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?
I\'ve literally had the worst experience ever with Wells Fargo - avoid them
at all costs. Literally, has been a huge time suck and we\'re moving away
SVB is more expensive but they understand startups and what you don\'t want
to be doing is spending hrs on the phone each week with a bank.
- 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.
Here is what I got today about setting up a bank account from SVB as part of
their startup program. Looks straightforward to me.
That reminds me of my�experience�with WF\'s merchant account back in the late1990s, but that may have changed by now or maybe gotten worse. About 6-12 month after I closed the�account�I got bill for thousands of bogus�chargebacks.
Some banks started to offer an�awesome�feature: check deposit via sending them image of a check. No more going to a branch to deposit checks. If you have or�planning�to have checks then that will save you a lot of time.
I had a terrible experience with WF as well.
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: email@example.com [mailto:firstname.lastname@example.org]
On Behalf Of Max
Sent: Tuesday, February 12, 2013 7:29 PM
To: Jessica Alter; Ryan Selkis
Cc: email@example.com; 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?
Forgot to add: I\'m not sure why the widespread branches would matter for a
Most of the money in was either electronic or wires, and so were the
payments. We almost never had to go to the actual branch, and we never used
the ATM to get money out of the business account. They did issue credit
cards secured against the cash on hand, which is what we ran the spending
on if needed. Typically, it was easier to spend on a personal card and
submit expenses for reimbursement.
BTW, anyone have experience with Ally business banking?
Thanks Ajay for forward that info. Can someone who has used SVB please comment on their online banking experience? I\'ve banked with BofA for a number of years and am a big fan of their online banking portal, particularly their BillPay functionality. I am currently comparing SVB vs. BofA to open an account. Other than their online banking, I find Bank Of America\'s widespread ATMs/Branches (at least in the bay area) a big plus. Thoughts/comments?