Banking

[Gretchen Alleman]

Who is a good bank to open your accounts with? I am new and I am having a hard time figuring out who to go with. So many want daily minimum balances of $1,500 but I have not clue what amount of business I will be doing and I hate bank fees so I do not want to get stuck with a bad deal.

I appreciate any suggestions of where to look.

 

[DHK]

Find a credit union:
Find a credit union on CULookup.com - Your Credit Union Locator

 

[billyb]

If you incorporate in the future most CU do not open corporate accounts. I have been with Regions for decades. When you have been in the business for years and have so many EFT's coming from carriers you no longer represent it is best just to leave everything as is. No way I would try to change banks now with so many deposits coming in from different companies so that is why I stay with Regions.

 

[scagnt83]

TD Bank is a good starter account.

Since you are in SC, HomeTrust is a good regional bank.

Neither of those two have large minimum deposits or monthly fees last I checked.

There are plenty of online only banks popping up now, most do not have minimum deposits.

Ive seen credit unions offer both business and personal accounts. Many credit unions do require a credit check though to open an account... so not always a great "first account" for a young person with no or limited credit history.

 

[LostDollar]

Caveat, not an agent.

I second dhk's advice about credit unions.

(Note I am neither an insurance agent or business owner.)

From observing here I have noted that he has been a branch bank manager and also is not wont to give casual advice to new agents.

 

[LostDollar]

I see scagent has posted here too. He and junkman have gone out of their way to give me some good banking information in the past.

My wife has preferred credit unions for many, many years so we ultimately chose a cr union option, but if you are in the same state as he says, I would also recommend a careful evaluation of his advice.

 

[DHK]

Ive seen credit unions offer both business and personal accounts. Many credit unions do require a credit check though to open an account... so not always a great "first account" for a young person with no or limited credit history.

Based on my past experience, as long as there isn't any thing negative, there isn't an issue opening a bank account. Negative being collections or a Chex Systems collection record (usually for an overdrawn account of hard dollars - not including fees OR for writing bad checks, etc. Essentially abusing your account.).

I opened hundreds of accounts for college students with no issues.

 

[scagnt83]

Based on my past experience, as long as there isn't any thing negative, there isn't an issue opening a bank account. Negative being collections or a Chex Systems collection record (usually for an overdrawn account of hard dollars - not including fees OR for writing bad checks, etc. Essentially abusing your account.).

I opened hundreds of accounts for college students with no issues.

Ive heard of multiple credit unions locally who require an actual credit score and some type of credit history.

I am a member at one, I remember signing the form for the credit check (hard check at that). I asked what the qualifications were and thats what I was told.

 

[somarco]

I opened hundreds of accounts for college students with no issues.

How many children have you fathered?

 

[DHK]

How many children have you fathered?

I was a banker and manager for Wells Fargo Bank years ago.

You know that whole bank scandal of opening fraudulent accounts?

That was me.
.
.
.
.
.
.
.
.
(j/k!) I worked there before all that junk happened.