Bank Suggestions, Please


One of my first post-incorporation tasks is to find a bank for our business account. This may seem trivial, but switching banks is suck a pain in the you-know-what that I’d prefer to get it right the first time. We’re primarily looking at Washington Mutual and Wells Fargo. As with any start-up, keeping the costs low is critical. For that reason, the WaMu free business checking looks very attractive. I’ve worked with WaMu in the past with good results, but my experience is limited. So, I put it out to you. Do you have any recommendations?

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September 6th, 2006
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Comment Number:
1
Written by:
Greg Brooks
Posted on:
September 28, 2006 at 4:29 pm

Don’t know if they’re an option where you live, but U.S. Bank helped my business *immensely* last month and stood out so much (when my regular bank was acting useless) that we moved our accounts over to them. In addition to a very reasonable fee structure, they have several easy-to-get, off-the-shelf business lines of credit that you might not need now, but may need to cover cash flow issues as you grow.

Comment Number:
2
Written by:
Karen Angelli
Posted on:
December 4, 2006 at 7:39 pm

May I reccomend Digital Federal Credit Union (www.dcu.org). They were originally started by Digital Equipment Corp. They are very cheap, free online access - and to top it off, someone answers the phone when you call. I sort of didn’t want to tell you because they are so great. No fees for business!

Comment Number:
3
Written by:
Karen Angelli
Posted on:
December 4, 2006 at 7:44 pm

te he he, I just noticed that you worked at DIGITAL. That’s funny - well it’s a sign then!

Comment Number:
4
Written by:
Mark
Posted on:
December 9, 2006 at 6:33 am

We use Wells Fargo. They’re pretty hip to the internet, and they didn’t balk at our revenue-free small net business. We actually chose to incorporate in Nevada rather than Delaware just to get Wells Fargo, and they helped us find a resident agent.

Having said that, WaMu is where I got a real estate loan for an investment property, and they were excellent. However, my mom banks there, and they’ve driven her crazy with fee mistakes and with their new desk-free bank design.

Wells Fargo charges us $5.00 a month, since we don’t write many checks (mostly paying vendors via PayPal).

Comment Number:
5
Written by:
John Koontz
Posted on:
December 9, 2006 at 5:36 pm

We decided to go with Mashington Mutual. The simple reason was everything was free without any limits that affect us at this point. There are also a lot of WaMu’s around here, so it makes it very convenient.

Comment Number:
6
Written by:
John Koontz
Posted on:
December 9, 2006 at 5:37 pm

Karen, were you talking to me about working at Digital? Because, yes, I did at one point. My father worked there as well.

Comment Number:
7
Written by:
justelise
Posted on:
January 28, 2007 at 8:55 pm

I am a huge Washington Mutual fan and I was very sad when I had to switch banks because I moved to NC and there was no WaMu presence. I tried Bank of America but their customer service is crap at best and they charge for everything. I am with SunTrust now and I am very happy, but if I am forced to switch banks again I am going with a Credit Union because they seem to be the most customer/consumer friendly. I also plan on opening some accounts on Net banks because they are also very consumer friendly. Stay away from Bank of America at all costs.

Comment Number:
8
Written by:
Monica Boston
Posted on:
June 27, 2008 at 3:22 am

I also like the Washington Mutual. Haven’t had any experience with Wells Fargo but a friend says they are pretty good. Since you already made a decision I’m sure you’ll be happy with your choice.