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Updated almost 9 years ago on . Most recent reply

User Stats

153
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39
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Michael Healy
  • Investor
  • Great Barrington, MA
39
Votes |
153
Posts

Best business account?

Michael Healy
  • Investor
  • Great Barrington, MA
Posted
What are your thoughts on the best banks for rental business accounts? For personal I have a big national behemoth but am thinking of a couple different options: 1. The same big behemoth for ease of use and consolidation 2. A different big behemoth that offers more specialized small business features and for clear separation of church and state 3. Small great service local bank that does my lending and to which I anticipate going back to again and again for new deals. Various considerations include ability to easily sync with Quickbooks or other accounting software and otherwise easily transact business online, electronic rent payment options (eg chase quick pay), low/no fees, and ease of access to lines of credit for major capital projects. Appreciate any perspectives

Most Popular Reply

User Stats

102
Posts
113
Votes
Chris Pohlson
  • Investor
  • Sioux Falls, SD
113
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102
Posts
Chris Pohlson
  • Investor
  • Sioux Falls, SD
Replied

@Michael Healy I am a manager for a small $100 million asset credit union.  Before coming here I worked at Wells Fargo and US Bank.  The difference in business products are staggering.  Before you choose a "bank" do yourself a favor and check out some local credit unions.  Lower fees, lower interest rates, relationship based lending (I just wrote a loan for someone with a 487 FICO score. Why? They always pay me), better service, etc.  It's 2016 so every financial institution small to large gives you the ability to transact business online.  Also when I say low fees, if you opened a business account at my credit union I'd be talking no fees.  0.  Hope that helps!

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