Need recommendation for business banking

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momopi_IHB

momopi_IHB

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My business partner is complaining that BofA is placing 2-3 week hold on check deposits, even certified ones.





Can anyone recommend a better bank for business transactions?
 
The Big Banks are terrible. Especially lately. Yes they will put a hold on a cashiers check on a local bank.

Suggest these 2. Farmers and Merchants. Cal National.

You will get much better service from the smaller regional banks than the big national ones.
 
<p>I just put a personal check in my B of A account last week, it cleared in 2 days. I've never had it take more than 3 days for any type of check to clear....</p>

<p>Perhaps your business partner is arbitraging your deposits ? </p>
 
The check deposits (for business) are usually over $10k and BofA wants to put a hold on the funds for 2-3 weeks.





We're looking for a bank that doesn't put a long hold on the funds.
 
<p>I totally agree with bltserv. I used to use Wells Fargo and Union Bank for commercial banking, but the service was terrible.</p>

<p>Two good business banks IMO are Sunwest and City National. Sunwest is only OC and has been a local leader in business banking for some time. City National is strong in CA and has offices in a couple of other states. </p>

<p>I currently use American Business Bank, which is HQed in LA. They are a smaller business-only bank that provides excellent service. If you use their remote capture process for check deposits, the funds will be available in 2-3 days tops...</p>
 
Yea, BofA is pretty horrible with that check holding deal. I'm looking to get rid of BofA as well. I have a high cash turnover acct and everytime they put a hold, I have to ask my friend who works at corporate to remove the hold. But thats really not a long term solution. You can find smaller banks with relationship managers who work on trust, they can make things available if they know that you are always good for the money. Having a business with low average daily balance and high monthly in/out makes it a higher risk and lower income (interest) for banks.
 
<p><strong><em>My business partner is complaining that BofA is placing 2-3 week hold on check deposits, even certified ones.</em></strong></p>

<p>I'm thinking this might be a symptom of the lack of liquidity in the banking system rather than a reflection on you, your partner, or BoA.</p>

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<p>Wells Fargo also is not the same as before. It takes longer to clear a check now. And we all know why right? That 2 - 3 days, they hold on to our checks. They're probably investing it to make a few bucks.</p>

<p>I use to sell credit card terminals to merchants. And some banks will play this trick. They will charge the merchant a low transaction fee. Yet, turns around and hold onto the merchant funds for a couple of days. Again, that couple of days allow them to invest the fund and gain interest. Then release it back to the merchant/customer.</p>

<p>What's a couple of days of interest. Well, merchants can have billions upon billions of transactions a day worldwide. So when they say they're putting your checks on hold until they clear them. Yep, they're investing it. I guess they are banks. </p>
 
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