Which banks/trusts offer the best deal for Business Account?

[marcopoloca]

My current bank charge me a total of $12.34 for 2 deposits (made the same time) and 1 cheque, all done at the same time! The fees are waived if you have a $5000 balance with them! Sure would like to find an alternate source.

[vesivus]

OUCH.

I just opened up a CIBC Business account. I haven't actually used it yet, but the fee breakdown is as follows (for the plan I chose):

$ 9.00 10 Transaction Account
$ 2.00 Telephone/Internet Access
===============================
$11.00 Basic Services

Deposits:
$0.13 / check,
$1.80 / $1000 in cash,
$1.80 / $100 in coin

Every $500 maintained in the account for a FULL month gives a free transaction. You can deposit as many items as you wish at the SAME TIME and it counts as ONE deposit transaction, even though you'll pay (as mentioned under "deposits" above)

It sounds a bit better than what you have...?

John

[marcopoloca]

But not by much. If i had the same 2 deposit and 1 cheque, i'd still pay at least $11. That's still pretty expensive (try multiple it by 12 months). So the big banks are helping out small business? i only see that the fees and additional fees are keep rising and more.
Thank you for replying.

[recped]

The big banks NEVER help the small guy.....small guys need to go to small banks.

Try a credit union or oddball bank, stay away from the "big 5" (or is it big 4 now?)

Ben

[ospreylinks]

Business banking for an Ebay business will probably prove expensive no matter where you go.

In our case, our business banking is related to our actual enterprise (Ebay is just a distracting sideline), but if I had to pay fees just to support our Ebay business, it would gobble up a good portion of our profit.

On an aside, talking about bank fees, as you all know, unless negotiated a business banking package, you will be charged for all transactions (deposits and withdrawls, cheques drawn, etc), a fee for the deposit of cash and cheques, foreign currency etc....on a per use basis.

A few months ago, relating to our golf course, the clerk completed her shift and did the bank deposit which should have been $1,006. The bank cleared the deposit as $100,006. (I got a bit of a surprise when I logged on to our account and found a fairly large balance that I didn't expect). I immediately notified the bank of the error and they said they would look into it. Within a short period they called me back to indicate that an error had been made and they would reverse the deposit and repost it correctly. Well, instead of reversing the depost, they just debited my account $99,000. Okay the math works, but now at the end of the period, I get my bank statement and as a result of their error in posting the deposit and not reversing it, I am charged an extra $186.00 in bank service charges for the month, because their computer thinks they have had to handled $100,000. extra cash....

I contact the bank via their online banking message center asking them to reverse the charges and they responde by saying they will do an investigation, providing I agree to pay a $40.00 investigation fee, plus $20.00 per hour to offset their cost of investigation (which will not be applicable if they find the error to be theirs). I responded by saying I agreed to pay the fee if they would agree to reimburse me similar once they find the error to be their fault, after all shouldn't I be entitled to a reimbursement on my staff time at the outset of the error, notifying them of the error and then notifying them of their service charge error?

Jeff

[marcopoloca]

Absoultely! they should definitely reimburse you and your staffs for all the time you spent.

i am sick and tired talking to all these "customer service" rep. for problems that i did not creat, i spents hours with them and not getting paid, while the reps get impatient on you and getting paid for it.

All these banks/financial insitution must went through the same training program, trying to discourage any customer complaint as regard to fees, etc.

You might want to generate more publicity by writing to your local paper or tv stations if they have such column.