New Business Checking Account

14 replies
Need a new business checking account. Everyone I asked told me to stay away from Chase, Bank of America, and Wells Fargo. Because of this n that. They all have a monthly fee.

Now a lot of people are telling me to go to Credit Unions, but a lot of them don't do business checking accounts yet, and all of them charge $10 a month.

So help me out fill me in, who do you bank with?
Big banks: Chase, Bank of America, Wells Fargo, Citibank, US Bank?

Small local community banks (they seem expensive and want a high daily balence)?

Credit Unions?

Tell me which companies do you use?
Also, recommendations and things to look for.

Thank you
#account #business #checking
  • Profile picture of the author Alex Blades
    Use Huntington, they are hassle free and offer a 24 hour grace period for over drawn accounts.
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    • Profile picture of the author ZachRobinson
      Originally Posted by Alex Blades View Post

      Use Huntington, they are hassle free and offer a 24 hour grace period for over drawn accounts.
      I am in L.A. I haven't seen a Huntington bank...?
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      Zach Robinson

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      • Profile picture of the author Alex Blades
        Originally Posted by ZachRobinson View Post

        I am in L.A. I haven't seen a Huntington bank...?
        Yea Huntington bank
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  • Profile picture of the author RobinInTexas
    I use my personal accounts and payPal.

    Watch your local paper for bank ads, I recall some here in Texas not long ago,

    Check this list Find a Free Business Checking Account | NerdWallet

    Don't know about the internet mainly/only banks and commercial accounts.
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    ...Even if you're on the right track, you'll get run over if you just set there.
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    • Profile picture of the author ZachRobinson
      Originally Posted by RobinInTexas View Post

      I use my personal accounts and payPal.

      Watch your local paper for bank ads, I recall some here in Texas not long ago,

      Check this list Find a Free Business Checking Account | NerdWallet

      Don't know about the internet mainly/only banks and commercial accounts.
      thanks robin
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      Zach Robinson

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  • Profile picture of the author Randall Magwood
    I use SunTrust. They're business banking is good, and they give great customer support.
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  • Profile picture of the author kindsvater
    Avoid Chase. But since the financial meltdown there isn't one I would excitedly recommend. Got some good service at US Bank and they really wanted my account.

    Many smaller banks may bend over backwards to get a new business account. Even my insurance company now has a bank and is seeking customers.

    If $10 a month is your concern, maybe you need to broaden your analysis to see what the full range of fees are: monthly fees, ATM fees, and overdraft fees.

    .
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  • Profile picture of the author CyberAlien
    I'd been with AmSouth for years and always enjoyed the service. IMHO the service improved even more after they were acquired by Regions.
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  • Profile picture of the author Farish
    Bank of America has a business account that does not charge a monthly fee as long as you do one debit card transaction a month and the majority of your deposits etc are through the atm.

    You just need to ask the new accounts person about this.
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  • Profile picture of the author mikeac
    All banks have their positives and negatives. Unfortunately there is no perfect bank, they have to make their money some way some how (fees,rates,etc). Just find a bank that is convenient and suit your needs and get set up.
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  • Profile picture of the author Walter Parrish
    Originally Posted by ZachRobinson View Post

    Need a new business checking account. Everyone I asked told me to stay away from Chase, Bank of America, and Wells Fargo. Because of this n that. They all have a monthly fee.

    Now a lot of people are telling me to go to Credit Unions, but a lot of them don't do business checking accounts yet, and all of them charge $10 a month.

    So help me out fill me in, who do you bank with?
    Big banks: Chase, Bank of America, Wells Fargo, Citibank, US Bank?

    Small local community banks (they seem expensive and want a high daily balence)?

    Credit Unions?

    Tell me which companies do you use?
    Also, recommendations and things to look for.

    Thank you

    I like Chase & Bank Of America.

    I would definitely stay away from Citibank and USA I've always had strange experiences with those two.

    Wells Fargo is another strange one as well.
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    • Profile picture of the author OnlineStoreHelp
      If she has an LLC or Corp, she can't use a personal bank account, it has to be a business bank account and she is correct, most charge 10 bucks a month with "100 transactions" a month. I haven't really had issues with BofA and I used to run treasury departments and I loved them for business banking.

      If you are in LA, have you checkout out Union Bank? They did a pretty good job with middle market banking, their technology is just a bit old. US Bank is big in Socal as well and you might consider Bank of the West which is owned by BNP Paribas.

      The problem you always runs into is few banks have dedicated small business bankers and most of the personal bankers don't know squat. You might check and see if Schwab has a business account. I wish I could remember some of the middle market banks I had used...
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  • Profile picture of the author rodsav
    All banks can be different and some have more compliance procedures when you set your account up. I went to several banks awhile back and one bank wanted me to jump through hoops so I blew them off immediately. I went with the local small bank and it was hassle free.
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  • Profile picture of the author Coby
    I use Bank of America. As stated above - no monthly fee if you use your debit card at least once a month. There was no setup fee and was only required to deposit a minimum of $40 for the business account to become active. Their customer support is pretty good - they've always fixed any issues I've had with a phone call.

    The only thing I don't like is that they charge me a fee when I use an ATM that isn't a BOA machine.

    The main reason I went with BOA was the location to my home - when I opened the account I lived only a few blocks from a branch. I can't really compare it to the other banks you mentioned since I've only used BOA.

    Hope this helps and good luck.

    Cheers,
    Coby
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