Anyone have experience with Bank of America for a new startup?


1

I've looked over quite a few topics about people asking which bank is best for their small startup. It seems that Bank of America is a decent option (from the responses on this site).

The other option is Ing Direct, but I'd prefer a bank with physical locations as opposed to an online bank.

So before I actually go and set up my account with Bank of America, does anyone here have any words of approval or dissuasion with my choice of Bank of America? Any first hand experiences that are either strongly positive or negative? Any surprises that one wouldn't expect when opening an account for a small business?

Thanks!

Bank Account Small Business

asked Mar 8 '13 at 06:39
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Ephraim
6 points

1 Answer


1

We use both, BOA is not bad at all, slightly on the expensive side compared to local banks. This is a shortlist of what BOA will be helpful for vs other local banks

  1. BOA has more branches compared to local bank. (ask yourself, do you need to go to the bank all the time? sometime and what for?)
  2. BOA business banking associates vary in knowledge form branch to branch. We have had varying degrees of satisfaction with service and had to switch branches to get someone who understood business services needs. (the branch we worked with had a high turn over..) (do a walk in and ask business banking specialists about options to see if they are knowledgeable)
  3. Fees - BOA has higher fees BUT has a lot of options to communicate with bank (online, mobile, phone) Talk to business associates about special offers for small business, sometimes they have good options.
  4. Transfers and Wires (BOA has online, walk-in and phone wire transfer options) other banks may not have them (check with specific bank)

In terms of ING I would not recommend it for regular banking accounts, you need to be able to access your bank when you need it and they are just too far/slow because of the way the work. I would recommend to use it as a backup option.

answered Mar 8 '13 at 20:17
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Adonis
56 points

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