barefoothannahb]

About to open business checking bank accounts soon. Was initially thinking BoA(my personal bank accounts are with them), but they seems to be the worst when it comes to fee waiver requirements. It is not too bad, but compared to competition it certainly does not look attractive.

Choices:

1. BoA - lowest tier 5k$
2. Chase - 2k balance
3. Wells - 500$ balance
4. Online options - 0$ balance

So, thought I’d hear the community’s take on this?

 

[proverbs11_9]

@barefoothannahb All of my business accounts and most of my personal accounts are at a credit union. No fees, lower interest rates for borrowing and higher interest rates for saving. The bonus is any credit union atm can be used if on the same network with no fees.

Any time a large bank tries to court me, I'm like why would I want to pay a fee and only earn.01%? No thanks.

I highly recommend a credit union.

 

[cruzer]

@proverbs11_9 Agreed 100 percent. We actually use a local bank and have a very close relationship with them. All other things being equal, local is better.

 

[davidsouth]

@proverbs11_9 This. I always tell my clients to check with their local credit union first.

Customer service is almost always better. When businesses started applying for PPP loans, Chase and BoA gave priority service to their huge clients. The little guys were left out in the cold.

 

[shiercs]

@proverbs11_9 This. We bought our business. They were using Chase before. Switched to a local credit union. Cheaper and much better service.

 

[2gohome]

@shiercs Wow, out of curiosity, what business did you end up buying?

 

[shiercs]

@2gohome A local bakery with a strong local following. Great revenue, decent margins.

 

[labman57]

@shiercs Wow that’s t nice

 

[willdes1]

@shiercs Im looking into buying a business as well, can I ask you a couple of questions?

 

[shiercs]

@willdes1 Sure. Feel free to PM me if you’d like.

 

[doawk1993]

@proverbs11_9 I love my local CU and wanted to open a biz account with them but they needed all this paperwork that the state was taking their sweet time with. I like that they were above board, but I needed a checking account ASAP. I went across the street to a bank too big to fail (Chase) and guess what? They opened my account and gave me a Visa with a 50k limit in about 20 minutes without all the necessary paperwork. I would still recommend going to your local CU first. Local is better

 

[ramrod8789]

@doawk1993 So local banks & Chase ?

 

[maryapple]

@proverbs11_9 How would you recommend selecting a credit union? I'm a little overwhelmed by all the choices.

 

[proverbs11_9]

@maryapple Start with the local ones. Determine what's important to you. Low borrowing rates, high earning rates. See what membership requirements they have. Some of the larger ones are easier to get into, while the smaller to mid size ones serve communities or industries.

 

[veronica77]

@barefoothannahb I stay away from the big ones, I went with a local bank, great customer service, no fees.

First National Bank

 

[jimmiegonzalez]

@barefoothannahb Avoid Wells-Fargo at all costs. They have been engaging in fraudulent business practices for decades and don't seem to be stopping.

Credit Unions are the best IMO.

 

[amp1974]

@barefoothannahb I use NFCU. NO fees, NO minimums, excellent app/online. Great customer service.

 

[lessofme]

@amp1974 Do the have zelle?

 

[godson2012]

@lessofme Yes they do, actually. I use it all the time.

 

[lessofme]

@godson2012 Awesome! The only other thing I need is for my accountant to have access to view the account without having access to the funds. Is that something your bank does?