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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.
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.
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)
@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
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.
Oz
@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?
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.
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.
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.