Best Bank For Small Business

Well, I (Franklin Title Agency) am a small business and work EXTREMELY well with the following 3 banks:

1. Chase

2. Comerica

3. Bank of America

You let me know if you need me to forward you the contact info of the above and consider it DONE!

I'm not a banker, but I work with bankers and clients we serve jointly.  In my experience, the banker, not the bank, is what makes a difference.  The name on the sign outside makes less difference than the person inside.

I resently started a relationship with NStar Community Bank in Bingham Farms for my new insurance agency and have been quite pleased thus far. Even had lunch with the President but that's another story!

I agree with Jeff for the most part. I have a 20+ year relationship with one of the larger banks (that just moved their headquarters OUT of MI) and had been trying to work with a new person because my old manager had moved on. I just wasn't happy with the person or the 'new policies'. I'm still with them on the personal side but we'll see.

Chris

I have two as a customer, one in the "D" and one in Birmingham/Grosse Pointe/Southfield/Troy area.

I've had a great experience with First Independence Bank, which is wholly-locally owned.  It's branches are a little limited, as they're mostly within the city proper, but if it's a fit for you they've always been very frank and straight up about everything.

I do pay a monthly fee, but I don't get hit with anything else odd.  When I was with other banks, the accounts were "free" but you never knew when you were going to get hit with some fee or another, and the tellers and people are just great.  It's a real sense of community there.

That, and being smaller, you can get a hold of people quickly.  It might not be the perfect fit for you in your neck of the woods, Dean, but I heartily recommend them.

Also, I've had great interactions with Franklin Bank which might be a better fit for you, and they're a little larger.  When I worked for someone else I had to deal with them a lot and they were friendly and very courteous.

I look for track records in the bank itself, because too many times I and friends have been burned when the banker changes jobs; and I don't want to go through the hassle and pain of changing accounts when that happens.

I like that my banking dollars stay almost completely in Michigan
instead of going to somewhere else, but that's my choice.  Small banks aren't for everyone but they are for me.

meant 'recently'!

Chris, Jeremiah, Keith, and Jeff have all made good points. I would add Nat City into the fold. Susan Orchard is a fantastic banker there.

Jeff Norber and Marla Mostyn are fantastic Bankers at Chase.

I lean towards Jeff statement, that its the banker as much as it is the bank. Find someone you can work with and will be there for a long time ( knowing that nothing is guaranteed) and stick with that person.

Also normally the more you do with one bank, the better pricing you will get. SO if you have personal and business accounts, lines of credit, a mortgage and some CD's. Putting them all with one bank will give you the most opportunity.

Let me know if you would like some intro's to people who may fit in with your personality.

Ben Rosenzweig

To me it is a combination of the banker and bank. Banks set parameters within which the banker can operate. Some are tight restrictions, others are less restrictive.

Start with a bank that has strong benefits and policies supportive of small business.  Second find an experienced banker that is more interested in you than in the company line. Ask for a concession before they offer the free gas card for opening an account. How they react to the concession will tell you if the are willing and experienced enough to meet the concession.

PS: If you base your decision strictly on the banker think about what you'll do if the banker changes banks. It is expensive to move accounts.

Dean

The people at the Bank of Birmingham, both at their Woodward branch in B'Ham and Maple Rd Branch in Bloomfield are delightful.  As a community bank they are part of the businss community and get to know you right away.  For a small business I need and get same day availability on checks, low or no fees on transactions, I can use 5/3 bank ATMs for free, and they offer free online banking.  Bottom line - lots of help, no run around, great people.

I have had very good luck with Lakeside Community Bank. You can call them and they have a courier service that will come to you.  

p.s.

All this talk of Banks... these are great referrals for me here at Franklin Title Agency! We work extremely well with Banks big and small! We are doing a ton right now with Chase, Bank of America, Charter One, and Citizens...

If you have a contact at your bank - Please fwd that on to me - I would appreciate that more than you know!

Thanks (Dean for posting this originally) and everyone else,

Keith Stonehouse

Keith,

I spoke to Jeff Cauth yesterday. We'll be having coffe next week. Not sure if I can do anything but answer some questions at this point.

NStar Bank contact:

Debbie McMahon (248)530-2863 is VP Commercial Loans. She can point you in the right direction there.

Keith - Any time you like that we are in B'Ham together I'll walk you in to meet Rob Farr, President / CEO of Bank of B'Ham.  For that matter, just walk in and say hi.