Something to think about before using small, local banks

[Bienes Raices]

Thanks to the advice on this forum, I was able to get a cash out refi from a small, local bank in my area when no one else would consider me, which was fantastic. Subsequently I opened a bank account (in my LLC's name), so as to do more business with them and hopefully get more loans in the future. However my experience since has not been great.

This may be old news to every but me, since I had only banked at huge places like Chase and BOfA before using this small bank, I didn't realize the drawbacks:

--long hold time (9 days) for large checks deposited
--wire transfer process is antiquated and not user friendly. Must pay a monthly fee for the ability to do online wire transfers (and there is also a "setup" waiting period of a couple of weeks until you have this capability), even if you will only be doing them occassionally. Otherwise you must fax in your wire transfer request.
--no weekend hours at bank, so no wire transfers during the weekend
--obviously, limited locations of branches

I don't know if every small bank is like this but it's something to investigate before you use one. If you're doing a large volume of offers it could be a problem to have your accounts at one of these places.

[Account Closed]

Bienes Raices, sorry to hear of your frustrations..there are positives and negatives to both banks i believe...hwoever, if small banks are willing to invest in my business, i'm willing to settle on some of the other fluff services that big banks offer....i prefer to drive into my bank to deposit, transfer funds, wire money, etc. the more i hang out there, the more insider info i get, and the closer the relationships i build with the commercial lender, the vp of the bank who stops in a few times a week, the tellers, etc. they usually eliminate holds for me now bc we're friendly with eachother..they'll also transfer money for me if im' on the road and i call it in..yes, they know my voice (its a real small bank) :) if you can coever the check, ask if your balance can eliminate the hold..otherwise, you acn usually ask for a shorter hold..and like i asid, after a while, they may eliminate it, if you it's the same lender writing draw checks for instance, and y ou'e never had a problem..