PROFESSIONAL OPINION NEEDED - Bank for small biz - Chicagoland Sportbikes
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post #1 of 10 (permalink) Old 05-18-2009, 04:04 PM Thread Starter
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PROFESSIONAL OPINION NEEDED - Bank for small biz

Looking for a bank for small business needs. This is a small, two person consulting firm that doesn't do a lot of business. The company was created to legally shelter money from taxes and to have ownership of specific intellectual properties.

Key requirements for banking are...
  • Minimal money required to open account. ($500 seems to be the standard but we would prefer less.)
  • No required amount of activity per year. (Activity being a specific amount of money being moved around or a minimal number of transactions.)

Any other thoughts or personal experiences are welcome. Thanks in advance for any advice!

Believe nothing, no matter where you read it, or who said it, no matter if I have said it, unless it agrees with your own reason and your own common sense. ~ Buddha
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post #2 of 10 (permalink) Old 05-18-2009, 05:28 PM
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Washington Mutual used to be kind to small business but I believe their name has since changed. Hopefully their policies remain the same. Stay away from Bank of America, it's all about nickel and diming.

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post #3 of 10 (permalink) Old 05-18-2009, 05:31 PM
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I highly recommend joining your local chamber of commerce. Many small banks are members and they will bend over backwards to help chamber members.

and for gods sakes, take off your helmet when you walk into the bank! It scares people!

(just kidding)
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post #4 of 10 (permalink) Old 05-18-2009, 05:40 PM Thread Starter
This show is 'Rated NC17'
 
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Thanks Red Head and as always Crash, good info!

Anyone else? Keep the info coming. . .

Thanks ya'll!

Believe nothing, no matter where you read it, or who said it, no matter if I have said it, unless it agrees with your own reason and your own common sense. ~ Buddha
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post #5 of 10 (permalink) Old 05-18-2009, 05:56 PM
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dont do a nation wide bank

do like a parkway bank
or any local banks in your area

dont do like bank of america, or chase

2007 Yamaha R6
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post #6 of 10 (permalink) Old 05-18-2009, 05:58 PM
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go to a smaller personal bank that hasnt been scrounged up by a mojor corporation. BUT pay attention to their rates and whatnot. i dont know of places up by you, but i know bank of itasca bends over for smaller businesses bigtime...

...plus my gf was with me saying "omg slow down, slow down" and I was thinking "Lose annoying squalk box in passenger seat, afford more mods and have less weight in the car and on the back of the bike"...so i dumped her and I'm single again as usual...HERE KITTY KITTY!!!
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post #7 of 10 (permalink) Old 05-18-2009, 07:36 PM
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I use BofA. No fees for business checking. No limits set. If I use my ATM card for a purchase at least once-a-month, there are no fees ever.

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post #8 of 10 (permalink) Old 05-18-2009, 07:45 PM
 
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Regions Bank. Which, I'd imagine you'll have a problem up by you since there is none. But, plentiful here in Indiana. No frills bank, doesn't have good interest % but it's cheap, safe, I've been with them 21 years now. Great bank just to put money in and know it's always going to be there.

-Eric
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post #9 of 10 (permalink) Old 05-18-2009, 08:11 PM
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I have had Harris, Charter One, Chase, and MB Financial. Best one so far is MB Financial, There is alot of fraud and bad checks out there so the banks are strict on clearing checks. As long as its a regular customer MB clears all my checks next day, Most other banks are putting 5 day holds on out of state checks which hurts the cash flow.
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post #10 of 10 (permalink) Old 05-20-2009, 11:54 AM Thread Starter
This show is 'Rated NC17'
 
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Join Date: Sep 2002
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Anyone else with business banking experiences and/or opinions?

Believe nothing, no matter where you read it, or who said it, no matter if I have said it, unless it agrees with your own reason and your own common sense. ~ Buddha
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