Startups · Retail Banking

Recommend bank for mid-stage startup in San Francisco?

Rachel Ratliff Voki Mobile

June 24th, 2016

We're currently banking with SVB, and their services are too limited. Ideally we need a bank that can do the following:

 - Bank account is directly connected to visa/ MasterCard (not a separate portal) 

-  User interface is simple and user friendly 

- Can make direct payments to individuals from bank account 

- Easily open new/close accounts (preferably online) 

- Tracks expenses by card used 

- Easy and cheap online wire payments 


Georges Sabongui Managing Partner at Champlain Group, LLC

June 24th, 2016

I highly recommend First Republic Bank. Great customer service.  They don't act like a Bank.  Not sure if they can accommodate all your requests, but worth a conversation.


Nitin Agarwal VP Business Development and Marketing

June 25th, 2016

Hi Rachel You may want to check out our product Let me know if you find it interesting and we can have a call Nitin

Dorothea Bozicolona-Volpe Social Media Strategist, InterContinental Hotels Group: Engagement, Integration and Monetizing Social Media

June 24th, 2016

Silicon Valley Bank. With kind regards and gratitude, [image: photo] *Dorothéa Bozicolona-Volpe* Principal, Social Espionage 347.722.1727 | | | Citizen Of The World

Ema Chuku Product Developer. Founder.

June 24th, 2016

 @Valeria probably not best recommending a bank because they refund a lot of your fees. I'm sure banks have reasons for giving up such revenues in lieu of customer service. But doesn't mean they are entitled to do such for everyone.

Val D'Souza CEO, Catalyst Apps

June 24th, 2016

I've done SVB, Citi, Chase, BofA and Wells Fargo. So far Wells Fargo is the best. They have a painful CEO Portal setup to support wires but once past that stage it's just awesome. I swore off WF a decade ago because of issues but I'm glad I tried them out again. And yeah SVB is a head scratcher, I don't see how they're startup friendly at all. Try getting a loan through them and see how flat they fall. I really like the UI and how they consolidate all accts in one view. Link Credit Card and line of credit seamlessly into payment structure. LOC was easier to get than I expected.  Some did mention high fees and yes I have to agree fees after you set up online wire transfers is a bit high and that's a negative. But SVB fees were higher.  Chase fees were much lower. 

Scott Ling CEO/Founder @InstantAPI - Investor of time and knowledge to BitAngels - Lean/Agile Mentor

June 24th, 2016

We use square1bank and also SVB, for place to store cash and do ACH from, and have Company credit cards from other main street banks for expenses and per diems.  - settled end of month from a central account.

not perfect but helps keep things flowing, and you can have more than 1 bank account for the features you need.  (nice side effect is your companies credit rating will increase over time.)

Not sure if that helps.

Rob Weedn

June 24th, 2016

Wells Fargo is horrible.  Lots of branches but expensive fees, sub-par credit card rates & service, mediocre online/mobile banking and no online wire transfers.  SVB is bad to worse, with only a few branches open for half day (true bankers hours), horrid online banking experience, but they do have wire transfers online.


Ema Chuku Product Developer. Founder.

June 24th, 2016

As a former bank manager (give or take times have changed since then) but I'm pretty sure most banks does what you listed (Chase, etc) with the exception of easily close/open accounts online (this is usually a federal regulated matter) and wire transfer fees. May I suggest you take the time and research further into your bank online options. Most activities you listed can be done by a basic bank. Otherwise you should find a bank that integrates well with Quickbooks.

Valeria Girimonte Founder & COO at REDD Latin America

June 24th, 2016

Hi Rachel, We use Chase and they offer almost everything you are asking for. The status and perks of the account will be correlated to the balance you keep though. We do free next day ACHs to pay contractors and they refund me a lot of my wire transfer charges (that I also use to pay contractors overseas). The business credit cards are link to the account and make easy to track expenses per person. Overall happy with them. Best, Valeria

Derick Smith

June 24th, 2016

Not strictly a bank, but they do well on your requirements, especially remittances.