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Forum -> Working Women

Bank

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amother

Pewter

Sun, Feb 10 2019, 8:57 am

Which bank is best for a business account? Any suggestions?

amother

Orange

Sun, Feb 10 2019, 9:00 am

These were my criteria:
Great app, easy to make remote deposits and payments
Physical location close to me
Low monthly fees

I ended up with a small business account at Chase and I'm happy with it.

amother

Copper

Sun, Feb 10 2019, 9:53 am

amother wrote:

These were my criteria:
Great app, easy to make remote deposits and payments
Physical location close to me
Low monthly fees

I ended up with a small business account at Chase and I'm happy with it.

I wouldn't use Chase for a business account. Someone forged a large check on DH's account. They did absolutely nothing despite repeated calls. The check was for almost$5000. With electronic checking it is easy to forge checks.

DH wanted the information the bank had to press charges. They told him to go to the police to subpoena the bank. This is in Brooklyn, so as you can imagine, this isn't a priority for the police. Stay far away from them. Not helpful. Rude people when there is a problem.

amother

Pewter

Wed, Feb 13 2019, 10:50 pm

Interesting! So far everyone I asked said to bank with Chase. Are you with someone better now?

amother

Chocolate

Wed, Feb 13 2019, 11:03 pm

Look into Signature bank.

amother

Copper

Wed, Feb 13 2019, 11:17 pm

amother wrote:

Interesting! So far everyone I asked said to bank with Chase. Are you with someone better now?

The business accounts have been moved.

Another thing Chase did was close trust accounts of ours. They closed them from one day to the next. This caused problems for us because it generated unnecessary paperwork. We had to find the original paperwork for the EIN.

I also have guardianship accounts there. They have messed me up with the court several times by not providing the paperwork the court demanded.

They also closed several accounts associated with our shul. They said they weren't profitable.

amother

Indigo

Wed, Feb 13 2019, 11:59 pm

They closed my fathers accounts from one day to the next also- he was a big client and very straight forward. He was abroad at the time and it was a logistical nightmare.

They closed my cc the month after I got it with no warning, right after I got approved saying they sometimes reasses their risk balances or something.

I can recommend td bank for business if the locations etc are convenient for you.

amother

Copper

Thu, Feb 14 2019, 12:07 am

amother wrote:

I had several hundred thousand balance with them. I don't know if I would be considered a big client, but I certainly would think I was profitable.

They left my personal account. I write maybe 3 checks a month. They left one trust account. They left DH's personal account and savings. I can't figure the rhyme or reason why 2 trust accounts were canceled but not the third.

If I was not so lazy, I would move all of them.

1ofbillions

Thu, Feb 14 2019, 12:46 am

I have several family members who are big in the business world, and all of them started out st Chase, had a perfect experience with them until something went wrong, and then Chase screwed them over completely. They are awful at dealing with any issues - they freeze funds long term, completely ignoring the account holders’ explanations, legal threats etc.

And they black list the account holders, so that they can’t just start over with any other big bank. It’s a very long, frustrating, tedious process to get yourself off of the black list. So then you’ll be forced to open a new account with a small bank whose app barely works.

They have a reputation for doing this. I use them because of the convenience they offer, and because there isn’t a large amount of money going through my account. But if I owned a business, and this was a high stakes account? There’s no way I’d use Chase.

You always think that you’ll be the exception to the rule. And you are. Until you’re not.

amother

Pewter

Thu, Feb 14 2019, 6:35 am

So which bank would you recommend in Brooklyn?

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