Banking · Finances

What bank do you use and what considerations should we take into account as we choose one?

Rachel Wolan Director of Product Management at Talkdesk

February 22nd, 2014

We are pre-seed, pre-revenue, and about to take our first customer and first financing. Our company is based out of San Francisco.

Joseph Galarneau Founder and CEO at Mezzobit, creating transparency and control for Internet data

February 22nd, 2014

Check out this other thread: http://members.founderdating.com/discuss/932

Rachel Wolan Director of Product Management at Talkdesk

February 22nd, 2014

Thanks Joseph!

Paul Weiss Panthera Leasing

February 22nd, 2014

This is an interesting question, the fact is that the current regulatory environment limits banks ability to be creative from a lending perspective. In the Bay Area several banks have a culture or initiative geared toward start ups, Bridge Bank and Wells Fargo are examples, Silicon Valley Bank is a known player in the space. Your banker should be yery eager to have your business based on the future potential, if not look for someone who is.

Rob Weedn

February 22nd, 2014

Silicon Valley Bank has a good startup accelerator program with 12-mo waiver on most fees for checking & savings.  Best wire transer prices.  

Kabbage and OnDeck provide business loans with a next generation approach 

Ryan Nurmela Managing Director at bigCampus, Inc.

February 22nd, 2014

If you need financing, I'd strongly suggest looking into smaller banks and credit unions that specialize in business banking. Big banks like Wells Fargo do not understand the needs of small business, they are structured for revenues over $2M. Sent from my iPad

Paul Weiss Panthera Leasing

February 22nd, 2014

Wells has a valley-based start up group, just fyi

Robert Tolmach Entrepreneur and Social Entrepreneur

February 22nd, 2014

Hi Rachel (off list) Over the last decade, we have used the following. All every simple checking and savings accounts: Marine Midland (which became HSBC) Disaster. Awful customer experience. Awful user interface. One officer promised X; the next officer reneged. Glad to be out of there. Bank of America Inexperienced officers. Constant turnover. Had four different officers assigned to us, sequentially, in a 6-week period. Chase It works only because we have an officer who sticks up for us. Back office seems to be inept. But I really don't want to keep doing business with a company that had to settle for something like $16 billion in fines. Would rather find a community bank.