Banks for business

[ZumbaQueen]

Hi everyone,


Quick question....I am seriously considering changing banks for our business..I am currently with TD and over the last couple of years they are becoming more and more frustrating with our business account. I heard and did a bit of research online that both Scotiabank and BMO are good with business accounts....has anyone had any experience with either one?

Thanks and where ever you are I hope you are keeping warm

[Ciel]

Based on the back cover ads I've seen in Snap Hamilton, it would appear that First Ontario credit union and Meridian Credit Union should be considered for small business accounts too. Just adding to your research, I know.

[Frugalbigmama]

Thumbs down for Scotiabank by me. Dealt with them for work for years and it was painful. And the tellers at the one branch were so Slooooooooow!

[olivercat]

Hi everyone,


Quick question....I am seriously considering changing banks for our business..I am currently with TD and over the last couple of years they are becoming more and more frustrating with our business account. I heard and did a bit of research online that both Scotiabank and BMO are good with business accounts....has anyone had any experience with either one?

Thanks and where ever you are I hope you are keeping warm

It really depends on how big your business needs are. The Royal Bank offers a business online account for $6.00 a month. But, you do get charged if you use a teller. You only get charged based on what you deposit using the bank machine. I think it is 40 cents per cheque deposit, and there is a charge based on amount of cash. But, no charge for online deposit ( like accepting a credit card with a point of sale device). I had a business account with a credit union, but when it merged with another credit union, the costs went through the roof $65.00 per month plus extra charges.
Check online or with your branch. This is just one of their cheaper accounts. Consider writing a list of what your needs are first, like how many deposits per month, do you need to write cheques?, how much cash you deposit, are you comfortable doing online transactions? If you get a good customer service rep., they can help you choose. I wish you good luck.

[Retiree]

For 10 years we used RBC for our business account and would definitely use them again if we opened another business.

[MortgageQueen]

I've always found that the service is a direct reflection on who's managing the Branch. So it may not matter "which" Institution you use, but what "branch" you use. Unless your problem is with corporate policy/pricing. .

[olivercat]

I've always found that the service is a direct reflection on who's managing the Branch. So it may not matter "which" Institution you use, but what "branch" you use. Unless your problem is with corporate policy/pricing. .

Completely agree! That is why the online business account works well. If you do have an issue, you can deal with the online service or telephone service. You do not have to deal with local branch personal.