Bank recommendations?

[elizilla]

I'm seriously considering starting a small business that will need its own bank account. I do my personal banking at a credit union, and they don't offer business accounts. So I'm going to need to open an account at a bank.

Looking for a bank with a branch somewhere near my house, that isn't too evil, and that won't beat me to death with fees just because I'm small. Suggestions? Thanks!

Comments

[dagibbs.livejournal.com]

What type of business?

[dagibbs.livejournal.com]

Not because I can suggest a bank, but because I'm curious.

[elizilla]

I may become a small dealer for some motorcycle accessories. It's all very up in the air now, but I'll fill people in on the details when it's more settled.

[blorky.livejournal.com]

Not Chase - they are the Masters of Pointless Obstacles.

[elizilla]

Anti-recommendations can help too, though if you can fill me in on any specifics that would be great. That way I can check other banks to make sure they aren't Chase wannabes. :-)

[blorky.livejournal.com]

Chase didn't or wouldn't have one person assigned to the complicated estate work for M and D that would work in their interests. There were a number of accounts and business that went through Chase and the people we dealt with were pretty transparent about not helping if it seemed like our preferences would move accounts away from Chase. On multiple occasions they insisted that M provide faxed or notarized consent letters for minor transactions where she and D were co-signers/co-executors of the account, even though either one separately could have completed the transaction. On one occasion, they insisted that we open an unnecessary account to complete a specific transaction. Our attorney eventually said, "They're wrong, but it's not worth the time to fight them on it." On one occasion, they deliberately gave D incorrect advice in order to keep an account with Chase.

[bigblued.livejournal.com]

The few times we've started small (tiny) businesses we went to TCF. Their requirements are minimal ($100 deposit and an FEIN), and around here they have branches (inside grocery stores) that are open late evenings and Sundays.

TCF is pretty familiar to me

[elizilla]

I actually had personal accounts at Great Lakes, which became TCF. I had those accounts for 25 years.

I closed my personal accounts at TCF, when they hit me with an NSF fee because I didn't deposit the money to cover the loan payment until after 3pm on the day BEFORE the payment. I complained and they said sorry, it was their policy. When I closed the account, they tried to talk me out of leaving and said they'd refund that fee. I told them I wasn't playing a brinkmanship game. I'd already complained and given them the chance to refund the fee, they chose not to, they'd missed their chance, and I was gone.

When I was ConFusion conchair, back in the 90s, when they were still Great Lakes, I researched business accounts and opened one there because they were the best deal around. Later, they became TCF and bumped up their evilness in the personal accounts area. By then I was out of the conchairing thing, so I don't know whether they became more evil in the business accounts area as well.

I think credit unions are just generally better than banks, for fee structures. But with credit unions out of the running, maybe TCF is still the decent choice for business accounts. I'll put them on my list to check out, at least.

Re: TCF is pretty familiar to me

[bigblued.livejournal.com]

I'll make a note to avoid personal accounts there in the future.

Our business were small enough that the only reason to have a separate account was to keep the money apart from our personal money. We'd put in the money we made at the craft fairs and then use it to order more supplies. There wasn't anything more complicated than that so we didn't run into any issues.

Re: TCF is pretty familiar to me

[elizilla]

For personal accounts, it's credit unions FTW! I hope not to use a bank for that stuff ever again.

bank

[greyhat.livejournal.com]

The Bank of Ann Arbor advertises on the local radio station, and they list several successful small businesses (bigger than yours, though) that use them. I would research them, at least. You may have to drive in to Carpenter or farther, though, - I don't know where their branches are.

Re: bank

[greyhat.livejournal.com]

ah, they do have Ypsi locations, including tons of ATMs:
https://www.bankofannarbor.com/about/locations.aspx

[pi3832.livejournal.com]

Do you need a copy writer?

[elizilla]

Not at this time. I've got plenty to freak me out with all the other government/tax paperwork, without opening the "employees" can of worms. Plus I don't have any money. And if I'm trying to make this work as an even slightly profitable business, I should not be asking my friends to work for free. :-)

[pi3832.livejournal.com]

And if I'm trying to make this work as an even slightly profitable business, I should not be asking my friends to work for free.

Well, I am volunteering--you didn't ask. Besides, you don't think every small business gets free labor from friends and family when the first start out?

[elizilla]

I might ask you to critique the website once it's started. It's not started yet, though. Still working through the early decision making and bureaucratic stuff.

Thanks!

[(Anonymous)]

Pi's volunteering to be an intern. Right?