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
- Can businesses sign up (or just individuals)?
- What sort of online access would we have to our accounts?
- Do you offer Merchant Services (credit and debit card processing)?
- 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 Choices
Unitus
- 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
First Tech
- 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)
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.
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)
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)
- Umpqua Bank http://www.umpquabank.com/ are based in Oregon.
- Closest branch: 1448 NE Weidler St, Portland, OR 97232 (38 blocks)
- I couldn't find a Shore Bank location anywhere near us.