Business Credit & Business Checking Accounts

[credit8502020]

Hi All! 

Which banks or credit unions do you suggest opening a business checking/savings account with? I want a bank(s) that will provide higher business credit card limits & lines of credit limits, based on the fact that I have a certain amount in my business accounts. Ideally I'm looking for business banks that provide the best value and not a lot of or no fees.

Thank you! 

[BearsCubsOtters]

Hi @credit8502020 

Check out the new American Express Business checking account: no monthly maintenance fees and high APR on balances:

https://www.americanexpress.com/en-us/business/checking/?inav=us_menu_banking_business_banking_busin...

US Bank is big on relationships; however, I have not heard many people here discuss any large, national bank that will issue a high credit line credit card based on the deposits in a consumer's business checking account.

If a true relationship banking experience (meaning a bank that really knows and trusts you and loves your high deposit balance) is what you are after, I would suggest using Google to search for small business/commercial banks in your area. 

You did not mention how "high" of limits you are after. However, Amex, Chase and now FNBO are known to approve over $10,000 dependant on credit score, length of business and income.

Amex loves verifiable assets (and their charge cards are known to approve large business purchases once they trust you); US Bank and Wells Fargo are two of the biggest relationship banks I know of; however, they are also some of the lowest starting limits I have seen. That could be different if you work with a business relationship manager; however. 

Maybe others can chime in if you provide more details. But what I have written is what I have seen here for the most part. 

[4sallypat]

As @BearsCubsOtters mentioned, the name brand banks, look at CU - especially one known to give out large CL.

Navy Federal Business checking & savings: https://www.navyfederal.org/services/business/checking-savings.html 

[SouthJamaica]

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@credit8502020 wrote:

Hi All! 

Which banks or credit unions do you suggest opening a business checking/savings account with? I want a bank(s) that will provide higher business credit card limits & lines of credit limits, based on the fact that I have a certain amount in my business accounts. Ideally I'm looking for business banks that provide the best value and not a lot of or no fees.

Thank you! 

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I guess I'm in a minority here on this, but I'm not big on "relationship banking". I'm not a fan of combining all one's operations (deposit accounts, credit accounts, merchant accounts) under one financial institution; I prefer diversification. I don't trust banks.

In my opinion the best business bank is Chase, but I use them for deposit accounts only, and haven't used them for credit other than their processing of SBA loans.  Their business credit line applications require too much invasive paperwork for my taste. One of these days I'm probably going to get one of their Ink cards.

The best business credit cards I have are Amex Business Cash, FNBO Evergreen, and USB Triple Cash.

A bad business bank is TD Bank. Their online customer service is nil, they have ridiculous limits on wire transfers, awkward ACH transfer service, and their business credit card reports to personal credit, making it useless.

Another bad one is NFCU, even though its interest rates are good, because its business section is a joke, very poorly managed (nothing like NFCU's consumer section).

I could never trust Bank of America, because they up and closed all of my accounts one day for no good reason. Also their online banking for credit cards made no sense.

[Junejer]

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@SouthJamaica wrote:

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@credit8502020 wrote:

Hi All! 

Which banks or credit unions do you suggest opening a business checking/savings account with? I want a bank(s) that will provide higher business credit card limits & lines of credit limits, based on the fact that I have a certain amount in my business accounts. Ideally I'm looking for business banks that provide the best value and not a lot of or no fees.

Thank you! 

---

I guess I'm in a minority here on this, but I'm not big on "relationship banking". I'm not a fan of combining all one's operations (deposit accounts, credit accounts, merchant accounts) under one financial institution; I prefer diversification. I don't trust banks.

In my opinion the best business bank is Chase, but I use them for deposit accounts only, and haven't used them for credit other than their processing of SBA loans.  Their business credit line applications require too much invasive paperwork for my taste. One of these days I'm probably going to get one of their Ink cards.

The best business credit cards I have are Amex Business Cash, FNBO Evergreen, and USB Triple Cash.

A bad business bank is TD Bank. Their online customer service is nil, they have ridiculous limits on wire transfers, awkward ACH transfer service, and their business credit card reports to personal credit, making it useless.

Another bad one is NFCU, even though its interest rates are good, because its business section is a joke, very poorly managed (nothing like NFCU's consumer section).

I could never trust Bank of America, because they up and closed all of my accounts one day for no good reason. Also their online banking for credit cards made no sense.

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This is true of almost every CU that I've encountered when they try to delve into the business world. Most simply aren't equipped for it, but feel like they need to get into the business banking game.

[woodyman100]

NFCU is on a whole new level of bad though

[EGMF]

I don't have much experience to provide a comparison review, but I can say as a newbe. US Bank was an outstanding first experience. I did the initial application online but was assigned a personal banker at the local branch. She was very helpful in setting up the no-fee business checking account, helped set up my US Bank Platinum Business credit card (I wouldn't it was a huge limit- $5k, but I felt good as it was literally my first business line of credit). She also offered to facilitate a business loan. I opted not to do that. At first, I was a little off-put that I had to deal with a personal banker and expected to do everything online. It turned out to be a blessing and a positive experience. I will certainly check with her first if I need a new banking service.

[URHomeInvestments]

I only have experience with 2 business banks.

I started my vacation rental business and chose TD Bank, and have been with them for 2 years.  I'm not in love with them. I don't like the personal guarantee with their business card. 

I have also used Frost Bank for incoming rents and bill pay.  Plain vanilla everything, nothing special with Frost.  I have had a high limit business checking account.  They denied immediately because the collateral will be out of state.

I wonder whether anyone has used PNC Bank for business.