Bank Research

We're gonna switch banks. Please add information and questions that would help us in our decision.

Our Information

 * Current accounts:
 * Main savings account (where we put our operating reserve)
 * Main checking account (bills, payroll, regular expenses, most deposits go in here)
 * Extra account for transferring money in from PayPal (from eBay sales)
 * Extra account for transferring money in from PayPal (from donations and other online income)
 * Sorts of transactions that we'll need to make on a regular basis:
 * A few times per week: cash and check deposits
 * Payroll through Paychex, once per month
 * Tax payments through Paychex, monthly, quarterly, yearly
 * Online transfers from eBay sales, etc. (mostly payments to us), monthly or so
 * Sorts of transactions we'll need to make occasionally:
 * Get change for tills
 * We may want extra accounts for holding grant money earmarked for specific purposes

Initial Checklist of Questions

 * 1) Can businesses sign up (or just individuals)?
 * 2) What sort of online access would we have to our accounts?
 * 3) Do you offer Merchant Services (credit and debit card processing)?
 * 4) Can I get information on rates, fees, etc.?

If we have problems getting the above information answered quickly, we probably want to eliminate this financial institution as an option.

More detailed questions

 * What do your monthly statements look like?
 * Where's the nearest branch where we can accomplish most of our banking needs?
 * Interest rate on savings, checking?

Rates and Fees

 * Monthly service fee
 * Bounced checks (when we try to deposit a rubber check someone wrote to us)
 * Interest rate on checking account?
 * Interest rate on savings account?
 * Minimum balance on checking account?
 * Minimum balance on savings account?

Top Choice

 * Unitus http://unitusccu.com
 * Shawn's CPA, who works with lots of credit unions, likes this one best because it's still efficient, but it's a little smaller and more warm and fuzzy feeling. It used to be Oregon Telephone Employees Credit Union, and its closest branch is a few blocks from the other side of the Hawthorne Bridge.
 * Closest branch (exact): 1300 SW 6th Ave Portland, OR 97201 (27 blocks -- across the Hawthorne bridge)
 * Services available at this location:
 * Unitus Mortgage
 * Notary |  Safe Deposit Boxes  |  ATM  |  Tech Center  |  Coffee Bar
 * Services available at next nearest location:
 * Notary |  Safe Deposit Boxes  |  ATM  |  Tech Center  |  Child Center  |  Coffee Bar

There are actually two branches quite close to Free Geek (as the crow flies.

Like all the credit unions we checked out, Unitus has:
 * online banking
 * merchant services

They, however, were the only credit union to actual have brochures oriented to businesses. They offer both basic and interest checking as well as a money market account.

They plan to have some other business related services set up in the near future:
 * payroll services in place later this year (in the event we want to move that business from Paychex someday)
 * business lending

Others Considered
Credit unions tend to have fewer fees for banking, and less rules to navigate in order to avoid extraneous fees. They also keep our money local-er. We've been advised that, if we go with a credit union, we should use a big one. Here are 3 big ones in town.


 * OnPoint (PTCU) does not allow business accounts, so they're out.
 * First Tech http://www.firsttechcu.com/
 * This one's really big. The closest branch is in close-in Lloyd District, but that branch doesn't have _all_ the services available. It has basic ones, though.
 * Closest branch (exact location): 650 NE Holladay St. Suite 160, Portland, OR 97232 (~30 blocks)
 * Services available at this location:

Some other close by credit unions (smaller, I guess):
 * Rivermark Community Credit Union https://www.rivermarkcu.org/
 * Closest branch: 2537 SE Hawthorne Blvd, Portland, OR 97214 (18 blocks from Free Geek)
 * Services available at this location:

Big banks, in theory, won't mess up as much, but have more fees.


 * Key Bank http://www.key.com/
 * Closest branch: 726 SE Morrison St, Portland, OR 97214 (12 blocks from Free Geek)
 * Services available at this branch:


 * Umpqua Bank http://www.umpquabank.com/ are based in Oregon.
 * Closest branch: 1448 NE Weidler St, Portland, OR 97232 (38 blocks)
 * Services available at this branch:


 * I couldn't find a Shore Bank location anywhere near us.