Author Topic: Business checking account tips?  (Read 875 times)

GU

  • Stubble
  • **
  • Posts: 118
Business checking account tips?
« on: June 06, 2017, 11:40:19 AM »
Hi all, anyone have any tips re:  opening a checking account for a small online business?  Are there any pitfalls to watch out for?  Any companies you've had good luck with? 

I can get $300 for opening a Chase business account, but I have to keep at least a $1,500 balance, otherwise it's a $12 charge per month.  Is this a good deal?  Any helpful advice is appreciated.

dandarc

  • Magnum Stache
  • ******
  • Posts: 2801
Re: Business checking account tips?
« Reply #1 on: June 06, 2017, 11:45:55 AM »
How long until keeping a $1500 balance won't be an issue?  At $12 / month, you've got 25 months before you eat the whole signup bonus with the extra fee.
Link to my journal, so I can find it quickly - http://forum.mrmoneymustache.com/journals/dandarc's-journal/

SC93

  • Stubble
  • **
  • Posts: 194
Re: Business checking account tips?
« Reply #2 on: June 06, 2017, 12:51:12 PM »
I'd never use a bank. Go to your local credit union. Instead of talking bad about banks, I'll type in below every good thing I can think about a bank.....



























dandarc

  • Magnum Stache
  • ******
  • Posts: 2801
Re: Business checking account tips?
« Reply #3 on: June 06, 2017, 01:19:40 PM »
I'd never use a bank. Go to your local credit union. Instead of talking bad about banks, I'll type in below every good thing I can think about a bank.....
What about a local bank that used to be a credit union?
Link to my journal, so I can find it quickly - http://forum.mrmoneymustache.com/journals/dandarc's-journal/

SC93

  • Stubble
  • **
  • Posts: 194
Re: Business checking account tips?
« Reply #4 on: June 06, 2017, 03:50:44 PM »
You realize you just wasted internet ink to write that don't you?

maizeman

  • Handlebar Stache
  • *****
  • Posts: 1274
  • Location: The World of Tomorrow
Re: Business checking account tips?
« Reply #5 on: June 07, 2017, 09:47:36 PM »
Whether credit union or bank, for small businesses local banks are SO much better. In the process of moving all of our banking for two startups from one of the big four national banks (the one that isn't citi, chase, or BoA), to a regional bank. Service has been incomparably better. At previous bank, it wasn't uncommon to talk to three different people on different visits and get mutually contradictory answers to the same questions. In addition, now when we hit a road block, I or one of my partners can pick up the phone and get ahold of someone with the authority at the local bank to make decisions and resolve things.
"Itís a selective retirement," Richard explained, "a retirement from boring s**t."

My source code & my journal

dandarc

  • Magnum Stache
  • ******
  • Posts: 2801
Re: Business checking account tips?
« Reply #6 on: June 08, 2017, 10:09:52 AM »
You realize you just wasted internet ink to write that don't you?
Serious question - not wasted ink.  If your credit union reorganizes as a bank, what do you do as Mr. "I will never use a bank"?  Does the structure matter - my current bank was a credit union, then a mutual company, finally last year they reorganized to your more typical corporation.  So far, I haven't noticed any difference in level of service, so I haven't changed.  But then, I'm not the one claiming "ALL BANKS ARE BAD".
Link to my journal, so I can find it quickly - http://forum.mrmoneymustache.com/journals/dandarc's-journal/