small business checking account

Discussion in 'General Discussion | Credit Cards' started by tulane09, Feb 11, 2013.  |  Print Topic

  1. tulane09

    tulane09 Silver Member

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    I recently started a small business and am looking around for a bank to open a checking account with... anyone here have any recommendations? I'm looking for low fees and potential product tie-ins to business credit cards (right now I just have the Amex Gold business).
  2. KatieMc80

    KatieMc80 Active Member

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    I looked at Chase, Citi, etc. back in July 2012 and they all have high fees. I opened my small biz account at TD Bank and as long as I don't go below $1500, there's no monthly fee. If you anticipate not being able to stay above that (it's $25/month if you don't), they have a more "basic" biz account with a fee of $8 or $8.95/month.

    I also don't do a lot of transactions on mine (10-12 deposits, 2-3 bill payments, 1-2 withdrawals/salary per month), so fees per transaction aren't something I've had to consider, but you might. I get 30/month free.

    No useful product tie-ins that I'm aware of. I just wanted an account that didn't cost me $200+ a year just to have.
  3. jetsfan
    Original Member

    jetsfan Silver Member

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    So Wells Fargo has a free business account if you open both a checking and a savings account (and get a debit card) and set up an automatic transfer of $150/month from your checking to savings account (you can also set up an automatic transfer from savings to checking so that the money just goes back and forth). So effectively its a free account if you maintain a $150 minimum balance.

    I would not recommend WF credit cards just because that's simply not a good place to get cards from. But there isn't really any reason to have deposit accounts with the same bank that you have credit cards with (some would even advise against it).

    BofA has free business checking, but they require you to make at least one debit card charge per month so its not as automated unless you can automate a utility payment or something like that.

    Note that both of these are pretty bare-bones accounts and I'm not sure exactly what you're looking for in terms of perks.

    One thing I like about WF is that they offer DirectPay (direct deposit service) for $10/month and free payments to WF personal checking accounts so that can be helpful if you have employees and do your own payroll taxes. They also allow you to have your employees sign up for a free checking account with WF.
  4. cvsara
    Original Member

    cvsara Gold Member

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    I run a small business, and after WF bought our local, home town bank, things went to hell in a handbasket. All those hoops you have to jump through, mentioned above are just the tip of the iceburg. WF is a master at fees, missed transfers, deposits, and most any thing else you can't even think of, until they show up on your statement. Phone calls, and visits to the bank, with all those lame excuses. With WF, my thought is " ASS, GRASS, or GAS, Nobody rides for free.
    My suggestion, is get a local bank, that needs the customers they have, bout as much as you need them, and will do what is best in both of your interests.
    One good thing I do like about WF is WFC.
  5. robertw477

    robertw477 Silver Member

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    Katie you seem to have a pretty small business so your needs are truly minimal. I suggest against any big monster megabank like Chase/Citi/Wells unless you have a specific reason to do so like a great promo. Its weird but many banks really are not aggressive in any sport of promotional way to get business accounts. I use TD bank. They have a no fee business checking with a low balance requirement. Very low. Maybe $1000 or $500. They are open Sat and sunday if that matters. Otherwise I would try to find a regional bank in your area or any credit union that offers business accounts. With so few transactions you should not pay a dime.
    wrxmom likes this.

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