SVB (Silicon Valley Bank) versus major global banks for startup checking act?

1 point·bryanmgreen··2 comments

SVB puts a lot of effort into branding themselves as the "entrepreneurs bank".

Are their services/benefits/value-propisitions really that different from Bank of America, Chase, Wells Fargo, etc?

I have a payment plan setup with Chase to take money out of my Chime bank account. First month, payment processed fine as expected. Second month, payment didn't go through (I had enough money in the bank). I call Chase, they say "its fine, sometimes things take a few days" Call Chime "No, there are no pending transactions, don't worry. Rinse, wash and repeat for 10 days. Today, Chase says "we reprocessed the payment after Chime returned the transaction" Chime says "There have been no attempted transactions. I start a three way call, Chase says "No, state law prohibits us from having 3 way calls. We need a written letter." We're really going to preplan a 3 way call in the future after I send a letter? Fuck right off. Chime says there is nothing they can do. I tell both parties that I consent but they both can't speak to each other and can't even have a three-way call with me.

Banks are all dumpster fires of bureaucracy and regulation. I doubt any banks are "great"

Last time I talked to SVB, you had to be in the bay or had to be funded $100k.

I didn't have that, but I did have more than $100k in revenue. Did not matter. iirc, it was a rule enforced by their investors.

I will never consider SVB again and nor should you

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