View Full Version : Commercial bank account recommendation
Hey guys, I need a commercial bank account and would like any recommendations from the group. I've got US Bank calling me back tomorrow. I already asked Bellco, and while they do have commercial bank accounts, my type of business is the first on their list of restricted business types. I'm sure all the national banks like Wells Fargo and US Bank will be easy enough to get an account. Anyone else I should know about, or any good/bad experiences anyone would like to share?
Thanks in advance.
All depends on your transaction volumes (not amounts, but quantity of transactions).
I've used Wells Fargo for all of my business accounts (6 of them currently). Been as satisfied as I can probably expect from a big bank.
With the small to medium volume accounts, they work a bit like personal accounts financially. If you sign up for business checking and savings, have automatic transfer to savings each month, and setup paperless billing you can avoid the base fees on the accounts. The high volume accounts pretty much have to pay the fees unless you keep a high 6 to 7 figure balance.
Oh, and expect to pay an arm and a leg for checks. Business checks are not cheap or free like personal checks.
When you go in, have your articles of organization, your EIN from the IRS, and your operating agreement/bylaws plus your personal identification to make it go quick.
Edit: Never mind, I should have everything I need. Thanks.
Can setting up EFT with customers save me money on checks?
I'll still throw in my 2 pesos.
Premier Members FCU. Personal account for 15 years. Business account for about 8 years. No hidden fees. The south location is Boulder. No problem if your CC is direct deposit. Cash might be a problem.
I just thought of something else that might disqualify credit unions.
Instead of being vague, I'll just find something that works and report back. Sorry, stupid thread.
tmleadr03
10-06-2014, 19:41
I use US Bank and am very happy. Let me know if you want a POC.
What does that stand for?
I've been with TCF for several years, no serious complaints.
ChunkyMonkey
10-06-2014, 20:25
What does that stand for?
Proof of Conception! [Coffee]
I have mixed result in regards to commercial. I like citywide bank. Locally owned, same folks helping you for years and years.
I've been with Compass/BBVA since I started my company 10 years ago.. I am done with them and will likely be moving to Elevations Credit Union. Last month I noticed a $2.50 "service" charge for making a cash deposit after a client paid me in cash for a small project.. complete bull shit.
spqrzilla
10-06-2014, 20:51
Yeah, I had enough of Compass / BBVA poor service and whacky service charges long ago.
hurley842002
10-06-2014, 21:11
I'll throw a shameless plug out for my wife's bank. Colorado state bank and trust. Not too many of them around, but they will take good care of you. My wife is a Banker there and can get you squared away.
Good input so far guys. I recognize these names, but couldn't think of them when I was thinking of what bank to approach.
I guess, I need to start asking what I should even be looking for in a commercial bank. I realize I'll have certain things that are business specific, but what are general things I should look out for? Mostly I'm used to avoiding fees.
68Charger
10-06-2014, 23:09
US bank was who my wife used when she had a retail store, and they were great about low fees, and then even waiving them... she had good standing, so they never charged her for things like cashiers checks (required by some of her newer vendors), and waived many other fees... they were awesome to work with, but that was the branch, not necessarily corporate.
20 years with First Bank, a CO bank, not owned by out of country interests.
Free business checking, online transfers, etc etc.
I have a client at Community Banks of Colorado, I believe formerly Bank of Arvada. I like First American State Bank in Greenwood Village, 2A friendly, but only 1 branch, it can work though, and customer service awesome.
Order checks from Costco or Sams.
I'd say look for a local bank where you can talk to someone directly and not go through an 800 que.
KestrelBike
10-07-2014, 11:54
One of the things I'd look out for is the quality & response times of their anti-fraud section. If someone creates copies or washes one of your checks and uses them at toys-r-us for $1,000, how quick will that bank be to A) investigate it b) refund your money C) not drop you after one or two thefts because you're too "risk prone".
Check theft happens allllll the time and it's aggravating.
I've been with Compass/BBVA since I started my company 10 years ago.. I am done with them and will likely be moving to Elevations Credit Union. Last month I noticed a $2.50 "service" charge for making a cash deposit after a client paid me in cash for a small project.. complete bull shit.
Pretty common with all business accounts. I get $7,500 in cash deposits free every month and get hit with a fee for anything over that. I almost never deposit cash. Most places you can avoid the fees if you have a high enough tiered account, most require $50k or more average daily balance to have no fees.
Other ? Is why you would ever deposit cash unless you are in retail or are getting 1099'd on it.
If you were ever in the military, go with USAA! Best bank and best customer service! Also, less fees than any bank I've ever dealt with and a very nice mobile app.
Other ? Is why you would ever deposit cash unless you are in retail or are getting 1099'd on it.
I sell equipment at retail that I buy at dealer/wholesale so yes it was a retail transaction. If this was simply a service transaction then I theoretically could have just pocketed it.
TCF Free Business Checking:
https://www.tcfbank.com/account_small-business_checking_tcf-small-business-checking.aspx
Free for pretty much everything I do.
11 years ago, our company had USBank, and it was ONE of the first to post scanned checks online. JPM WFC follwed afterward. USBank feels like a mom/pop banks.
JPM are friendly as well. I guess WAMU M&A brushed the friendliness into them.
If you are going to do a lot of transaction, I would go with bigger bank which clients have accounts on. Clearing large amount can be faster at a same bank?
Okay so US Bank and 1st Bank are out. I'm finding that the type of business I want to start is on the No-go list for most banks. If anyone on here works in the banking industry could send me a PM and maybe give me a little direction, it'd be greatly appreciated.
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