EDIL loan rules and best Business Bank recommendations

[CreditobsessedinFL]

GM,

Due to the rules surrounding the use of the SBA EDIL loans by small businesses, some have suggested that it is easier to transfer the funds in a separate bank account, other than your normal, operational business bank account, so that it is easier to track exactly how the funds were used, should that information be requested by the SBA, down the road.

In the event that the funds are not needed, as suggested by @jaxstraw you can pay them back easily at a later point.  I currently bank with Bof A, and have for 20+ years, so I am curious as to whether this is an opportunity, IF we get funded, to

a) open a business account with another bank, as a long term springboard for a future (NOT NOW, NOT for at least another YEAR, my personal credit is still smokin' hot from recent HPs, me thinks) business credit opportunity

or

b) put the money in more of a HY account, with another FI,  (or can I stay with Merrill Lynch @ BOFA? ) in the hopes that things recover sooner rather than later and since no payments are due for the first 12 mos, the money could be earning interest, praying things turn around.

Given the two points above, I am asking for feedback on Business banking options, OTHER THAN BofA, with the following parameters:

c) business banking experience, in general - ease and access, customer service, fees, value to a small business owner, based in FL (guess it could be online?) 

d) HYS or checking account recommendations with either Merrill or another FI 

 e)Business banking for future credit relationship, perhaps ( for business CC, I have Bofa Biz and Amex) for personal CC I currently have NAVY (yay), Bofa and BB+T.  

WAAYYYY, down the road, *Credit Goals for 1Y+ on a personal level, are BBVA and US Bank

Chase kinda scares me from what I read in the forums and they would be 2+ years away anyway for 5/24, so maybe opening the Biz checking now is not a horrible idea, I can certainly stay put at BofA,  but I wanted to see what the MYFICO brain trust has to say...thanks in advance. 

Paging @imaximous , @Anonymous , @GaPeachy, @M_Smart007,  and at @GMood1 to the red courtesy phone please... @AllZero, you are already on the switchboard, before the phone rings. 

[Anonymous]

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@CreditobsessedinFL wrote:

... I wanted to see what the MYFICO brain trust has to say...thanks in advance. Paging @imaximous , @Anonymous , @GaPeachy, @M_Smart007,  and at @GMood1 to the red courtesy phone please... @AllZero, you are already on the switchboard, before the phone rings. 

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You've confused me with someone (those other folks!) who has a Chase clue -- I don't. Nonetheless, I'm glad to TRY to help. 

What I do have is some small amount of (recent) experience with Chase Biz and Personal & my experience has been having a personal checking account showed me a couple of pre-approved CCs I might not otherwise have gotten, and ditto on the biz side. The $300 SUB is nice too.  EDIT: I should mention I was considerably above 5/24 when I got pre-approved for all of those cards. 

So if you aspire to Chase Biz CCs, then I don't see any harm in announcing yourself to them. If your checking is to have no monthly ACH, then $1500 is the minimum to keep it free. 

[CreditobsessedinFL]

Thank you @Anonymous  as always, for the honest analysis.  It can't hurt to check them out online, or to drop into a branch and check out their Biz checking account services. I honestly like my Bofa guy, so I will sit down with him also. 

[imaximous]

I wish I could offer more help, but I'm not familiar with SBA loans. I didn't apply for that.

My experience with business checking accounts is sort of limited as well. Before moving to BofA, I had a Chase checking account. In my area, both have a pretty good presence in terms of physical branches. I'd say that Chase has a better selection of credit cards, so if any of those interests you, you could establish a relationship there to generate pre-approvals.
From what I've been reading, Chase has been denying business CC applications lately and one of the reasons is insufficient balances in deposit and investment accounts.
You don't have to move your entire business there, but you could definitely start building a history if their offerings are appealing to you.

[CreditobsessedinFL]

Thank you; I would just move that portion, to a checking account and write the disbursements, and any applicable bills from that specific account to make it easier to reconcile down the road. I still have to do some research, but Chase seems like a logical option, since like Bofa, they are everywhere. 
I have been SO spoiled by the customer service at NAVY, I guess I was secretly hoping that there is a FI whose business banking has that warm, welcoming customer service feel to it, and that ain't what I get off the bat, from Chase. 
My quest continues and I have some time, thank you again for answering the red courtesy ☎️ and weighing in. 

[GApeachy]

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@CreditobsessedinFL wrote:

Paging @imaximous , @Anonymous , @GaPeachy, @M_Smart007,  and at @GMood1 to the red courtesy phone please... @AllZero, you are already on the switchboard, before the phone rings. 

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Sorry for the no-show as I didn't get the page, I stumbled upon this.......no biggie cuz I haven't a clue as to what you should do.  No biz experience with SBA loans or Chase.  But Good Luck! 

[CreditobsessedinFL]

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@GApeachy wrote:

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@CreditobsessedinFL wrote:

Paging @imaximous , @Anonymous , @GaPeachy, @M_Smart007,  and at @GMood1 to the red courtesy phone please... @AllZero, you are already on the switchboard, before the phone rings. 

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Sorry for the no-show as I didn't get the page, I stumbled upon this.......no biggie cuz I haven't a clue as to what you should do.  No biz experience with SBA loans or Chase.  But Good Luck! 

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Thanks @GApeachy, I always appreciate you picking up the courtesy ☎️, nonetheless!