Best bank accounts?

Question

We have been using Relay for several years for business bank accounts for our rentals. However we have had several issues with the move to 2.0. What business accounts do you like? Priorities are being able to transfer between accounts with same day funds availability, minimal fees, and ease of operating online (not having to go to a branch). Thanks!!

Chris Pliakas · Answer

Not to be negative, but I'll offer a bank to stay away from ... American Express. They started offering business checking accounts in 2021, so I figured they had worked out the kinks as of 2024. Long story short, I had my first closing where I would transfer funds from their business checking account to my attorney's escrow account, so I called AmEx the night before to ensure everything was ready to go, which they assured me it was. On the day of close, I could not wire the funds out. I called support explaining the situation, and they said they'd get back to me in 5 - 8 business days as per their standard policy. After hours on the phone trying to escalate in any manner I could and listening to their baloney blaming my attorney's escrow account, I was somehow connected to a development manager (literally a software engineering manager), who alerted me to a bug in the system where, under certain conditions, a support rep accessing my account for support purposes (e.g., my phone call the night before), can trick the system into thinking the business phone number or address was changed, thus putting a hold on outgoing transfers (both wire and ACH) until they verify the information. He said verification usually takes weeks (despite both the phone number and address being the same as when I set up the account a month and a half earlier), and they'd get back to me in 5 - 8 business days with an update. I ultimately had to scramble and transfer funds from my personal account because AmEx was both unable and unwilling to help me. I am sharing this headache so you can avoid it. Choose another bank if you are considering them.

Kerry Noble Jr · Answer

Crazy thing! i was on the phone with them most of the morning.....on the business side as well. I have 4 personal cards and 1 biz card with them. They extended me a BLOC and i accepted it. I didnt want to "link" my business account so they told me that i could send in a voided check and a bank statement. I started this process in january. I immediately sent them the Dec statement because january wasnt finished. I said that i dont have checks for this account he said coo get a letter from the bank. I went to the bank they created a form that had my account and routing info and personalize to say amex. well they came back and said i didnt have the right statement. i said thats the right statement because it was january and december was the last completed month They said that form wasnt going to work because it wasnt a letter from my bank. It was basically the same thing that the banks use for direct deposit when you need a voided check. I called back this morning after waiting another 2 weeks to hear from them. Basically your BLOC is only going to work if you link your business checking account. and i mean link by signing into your account through the app. Even if you provided the account info and bank statement, the limit will probably eventually be cut and eventually closed because you wont "link" the account. I know how valuable my analytics are and i dont cross link bank accounts! ill never give them my analytics. Huntington has my analytics but not amex I told them that i will definitely push this on social media and let ppl know how much power you have by not "linking" you account

Tyler Haanen · Answer

I use Ally bank, it’s very easy to start up new accounts and no delay in Ally to Ally account transfers. It has some other features like “buckets” that can help split up the money in your account into different categories.

Kevin Block · Answer

I've used Chase for many years for my real estate business but I've had several security issues over the past two years where I've been hacked and had money wires pulled out. They have addressed all of them but I'm a little disappointed that it's happened to me three times. When I've researched in the past, they continue to show up as good.

Lyndsay Zwirlein · Answer

You guys are awesome. Thank you so much for this!!

Yordy Vasquez · Answer

I use BOA, they have a preferred rewards for business and of my favorites perks its a no wire fee and monthly fee. Their online banking its great!

Steve Vaughan · Answer

I use 3 local community banks, 2 local CUs and Chase.   None have monthly fees, all have pay a business or person pretty much right away. Only one local bank has a $3 or $5/mo fee.   If you're not a Veteran, Chase will have fees - like $15/mo.

Chase is very Veteran friendly, giving us free personal premium plus services like free checks, free cashier's checks and fee-free high school checking accounts to the kids.  Plus no fee business checking and savings, but no premium features.

I also have a 33 yr old personal NFCU account.  They're awesome, but not sure if they have business accts.

Keith Turney · Answer

Navy Federal Credit Union - they're great if you're able to be a member.

Daniel Murphy · Answer

I've used capital one for years.  I don't like big banks, but small banks just don't have as good of service in my expereience.

We don't even have a capital one branch in my state & I've never had an issue with it.  No fees, money transfers easily & instantly.

Best bank accounts?

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