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FablesStudios
01-07-2010, 09:03 AM
Hello All,

I was wondering what banks you work with or suggest to use with your company. For a checking account, payroll and whatnot. Is it better to use bigger banks like BOA or Chase or go with a local bank?

Any suggestions?

Thank you!

Peter T
FS

Raycliff Manor
01-07-2010, 11:38 AM
I recommend that you contact SBA and find out what bank in your area writes the highest volume of SBA Loans and begin developing a relationship with this one! ;)

Kel

Karl Fields
01-07-2010, 11:31 PM
Peter,
Whatever banking route you go, read the contract VERY carefully. Specifically look for (or ask about) penalties for “excessive number of deposits or excess cash deposits”.

Amazing as it may sound, Wells Fargo has a penalty of 1.5% for either/or more than 15 deposits in a month or more than $10,000 cash in a single deposit.

Really sucked!

Our little local bank also has a penalty for either of these, but it’s $1.50 per occurrence rather than 1.5%.

Live and learn. Of course the coffee can buried in the backyard works too :)

FablesStudios
01-08-2010, 10:41 AM
Thank you!

Peter T

FS

hauntedghost
01-08-2010, 02:48 PM
Live and learn. Of course the coffee can buried in the backyard works too :)[/QUOTE]

That's a very nice Bank, I like to go to!! no fees, no lines!!


but does the rainy day fee count??? :)