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Started By
Message
Looking for recommendation for local business bank for small business?
Posted on 6/13/17 at 7:59 pm
Posted on 6/13/17 at 7:59 pm
Considering these 4 banks (due to business location and direct path along the way on drive home):
- Investar Bank
- Red River Bank
- BancorpSouth Bank
- Iberia Bank
Chase Bank should be left out of this discussion. Not particularly fond of Capital One, Whitney Bank or Regions Bank, however if someone is able to present an overwhelming and compelling reason as to why I should consider these banks, I will remain open.
More than likely I will not need to take out a loan, line of credit, investment advice or credit card processing (I am looking to go with a company other than a bank, simply due to lower processing fees that can be found elsewhere).
I am interested in:
- checking account
- online bill payment
- credit card (I will look elsewhere if a better deal can be found)
- no checking fees
- no transaction fees
- easy to user interface for online banking (I personally bank with USAA and believe them to have one of the best bank web sites today).
in advance.
- Investar Bank
- Red River Bank
- BancorpSouth Bank
- Iberia Bank
Chase Bank should be left out of this discussion. Not particularly fond of Capital One, Whitney Bank or Regions Bank, however if someone is able to present an overwhelming and compelling reason as to why I should consider these banks, I will remain open.
More than likely I will not need to take out a loan, line of credit, investment advice or credit card processing (I am looking to go with a company other than a bank, simply due to lower processing fees that can be found elsewhere).
I am interested in:
- checking account
- online bill payment
- credit card (I will look elsewhere if a better deal can be found)
- no checking fees
- no transaction fees
- easy to user interface for online banking (I personally bank with USAA and believe them to have one of the best bank web sites today).
in advance. 
3
Posted on 6/13/17 at 8:07 pm to Will Cover
Do you have two years of Bank statements ? Most small banks do not want to deal with the company that is less than two years old.
Posted on 6/13/17 at 8:11 pm to Rust Cohle
quote:
Do you have two years of Bank statements ?
No, it is a brand new business.
And if that is the case, how do businesses get started then with a banking relationship?
This post was edited on 6/13/17 at 8:14 pm
Posted on 6/13/17 at 9:01 pm to Will Cover
Investar and Iberia are great banks for small business. Most banks are not going to turn down a new account either.
This post was edited on 6/13/17 at 9:03 pm
Posted on 6/13/17 at 9:05 pm to Will Cover
quote:quote:
No, it is a brand new business.
And if that is the case, how do businesses get started then with a banking relationship?
We operated our business on a cash basis for four years. When we decided to open a company credit card and business line of credit it was an automatic yes with the tax returns as support. It didn't place a burden on my personal credit. As a new business it's all on your personal credit and you almost certainly will have to sign personal guarantees.
Posted on 6/13/17 at 9:54 pm to Spasweezy
quote:
Investar and Iberia are great banks for small business. Most banks are not going to turn down a new account either
Investar, based upon the research I have done after posting this message, appears to have a good product offering that may fit my needs.
I'll certainly do my due diligence before moving forward with any bank and am hopeful that none will turn me down due to me being a start up business.
Posted on 6/13/17 at 9:58 pm to VABuckeye
quote:
As a new business it's all on your personal credit and you almost certainly will have to sign personal guarantees
My personal credit is fine and I don't and won't have any issues with having to use my personal credit to "vouch" for my business ... however I plan to have a substantial amount of cash deposited in the bank (operating account plus one year of "reserve emergency capital") so I am hopeful I can avoid any personal guarantees since I am not obtaining a loan from them or anyone.
This post was edited on 6/14/17 at 3:38 am
Posted on 6/14/17 at 7:10 am to Will Cover
If it's only a company credit card you shouldn't have any issues. The statement was more in reference to obtaining a business line of credit or SBA loan.
ETA: Good luck with the new business. Exciting times for you.
ETA: Good luck with the new business. Exciting times for you.
This post was edited on 6/14/17 at 7:11 am
Posted on 6/14/17 at 8:47 am to VABuckeye
quote:
Good luck with the new business. Exciting times for you.
Posted on 6/14/17 at 9:39 am to Will Cover
To open a business checking account you don't need to personal guaranty or have any statements. You will need your articles of incorporation.
Posted on 6/14/17 at 9:59 am to Creamer
quote:
You will need your articles of incorporation.
I'm all set then.
Posted on 6/14/17 at 10:24 am to Will Cover
I went through this same thing about a year ago. I started a microbusiness, and the commercial banks wanted to charge excessive fees and/or require me to use products I didn't need in order to get those fees waives.
So I went with a credit union (ASI, in my case, because it had branches convenient to my commuting route/day job). Absolutely free business checking, with a minimum $300 deposit, and a business savings requiring only a $35 minimum maintenance balance. It does have an online banking platform....I don't need a loan, or a credit line, or a credit card. I just needed a place to hold my cash, and the credit union is doing an admirable job of doing so without costing me a penny.
An unexpected bonus has been excellent customer service. The in person lines aren't the swiftest, but actual humans answer the phone & are happy to help you, even if the circumstances are a little complicated.
Not all credit unions offer business accounts: the one associated with my day-job employer does not. So I had to search a bit to find ASI. But I'm sure you can find a credit union that is small business friendly.
So I went with a credit union (ASI, in my case, because it had branches convenient to my commuting route/day job). Absolutely free business checking, with a minimum $300 deposit, and a business savings requiring only a $35 minimum maintenance balance. It does have an online banking platform....I don't need a loan, or a credit line, or a credit card. I just needed a place to hold my cash, and the credit union is doing an admirable job of doing so without costing me a penny.
An unexpected bonus has been excellent customer service. The in person lines aren't the swiftest, but actual humans answer the phone & are happy to help you, even if the circumstances are a little complicated.
Not all credit unions offer business accounts: the one associated with my day-job employer does not. So I had to search a bit to find ASI. But I'm sure you can find a credit union that is small business friendly.
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