Best Bank ?

Will Thompson

New Forum Member
Registered
I am about to open a business account with a bank. Before doing so I thought it best to ask around for an opinion. Does one bank stand out for you as the best ?
 

Thomas Beyer

Senior Forum Member
REIN Member
A little vague. What transaction volume do you envision ? Do you envision a credit card too, or an LOC or a mortgage or online trading account or US $ account or US presence ?

Most banks in Canada are very similar and all expensive. Consider a credit union or an online ONLY bank to minimize expenses.

I have accounts with several banks and I find them all similar and the noteworthy exceptions are usually local managers or employees that come and go.
 

Will Thompson

New Forum Member
Registered
No US presence anticipated. I would be looking for an LOC, credit card, etc. My expectation is that this will become a full time job so I will need an account that can accommodate the usual business transactions.
 

Thomas Beyer

Senior Forum Member
REIN Member
Full time job ? How many units are you buying ? 35 ?

Don't confuse an investment to enhance your net worth with a job that provides regular income - please !!
 

Advantage

www.bwpconstructionedmonton.com
Registered
Hey Will,
I've had my plumbing company for about 6 years and have used BMO the whole time. They've been fine. The majority of my customers pay via cheque so having pavilions where I can cash cheques is important as well as quick access to cash flow....no 5 day holds or anything like that. Also, it's key that they have a well structured online banking system, you may find yourself paying bills online often like..fleet gas cards, company credit cards, suppliers, etc. Anything you can do to limit the time wasted running around is key. Also important to have easy access to your monthly statements so you can forward them to your accountant. Not sure where you're located, but if by chance you're in Edmonton let me know and I can forward my accountants info. He's a numbers wizard and has saved me a lot of $. Took two crappy accountants before finding a good one.

Also look into wave, it's an online accounting system. It saves a lot of headaches. It tracks everything and has templates for invoicing, estimates, bill payment reminders, even allows you to setup customers for online credit card payments....and it's free!
 
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