What's your favorite business banking account?

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September 02, 2022

by an investor from University of Nebraska - Lincoln in Austin, TX, USA

What's your favorite business banking account? I'm about to spin up another entity & bank account and feel like there should be a clear winner in terms of bank account selection.

The most important things I care about / pain points:

  1. I can do everything relating to my account remotely (most importantly, wiring money)
  2. Data exports are easy and provide all detailed data
  3. Adding/removing additional cards & managing user access is easy

    Bonus points for: virtual employee cards, easier credit card approval and management, stellar UI & advanced reporting, automations (certain type of payment comes in, email employee X).

I've used the following:
-Frost (Texas based): No major issues but the online interface is a bit clunky. Great experience in branch. Had a real life dedicated person who actually knew me? (my bar for service is low). Was able to get a LOC through them without much hassle just based on the funds flow into accounts. -Chase: Had to graduate into their commercial group in order to get their full functionality. Really awesome advanced features for management of multiple entities within a bigger corporate structure & intercompany complexities. Felt like this was the best overall experience I've had so far. -Bank of America: Worst experience ever. Had to come in branch for many basic tasks. Had incredibly low limits on how much could be deposited mobile. Spent a few hours a month on the phone with them getting basic stuff resolved (adding or removing an employee from an account, sending a wire, etc). Terrible tech. Long wait times and lots of 'transfers' to get to someone who can solve basic tasks. Caution: Do never ever use.

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Reply by a professional
from Seton Hall University in Morristown, NJ 07960, USA
Nice to meet you ^redacted‌! Chase has been my go-to after bad experiences at Wells Fargo and Bank of America. Online Chase experience is top notch and constantly improving. All the big banks have issues being overzealous in fraud protection, but with Chase, get assigned a private banker and you'll feel like you are working with a regional...
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Reply by a searcher
in Seattle, WA, USA
I would add Wells Fargo the never, ever use list. I didn't know anything about them other than the bad stuff in the news, but got to experience them first-hand when I bought a small company recently that was using them. About all I can say is their screening for new hires is pretty good, but the nicest most helpful people on the planet can't make up for the horribly broken systems they have.

Here's an example - the company had a service vehicle that was no longer being used so we decided to sell it. It had been paid off years before but Wells Fargo had never released the title. It took nearly three months of countless calls and emails for that simple act to be accomplished.

On one call the (very nice) person asked me to wait a few minutes while she scrolled through her spreadsheet. Curious as to why she was using a spreadsheet and, further, why she wasn't using the search function, she explained that in her dept their online system for tracking auto loans was basically unusable, so they had a spreadsheet file that they maintained by hand, but with hundreds of thousands of records the app would crash if they tried to search, so it was sorted by VIN and they would just scroll until they found the record...
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