Business Checking Account Recommendation

May 29, 2021

by a searcher from Pennsylvania State University in Pittsburgh, PA, USA

Does anyone have a bank they have really liked working with to transition to operating the acquired company? I close in about a month and will be relocating to complete the deal. I am having a harder time setting up an account than I expected. Local banks want me to come in to meet in person and I have been rejected by 2 online banks with no reason given. Company is located in western PA and transactions are >500/month so the very low transaction accounts will not work.

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Reply by a searcher
from University of Pennsylvania in Boston, MA, USA

Just wanted to mention that Mercury seems to be a popular choice, however, it is definitely oriented more toward start-ups. They don't have any ability to offer check writing. They don't offer a credit card, and while they do have a "cash-backed" card, there are rules to get the card and they are not explicitly stated. Regardless of the above, I did try them and also found there was an issue with Quickbooks Online not being integrated well (a lot of missing transactions). Otherwise, it is a valid "Tech Company" (quoting their preferred description), offering cheaper alternative to traditional banks.

Reply by a searcher
from American College of Greece in Los Angeles, CA, USA

WF/BOA/Chase won't do it remotely even for existing customers when it comes to setup additional legal entities. Mercury Bank, a new small player facilitating tech startups will do it. Silicon Valley Bank (SVB) was/is doing it as well. More complicated process though.

Which 2 online banks rejected you? I can provide you with an executive contact over at Mercury. I can't recommend it from personal experience since I never worked with them.

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