topic Re: Best Bank for Business Checking and Savings in Business Credit

Best Bank for Business Checking and Savings

YellowBanana — Tue, 30 Aug 2016 02:25:57 GMT

So..looks like Navy Federal is a BIG No for business banking for me.

Can anyone recommened a good bank or credit union to do business banking with?

I'm in Texas.

Re: Best Bank for Business Checking and Savings

ManavA — Tue, 30 Aug 2016 07:20:20 GMT

For most small business, I would lean towards a "Big Bank" for business. They offer a lot of services like payroll, lines of credit, accounting, etc.

Furthermore as an example, I often get large deposits that I cannot really stand being held for a long period of time or being subject to long delays. Big banks dont have this problem if you are well established with them. For the same reason.. like to have a nearby branch. I may have to bring in a check or initiate a wire in person so its useful to have a bank that has a local presence.

For personal banking I'm fine going fully virtual, but I don't think it works that well for most businsses. Yours could be different, but you have to evaluate what you want and need. Do you need a merchant account? Do you require lots of deposits of cash? Do you need advisory services? Do you need a line of credit? Do you just want cheap checking? At the end there could be a great local bank that meets your needs or maybe you need a more robust solution.

Re: Best Bank for Business Checking and Savings

YellowBanana — Wed, 31 Aug 2016 18:16:17 GMT

Thans ManavA, I will look into a bigger bank. I want a bank that has an actual business banker or business consultant that can guide me on how to set up payroll (only two employees)

Re: Best Bank for Business Checking and Savings

Anonymous — Wed, 31 Aug 2016 18:17:42 GMT

@YellowBanana wrote:
Thans ManavA, I will look into a bigger bank. I want a bank that has an actual business banker or business consultant that can guide me on how to set up payroll (only two employees)

Look at Citi and Chase

Re: Best Bank for Business Checking and Savings

Anonymous — Thu, 01 Sep 2016 16:25:53 GMT

What made you lean away from NFCU on business banking? I went on Monday to apply for a business checking account with them for my two small SPs.

Re: Best Bank for Business Checking and Savings

grillandwinemaster — Thu, 01 Sep 2016 21:27:46 GMT

@YellowBanana wrote:
So..looks like Navy Federal is a BIG No for business banking for me.

Can anyone recommened a good bank or credit union to do business banking with?

I'm in Texas.

What went wrong with Navy?

Re: Best Bank for Business Checking and Savings

CreditJim — Fri, 02 Sep 2016 21:17:35 GMT

I'm in Texas and have two small businesses. When I started the first 6 years ago I really wanted to go with a smaller, local bank or credit union. For the second business that I started towards the end of last year I went with Chase, and they've been great. My local small business banker is very helpful, the products and services they offer are good. I'm about to switch over the first business to Chase too, and that has employees, payroll etc.

I wouldn't normally be a huge fan of the big banks (I've used a local credit union for years for my personal checking) but they do seem to be a good fit for small business.

Re: Best Bank for Business Checking and Savings

YellowBanana — Fri, 02 Sep 2016 23:22:08 GMT

Thank you I will go look at Citi and Chase

Well..I thought Navy Federal would be great because they are so awesome on the personal checking/savings, and credit cards...

As far as business, I was on hold for one hour and sixteen minutes

They spelled the name of my company wrong, put the wrong address even though they had my application as clear as day right in front of them.

I was told a business rep would call me and go over the products, noone ever called.

Checks went to the wrong address, debit cards wrong address..all around nightmare which is shocking because I've had nothing but wonderful things happen with them with my personal accounts.

I will keep the account open, but I plan to go to a bigger popular bank now.

Re: Best Bank for Business Checking and Savings

heyryan — Sat, 17 Sep 2016 01:39:49 GMT

Try Capital One Spark Business

https://www.capitalone.com/small-business-bank/

Unlike a lot of banks, they have no transaction limits, no min bal, no monthly fees, etc

I just opened up a new account with them, and it was actually really painless, and the app & website are nicely designed and easy to navigate.

Re: Best Bank for Business Checking and Savings

Anonymous — Tue, 28 Mar 2017 12:25:15 GMT

What is the hold period for checks with capital one spark business?

Re: Best Bank for Business Checking and Savings

Creditplz — Tue, 28 Mar 2017 21:45:11 GMT

I have BofA, with about $25,000-45,000 in checks monthly after about 3-4 months they stopped holding them, if I deposit at 3pm pst, the money will be there by 7am the next morning,

I spoke to their hold department and was told this was because I have been a great established client of theirs. Hope that helps!

Re: Best Bank for Business Checking and Savings

Creditplz — Tue, 28 Mar 2017 21:46:30 GMT

Oh also their mobile deposit limits you to $5,000 monthly for the first 90 days and then they raise it to 25,000-100,000 /monthly for their Advantage checking account (that's what I was told) mine is currently $50,000

Re: Best Bank for Business Checking and Savings

Anonymous — Wed, 29 Mar 2017 02:14:51 GMT

@Anonymous wrote:
What is the hold period for checks with capital one spark business?

I've been with Cap 1 business for years, they work well for me, checks clear next day if deposited before 7:00 pm on weekdays. I typically use the mobile app for deposits. But do go into a branch occasionally, very nice experience.

i don't use their business cc as it reports to personnel cr.