Well known bank or local bank for business?

Discussion in 'Starting a Lawn Care Business' started by Novaowner, Dec 17, 2006.

  1. Novaowner

    Novaowner LawnSite Member
    Messages: 70

    Do you guys recommend a well known commercialized bank or a local bank for your business account? Any advantages, disadvantages? Thanks.
  2. BSDeality

    BSDeality LawnSite Silver Member
    Messages: 2,849

    I prefer a local bank. I have a personal banker there. You can't get that from a chain. earlier this season I "applied" for a line of credit, all I did was email her and she drew up the papers, I walked in and signed and walked out.

    I struggled with a chain bank for nearly two years before I dropped them. I did keep them for my personal account, but after this week I will be dropping that account with them too.
  3. johndeereguy

    johndeereguy LawnSite Member
    from Iowa
    Messages: 220

    I bank locally, ended up being good friends with the owner, (very small town bank) I can't stand those large corperate banks, been there done that
  4. Raven386

    Raven386 LawnSite Silver Member
    from CT
    Messages: 2,169

    i use Chase. and i do not reccommend them at all. like BSDeality said, its a huge chain of banks. they do not care if they have your money or not and they prove that with their service they give. im still looking for a better bank around here though... BS mind sharing what bank you use?

    HOOLIE LawnSite Gold Member
    Messages: 3,981

    The downside to a 'big' bank is they won't have much leeway to help you with loans and credit lines. A small local bank may well be more aggressive and willing to take risks with local small businesses. I know a florist that banks at a small bank...they have helped her out covering cash-flow problems many times. And her credit is really bad. I'd like to bank there but now I'm a little too far away and not the most convenient for me.
  6. BSDeality

    BSDeality LawnSite Silver Member
    Messages: 2,849

    Raven, I'm with Fairfield County Bank Corp. (aka Ridgefield Bank). They're opening more locations towards darien, greenwich and rowayton I think. Not sure how close you are to them. Check out www.ridgefieldbank.com for locations.

    You guys should look into banks that allow remote deposits. my bank started offering it this year, It's really geared towards out of town businesses that would spend a lot of money sending an employee to the bank to make a deposit. You lease a scanner from them and you scan checks and pdf them over to the bank and everything is done electronically. I know the owner of a local printing press that was one of the beta testers for them and he loves it. Since I'm local I can get by without it, but I can see myself using it when I move out of town.

  7. Raven386

    Raven386 LawnSite Silver Member
    from CT
    Messages: 2,169

    Im in Stratford but those fairfield branches arent too far away. thanks for the link! ill have to check them out.
  8. BSDeality

    BSDeality LawnSite Silver Member
    Messages: 2,849

    If you want to get setup I can pass you along to my contact. Everything can be done over the phone/email with the exception of final signings. I was with People's Bank before and I will never go back to the chain bank. It's nice to be greeted by name, not by "please tell us your account number".
  9. Prestige-Lawncare

    Prestige-Lawncare LawnSite Senior Member
    Messages: 753

    This is an interesting thread ... and a good one too! I too do not like banks ... and have moved a couple of times from one large bank to another only because I dated my banker for awhile. Though she is with a rather large chain, she can still to this day give me a little of that "personal service" that you get with a smaller bank.

    I had moved my personal account to Chase only because they have so, so many branches around ... but I am about fed up with them already. Think of Scrooge ... that is how I feel about most big bankers now-a-days!

    Support you local businesses as much as you can. Remember ... you are a small local businessman too .... and expect the locals to support you.

    Thanks for starting this thread ... finally one many people can benefit from!

  10. topsites

    topsites LawnSite Fanatic
    Messages: 21,653

    I bank with BB & T and Cap1.

    Smaller banks either completely lack or have limited versions of the power options I enjoy, lack or severely limit the resources I require, and since I don't go to the bank to socialize, fall behind in the speed and efficiency department as well.

    Push-button banking from the computer makes me wish I didn't have to make the deposits.

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