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?

Credit Unions

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 Technical 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
  • Services available at this location:
• 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 by PSU.
  • Closest branch (exact): 1300 SW 6th Ave Portland, OR 97201
  • Services available at this location:
    • Unitus Mortgage
    • Notary | Safe Deposit Boxes | ATM | Tech Center | Coffee Bar
• Rivermark Community Credit Union https://www.rivermarkcu.org/
  • Closest branch: 2537 SE Hawthorne Blvd, Portland, OR 97214
  • Services available at this location:

Banky-banks

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
  • Services available at this branch:

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