Openning a business/Corporate bank account

[Nir]

I would appreciate any tip regarding openning a new business account at the bank. For example, is there any bank better than the other (i.e. CIBC vs. Royal bank) or does it not really matter with whom you set it up as service and fees are kinda similar(?) THANKS.

 

[hazed]

QUOTE (investmart @ Dec 10 2007, 10:01 AM) I would appreciate any tip regarding openning a new business account at the bank. For example, is there any bank better than the other (i.e. CIBC vs. Royal bank) or does it not really matter with whom you set it up as service and fees are kinda similar(?) THANKS.
They`re pretty much the same regarding service charges for a small business account. Before you can open one, you will require your incorporation document to verify your business name and date of incorporation.
Hazel

 

[timk519]

You also may want to check into "alternate" financial institutions. TD lowest rate is $20 / month, and only pays 0.5%. Manulife pays 4% on all balances, and the fees are much more reasonable.

I have a TD account for deposits, bill-paying, etc. and store "extra" cash in the Manulife account.

 

[mikecunning]

QUOTE (investmart @ Dec 10 2007, 08:01 AM) I would appreciate any tip regarding openning a new business account at the bank. For example, is there any bank better than the other (i.e. CIBC vs. Royal bank) or does it not really matter with whom you set it up as service and fees are kinda similar(?) THANKS.


I`ve been at TD for years and finally FIRED them! I think all the costs are pretty much the same where ever you go. Heading over to HSBC because people there seem to acutally be...er, people! One thing you might want to consider is where you are investing...is there a TD/HSBC etc branch in the area? Or do the tenants have to put their rent on a bus to get it to you...

 

[timk519]

I just ran across this product from Manulife Financial, which may be of interest:Manulife One for Investment Property
http://www.manulife.ca/canada/mBank.nsf/Pu...mone_investment

Key benefits
By opening a Manulife One for Investment Property, you can:

• Have all your property expenses and rental income tracked in a single account
• Receive a clear, comprehensive monthly statement
• Have your interest costs totaled throughout the year for easy tax accounting Enjoy a flexible lifetime line of credit Pay interest-only or principal-and-interest payments Significantly reduce your total interest costs and years to pay

 

[navaz]

By saying you are opening a business bank account - I take it you mean you are opening a bank account for your Corporation - all the major banks cost about the same -they are a bit more costly and painful with rules.

 

[George]

Good evening,

I`d like to toss in that you give some consideration to the managers at the particular branch you will be working with. While generally speaking I believe one bank is the same as the next, although admittedly there tend to be cycles in their receptiveness to credit granting, I do believe that there can be a huge difference in the managers which in turn can interpret the rules more favourably for different people.

If you`re not familiar with one vs. another, you may want to ask your accountant, lawyer or fellow investors for recommendations.

Warm regards...

George

 

[Nir]

Thank You George.