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What bank do you use and what considerations should we take into account as we choose one?

We are pre-seed, pre-revenue, and about to take our first customer and first financing. Our company is based out of San Francisco.

7 Replies

Joseph Galarneau
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Joseph Galarneau Entrepreneur • Advisor
Founder and CEO at Mezzobit, creating transparency and control for Internet data
Check out this other thread: http://members.founderdating.com/discuss/932
Rachel Wolan
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Rachel Wolan Entrepreneur
Director of Product Management at Talkdesk
Thanks Joseph!
Paul Weiss
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Paul Weiss Entrepreneur
Panthera Leasing
This is an interesting question, the fact is that the current regulatory environment limits banks ability to be creative from a lending perspective. In the Bay Area several banks have a culture or initiative geared toward start ups, Bridge Bank and Wells Fargo are examples, Silicon Valley Bank is a known player in the space. Your banker should be yery eager to have your business based on the future potential, if not look for someone who is.
Rob Weedn
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Rob Weedn Advisor
Entrepreneur; Accomplished Enterprise Sales & Marketing Executive with $60M revenue generated
Silicon Valley Bank has a good startup accelerator program with 12-mo waiver on most fees for checking & savings. Best wire transer prices.

Kabbage and OnDeck provide business loans with a next generation approach
Ryan Nurmela
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Ryan Nurmela Advisor
Managing Director at bigCampus, Inc.
If you need financing, I'd strongly suggest looking into smaller banks and credit unions that specialize in business banking. Big banks like Wells Fargo do not understand the needs of small business, they are structured for revenues over $2M. Sent from my iPad
Paul Weiss
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Paul Weiss Entrepreneur
Panthera Leasing
Wells has a valley-based start up group, just fyi
Robert Tolmach
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Robert Tolmach Entrepreneur
Entrepreneur and Social Entrepreneur
Hi Rachel (off list) Over the last decade, we have used the following. All every simple checking and savings accounts: Marine Midland (which became HSBC) Disaster. Awful customer experience. Awful user interface. One officer promised X; the next officer reneged. Glad to be out of there. Bank of America Inexperienced officers. Constant turnover. Had four different officers assigned to us, sequentially, in a 6-week period. Chase It works only because we have an officer who sticks up for us. Back office seems to be inept. But I really don't want to keep doing business with a company that had to settle for something like $16 billion in fines. Would rather find a community bank.
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