I am looking for a new bank for my business. I like my current bank but the nearest branch is at Arden and there are some transactions that require me (or someone else with my company) to go into the branch. I prefer a bank on the West side of 99 (or relatively close to there). I’d appreciate hearing from anyone who really likes their bank.
My husband uses Tri Counties in Raleys and really likes them. The have tellers there even on Sundays, and the ATM is always there. I make deposits for him a lot and the staff is always friendly and helpful.
It depends so much on what you’re seeking from a business bank/banker. We have relationships with two community banks, and at this point I would not recommend either, unless you’re just looking for a smaller bank. Community banks are being swallowed up by holding companies as the first step in consolidation. Most are not in very good shape financially, and many are in outright disarray, especially if they are in the process of being acquired, which both of ours are.
If you’re looking for a LOC, there are a few smaller banks that might be interested, most will not without collateral today, especially for a new customer. What you think might be a nice line to have is probably a rounding error for Wells or B of A who probably can’t be bothered, and they’ve never been very good with small business accounts. But, they might be better today than some of the community banks.
You can look at the credit unions too. Some of them are trying to get into the commercial field, but my experience and from what I’ve heard is that they are clueless about it so far.
One larger mid-sized bank that’s not bad for business accounts is Bank of the West. I used to bank there, and might again. It’s worth an interview with someone, and maybe try the bank Newmom likes to see if they can provide what you need. Look at their financials and credit ratings though–if they are weak they probably won’t do much for you, as they really can’t.
If you’re just looking for convenient deposits, then it matters less, and if Newmom is happy with hers it’s probably as good as any for that.
Hubby is a sole practitioner, and doesn’t have a line of credit (hasn’t ever pursued one). He prefers to deal with live tellers whenever possible and wanted a bank with good hours and that is close by.
Thanks – I should have detailed what I need. My main needs are:
– Ready access to my funds (I often receive sizable checks and need to pay my suppliers from those funds – don’t want those funds to be held up – my current bank is excellent with this),
– Access to teller for deposit the checks noted above (major problem with my current bank since they are in Arden),
– Simple (and relatively low cost) international wire transfers. My current bank charges $40 (for a $50K wire transfer, that’s in the wash) – I really don’t know what the norm is here.
I haven’t really looked for a Line of Credit but it might not be bad to have access to one.
Those are just questions to ask. On the fees, you can almost always negotiate those. I refuse to pay for a business checking account, cashiers checks, OD fees if no more than three every year, statement fees, etc. and I make that very clear before we do any business. Most of the small banks will go along with you, especially if you have some deposits to offer up.
You might have a few days of holding deposits at first, but you can make a deal for no more than say 30 days, then no more. I think you’re going to pay something for wire transfers, because unlike many of the bank’s profit centers, there’s some actual cost for them there.
Every small business person building a business should have, or try to have, an unsecured LOC. It’s good when income is cyclical and it’s a very good credit enhancer (if paid!).
What about Farmers and Merchants or America West Bank (I think they used to be Stockman’s).
Thanks – yes, the LOC does make sense (always good to have it in your back pocket) and yes, I realize the transfer will have a cost. I probably will also check into River City Bank. Someone else suggested them.
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