ASk HN: Best small business banking practices?
Basically, which banks do you use and why? What services or perks do you look for? How do you manage your ramen profits? I'm in the bay area, so if you know of any gems let me know.
Reasons: - 1st year free checking, $50/year afterwards,
- they generate debit cards on the spot in the branch,
- 7-day banking, branches open late 4 days out of the week,
- 24-hour customer support number, always answered by a human
[ long story warning ]
Why do I really love Commerce?
When I started banking with them, I was spending a lot of time with a client in DC. I'd drive down to DC for the week, and drive back to NY. I'd park in a garage that was $10/day. It wasn't 24 hours, but it did the trick.
This one particular Friday, I left the client's office late (about 7:45pm). The garage was cash-only so I had to go to the ATM. My Citibank card had some sort of fraud block on it, so I couldn't take money out, and I had forgotten my newly-issued Commerce PIN.
So I had a bum card from Citibank, and the ATM ate my Commerce card because I tried so many times in desperation. I called Citibank, and after navigating the IVR, a rep said they could not help me until Saturday morning when a branch opened. Overnight hotel stay? I'm on ramen money at this point.
Next option was Commerce: I'd been a customer a total of probably 3 weeks at this point, so I didn't expect much. I called Commerce, who transferred me to the local branch which was still open (they close at 8pm). I explained the predicament I was in (garage closes in 5 minutes, don't want to do overnight hotel stay).
Commerce promptly blew my mind. The person on the phone said if I could make it there in the next 5 minutes, she'd withdraw $100 from my account and have cash waiting for me at the branch so I could be on my way.
I jumped in a cab, got to the branch, collected my $100, paid the taxi. The rep issued me a new debit card on the spot, set my PIN (to something I could remember this time). Caught a taxi back to the garage, and arrived there at 8:02pm.
The garage guy left a note saying I should call him on his cell if I arrive back before 8:15pm. I called him, paid the garage, and set out on my journey back home.
So, if it hadn't been for Commerce, I would have had a really bad weekend. Instead, I had hands-down, the best clutch performance by a bank for someone who was too new to fall into the "loyal customer" category.