• Last Updated:
  • May 1st, 2011 7:08 pm
[OP]
Jr. Member
Apr 27, 2009
181 posts
19 upvotes
Maritimes

Best Small Business Bank

I've registered a new corporation. Now I want to know which is the best financial institution to open a chequing account at.
I had an account at TD once. The lowest plan was $11.95/mo which included 12 transactions. They also charged me an extra $10/mo because when they asked me if my business was on the internet, I said yes. So they added an 'Internet Fee'. At no point did the people I was speaking with tell me they were going to add this fee. I found out when I saw my first statement.

Here's what I need to do.

1. Open a chequing account and get a debit card. They probably won't offer my corporation a credit card because it's new and has no credit rating, but is there an institution that will give the corporation a credit card or line of credit?

2. Open a merchant account so I can accept debit and credit card payments online. Which companies should I definitely avoid? Are there any good ones?
I'd like to be able to accept any currency through the merchant account, without getting ripped off on the spread. No Paypal.
6 replies
Member
Jan 25, 2010
375 posts
26 upvotes
Montr
At this moment the best business bank account is with HSBC, it has no monthly fees and the online banking options are really good (you can do wire transfers online yourself). But there's a fee for every in-branch transactions (which means you'd have to do all your deposits at the ATM). The other thing I like about it is that essentially you don't have a specific BRANCH, I had a CIBC account before switching to HSBC and I was limited to my own branch (the one I opened my account at) for many of my activities that I wanted to do.

The downside of the HSBC is it takes 2-3 weeks before you have your bank account ready.

If you want a credit card from them without a history they'd give it to you, but they'd take away 1.5 times the credit limit they're giving you and put it in a bond where you can't touch, as a security for themselves. It's useful if you want to build up good credit for your company and have a bit of cash you can put away. There's a minimal interest that you gain on it too (I think it's like 0.25%)

Whichever bank you go to, don't get your business cheques from them! banks usually charge a fortune for business cheques. Look online and around, it seems like at the moment asap-cheques have the best prices on business cheques. I personally have ordered twice from them and both their product and services is good and their prices are also unbeatable.


Regarding merchant services, I can't give you much advice on that but there is a huge thread on here AGAINST the MONEX group. It seems like you have to stay away from them.
[OP]
Jr. Member
Apr 27, 2009
181 posts
19 upvotes
Maritimes
I just checked out their Business Direct account and it looks pretty good compared to the major banks. I guess I can wait a couple of weeks for them to open the account.

The banks always want you to order from Davis & Henderson, which is a rip-off. They never tell you you can look for alternatives. They seem confused if you ask about alternatives, and try to talk you out of it. Last time, I ordered cheques from a company called Scot's Printing, they gave me 3X as many cheques as Davis & Henderson does, for half the price. There was no problem with those cheques.
Deal Addict
User avatar
May 20, 2002
2011 posts
15 upvotes
Are there any other business chequing accounts with no monthly fees? Do you have to order your starter cheques from the institution you open a business account with, or will they give you all the information you need to order from a third party like ASAP?

Descardins Credit Union charges a minimum monthly fee of $7 to all business accounts, while Meridian Credit Union charges $5.
Sean_A wrote:
Nov 22nd, 2010 3:29 pm
At this moment the best business bank account is with HSBC, it has no monthly fees and the online banking options are really good (you can do wire transfers online yourself). But there's a fee for every in-branch transactions (which means you'd have to do all your deposits at the ATM).
Deal Addict
Jan 19, 2007
3525 posts
19 upvotes
Toronto
Sean_A wrote:
Nov 22nd, 2010 3:29 pm
At this moment the best business bank account is with HSBC, it has no monthly fees and the online banking options are really good (you can do wire transfers online yourself). But there's a fee for every in-branch transactions (which means you'd have to do all your deposits at the ATM). The other thing I like about it is that essentially you don't have a specific BRANCH, I had a CIBC account before switching to HSBC and I was limited to my own branch (the one I opened my account at) for many of my activities that I wanted to do.

The downside of the HSBC is it takes 2-3 weeks before you have your bank account ready.

If you want a credit card from them without a history they'd give it to you, but they'd take away 1.5 times the credit limit they're giving you and put it in a bond where you can't touch, as a security for themselves. It's useful if you want to build up good credit for your company and have a bit of cash you can put away. There's a minimal interest that you gain on it too (I think it's like 0.25%)

Whichever bank you go to, don't get your business cheques from them! banks usually charge a fortune for business cheques. Look online and around, it seems like at the moment asap-cheques have the best prices on business cheques. I personally have ordered twice from them and both their product and services is good and their prices are also unbeatable.


Regarding merchant services, I can't give you much advice on that but there is a huge thread on here AGAINST the MONEX group. It seems like you have to stay away from them.
Is there anything similar to this that can be opened same day?
Member
Jan 25, 2010
375 posts
26 upvotes
Montr
Answer to above:

At the moment I don't know of any other free business banking accounts. I know there are many accounts that if you have a certain minimum amount in your account they would waive the fees for you.
This should answer the second question too, about the existence of one that would be able to open same day.

Regarding cheques for HSBC, you don't need to get them from the institution, you can get them from anywhere. I got mine from asap-cheques. TWICE so far.
Newbie
Oct 31, 2010
16 posts
30 upvotes
Ontario
CIBC. my buddy has an account with TD but the fees are kind of high, so he went to CIBC, the fees there are much better.

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