I was starting a new business this past week and I was reviewing what bank to consider working with.  I then reviewed the entire list in the local area for what was the best rate plan for the kind of business I was going to be doing.   One thing that I’ve noticed…in the past 2 years the best options for new small businesses are not banks, but Credit Unions.   When reviewing the one thing that was consistent, was that banks rates were massive and they were chipping away at your balance each month for no value.

I also found that the Credit Unions (I work with 2 of them based on my other companies) and they are much friendlier than the banks.  At the Credit Union I actually know the name of the person I can call when I have a question.  I’ve been dealing with TD Bank since I’ve opened my advertising agency, I’ve had 6 TD bank people.  I have no idea what they are supposed to be referred to.   I don’t actually have anyone right now that I deal with, as the last person got promoted or quit, who knows.     I call a 1.800 number just like you.  8 years of service, and I haven’t a clue who to talk with.  That’s the big bank way these days for small business.  I don’t want to talk bad about all banks, as I have dealt with Bank of America for my USA business and I’m very happy, as I deal with the same people and get amazing service.

I’ve prepared for everyone (current as of Sept 2010) the bank/Credit Union breakdown in costs.  Did all the research for you .   You can make your own decision, but if you need help with putting a business together feel free to contact me, as I can easily help.   I hope this helps make your decision easier when choosing your financial institution.