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What are the most startup-friendly banks?
I need to set up an account for my company, and I was wondering what a good
startup-friendly bank might be. Mainly one that doesn't spin the fees and
offering quick set up. I'm in the Bay Area and have used Silicon Valley
Bank before. They're good, but I think they're more than what I need at
this point. Any other options?
- Competitive rates (compared with wells / bofa)
- Personal banker relationship
- Helpful and solutions oriented
- Flexible based on the needs of a startup as opposed to some of the larger
banks where they system rules are more set
- ATM fee credits (because they have a small number of actual ATMs)
- Can also work with you if you need personal banking (home re-fi)
- Can puck up / drop off checks at your office
Those where the things that stood out. Basically, you need a place where
you've got a personal relationship with your banker, if you can't get that
from a big bank then you go with someone who actually needs your business.
If you are West Coast, I would also check out Wells Fargo. I know they are
a main-stream bank but my experience with them over the past few years has
been superior. Very customer service oriented, personal banker
relationship, ability and willingness to waive fees for the first year +,
great online interface (which goes a long way in my opinion.)
We also had an operating account with them that was connected to our online
ecommerce payment system. It all worked very well.
Same question for Boston, any recommendations?
I had planned on opening up accounts with a giant like BofA for
convenience, and then doing additional research once we start to scale ops,
but ideas are welcome.
HSBC has free business accounts, ATM cards, online account management, many locations, card charges are not seen online till a day later though, but I can live with that.?
TD Bank (previously Commerce) even better on customer side but you have to keep some money in the account to get no fees.
Besides free business checking what qualifies as a startup?friendly?bank?
That is a very good question Max.
IMHO, a startup bank should have at least the following:
1. Free checking
2. Bill pay
3. Credit card
4. Low (or no) fees
5. Online account management
6. Account delegation and shared access
Not sure about the following, but how does it work when you start getting
angel and VC funding?
Would love to hear what people have observed in a "good, startup friendly"
From: [removed to protect privacy] [mailto:[removed to protect privacy]]
On Behalf Of Max
Sent: Tuesday, February 12, 2013 7:29 PM
To: Jessica Alter; Ryan Selkis
Cc: [removed to protect privacy]; Matthew Cordasco
Subject: Re: [FD Members] Startup-friendly bank
HSBC has free business accounts, ATM cards, online account management, many
locations, card charges are not seen online till a day later though, but I
can live with that.
TD Bank (previously Commerce) even better on customer side but you have to
keep some money in the account to get no fees.
Besides free business checking what qualifies as a startup friendly bank?
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