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I'm in the process of starting a small business and trying to determine which bank to go with between Wachovia vs. BofA. Some of the important things I'm considering is free checking, minimum balances, amount of withdrawals, and hidden fees. If anyone has any experience with either of these two banks as a business, please let me know. Thank you.
Most of that info can be found on their respective websites. What might be equally useful are customer (non) recommendations. I've been with BOFA for 26 years, but I'm just an average non-business customer. My experience is that they're quick to get me a loan or finance something, but when it came to an ID theft issue they dragged their feet. I don't do enough business with them to warrant looking for another bank.
I'm just a personal bank user also, but I have banked with both BofA and Wachovia and I prefer Wachovia. However, the "Wachovia experience" may change as the merger with Wells Fargo continues, so you really need to be looking at all three - if you sign up with Wachovia now, it may be Wells Fargo services, rates, etc. you have later on down the road.
Have you checked into some of the smaller banks around? I don't know much about banking, but I would imagine that some of the local start ups, like Aquesta, would be willing to give you great terms.
We currently bank at BoFA personally, but would go back to BB&T if they could get their online banking on par with the BoFA. Loved doing business with a mid-size bank who took no government money and get their credit guidelines in check. Would never use Wachovia again after an identity theft issue. Just my personal opinion though.
I have my small business account at Wachovia. I have been there for about 3 years now and haven't had any problems. I have had an issue where someone used my card without my permission and I had the money back in my account within 24 hrs and got a new card within a week. I have no minimum balance and no monthly fees.
A lot more goes into business banking than which one is better? Do you need to have access to an ATM system? Will all your banking be done in the bank branch? Will you be setting up loans?
I have used B of A, BB&T and Wachovia for all my businesses. B of A has been the easiest to work with. I like having access to ATM's all over the country. I have no minimums and and no monthly charges.
I also use Sun Trust for one of my businesses and love them.
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