Personal Internet Banking

I am starting a small business in Massachusetts, and was wondering which bank I should open a business checking account with. BofA charges outrageous fees, and the other banks I am looking into are good-sized, but I’m still afraid they could go belly up in the near future.

If you have started a small business (anywhere), how did you determine the bank you were going to bank with? Do/did you pay a lot of fees? If anyone has recommendations, I would love to hear them! Thanks!

Good question, Marin. What you want is a small chartered community bank where you can develop a personal relationship with the bank manager. This relationship will grow over time with your business growth and become someone that will vouch for you. Don’t fret about a bank going "belly up" as your assets are FDIC insured anyway.

The LAST thing you want is a giant bank where you’re just a number. You want a personal banker who knows you when you walk in the door, who cares about you, your business and will introduce you to HIS/HER clients. As your business grows, HIS business grows so you both have skin in the game.

So, it sounds odd but the smaller bank you use the better. They often have the lowest fees and the highest service, which is what you want.

Good luck, and use your local SCORE office as you get started. They really help.