At MinistryCFO, we’ve opened many, many checking accounts for our various clients. In the process, we’ve learned a lot and most of our learning has come the hard way.
Banks tend to offer you the moon along with hidden fees and subpar service.
The following is our due diligence list for opening a checking account:
No matter what, stay completely away from certain banks. We can’t name names in this blog, but we’ve got our list..and our war stories to tell you.
Make sure all of your accounts will be listed and maintained on your Internet banking portal. These will include checking accounts, investment accounts and your, or your potential, mortgage loan.
Get an itemization of all bank fees. Bank fees need to include all current fees as well as fees for future services. For instance: at some point in the future, if not already, you will likely be paying for remote deposit services. The best banks are likely to provide you with a clean, one page document itemizing all of the bank fees.
The bank must be able to download Internet banking and credit card transactions into your accounting database. Not all banks provide these services. If the bank you are talking to can’t provide these services, then walk across the street and visit the competing bank.
Is the bank quick to offer you an individual point of contact? If the bank doesn’t provide you with a point of contact in the first meeting, then tread with caution.
Compare service fees and rates. At MinistryCFO, we can quickly provide you with standard fees and rates.
At MinistryCFO, we can help you set up your bank account with the right bank..abank that is going to provide you with the services you need at reasonable rates.