Any recommendations for setting up a bank account for your startup? Is
there a bank that you like, or some guidelines you suggest for setting it
Also, what documents are typically needed by the bank to establish an
account? Is there a minimum balance required?
I had a great experience with Bank Leumi USA in Palo Alto. They also have
offices in NY and LA. They are highly focused on start-ups, mostly Israeli
start-ups, given they are a US division of an Israeli bank. However, in my
opinion they had the most start-up focused and friendly services even
compared to SVB. Let m know if you need an intro.
It\'s good to find a bank that you can do it all at once. I found Wells Fargo to be great - they have a payroll system as well.
Then you have the fancier ones that charge more like Silicon Valley Bank.
On Apr 18, 2012, at 11:08 AM, Dan Abdinoor wrote:
> Also, what documents are typically needed by the bank to establish an account? Is there a minimum balance required?
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Regardless of which, I\'d strongly recommend using the same institution,
which you use for your personal banking. Doing so will put you in the best
possible position for favorable treatment and account benefits without any
history on the business. Advantages like lower fees, better customer
service, and complimentary oven mits become available with account status.
The more you have to offer a bank (in total dollars) the more likely the
bank is to assign you these designations.
In addition, the bank might also consider personal holdings when evaluating
more substantial decisions, such as a business credit line. Though they may
want you to guarantee something like this personally, it at least affords
you more flexibility and an opportunity to make that decision.
If you live in Manhattan, I\'d go with Chase. They are absolutely everywhere
in addition to having ATMs in every Duane Reade.