Who Should I or Shouldn't I Do My Business Banking With In FL?

Question

Hello,

I just wanted to throw this out there...

Does anyone have any insight on banks, national or local, with whom I should or should not use for my business account? I have spoken with Wells and 5/3 but I'm kind of being a pansy about making a decision.

I've never had my own business before so I'm not sure if there are certain things to look out for/look for as far as services go. I've used Wells for my personal accounts forever. I can say that I haven't been totally Thrilled with their service on that level. I just can't really see why NOT to go with someone else if their programs/products "shine".

Thank you for any input.

Ben

Waverly Rennie · Answer

Hi @Ben Smith- I am newly/semi- based in Dunedin and am trying to figure out banks there. I ended up using BOA (my bank for the last eon) for my biz account, just a simple checking account. If I don't have an average balance of $15k for the month they charge me $35 service fee for that month. I am also new -ish at running a business so I am learning a lot too. One bank I definitely DON'T like is SunTrust because you can't rename transactions- so it just says check 302 or check 193, whereas in BOA I can rename the check to say Fred the plumber etc. On the other hand I realized that although I have changed the name on the online statement, the mailed statement still says check 302, so I am doing screen grabs or printing into a PDF my online statements so i can remember what the checks were, and also doing screen grabs of the cancelled checks when I think it might be a good idea. Anyway, I am not sure I am doing it all the best possible way but live and learn, right? and that's why we are on these forums- learning so much from everyone's experience.

Good luck with your yellow letters!

John Thedford · Answer

@Kevin Mika

Chase and BOA were THE WORST. BOA put a deposit into the wrong account. Then, payee calls me telling my check won't clear. Shocked! YES..funds are there. No--they weren't! Call bank. Bank credits WRONG account. I tell payee to go back the following day and that issue has been resolved. NO..it hasn't. Finally got branch manager to call payee and apologize. It too BOA almost ONE WEEK to fix the issue. Right after that a customer tells me his wife works for BOA and that they are terrible for making these types of mistakes. He states LOTS of people leave BOA for this very reason. Find a small community bank you should be much happier. And yes,,,check launch is awesome and worth every dime. I have not purchased a pre-printed bank check in over 14 years.

Kevin Mika · Answer

I recently started a business checking account at Chase and have had a few different issues in regardint the employees putting the correct info in their system. Smh it seems so simple. Lol No the less the experience has gotten me to the point that I will be looking for a different banks soon. The big shocker was when I deposited CASH into the business bank account and was charged a fee for processing that cash.  Really but that's why we have options and that's one of the many reasons to shop around and find the best business back for your business.  @John Thedford  thank you for mentioning Check launch I didn't know it was out there and I can use in in my business.

John Thedford · Answer

Try to find a small community bank. Their service is usually much better than the large banks and often their fees are minimal compared to the large institutions. Someone has to pay for that large overhead..and that is their customers. I use a small local bank. 100% free checking. No minimums. I have numerous accounts. Service is second to none. The only fees I have paid in the years I have been with them has been for wiring funds. Receiving funds..no charge. Checking accounts: no charge. Cashier checks: no charge. Can't beat that! Last but not least: some banks will allow account holders to overdraft using their debit card and then slam them with fees. My bank does not operate like that. I avoid BOA, 5th 3rd, etc like the plague.

One last note: I used a checkwriting software called Check Launch. It allows you to print checks using your computer. You can have one account or one hundred accounts and write checks on all of them from your computer. It interfaces with QuickBooks. They were recently bought out and have a new name but if you google them you can find the new software. It was under $70. If you ever change banks, all you do is change the info in your computer and keep on writing checks.

Who Should I or Shouldn't I Do My Business Banking With In FL?

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