Avoid Bank Failures - How to Pick a Bank for Your Business | SVB | FDIC
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- Опубликовано: 21 июл 2024
- In the last few weeks, we have seen major banks fail, including Silicon Valley Bank and Signature Bank -- and you may have wondered, how do you protect your business from bank failures?
In this video I review what you need to considerer when picking a bank for your business, including your needs, the different options available, and strategies for managing the risk. I also share an option for those of you located outside of the United States.
00:00 Intro
01:18 Four Options
05:21 What do you need?
08:31 Bank of America (big bank)
12:47 Bank of the West (regional)
15:25 Mercury (online)
19:39 Navy Federal Credit Union (credit union)
21:21 Why the Banks Failed
27:36 Strategies to Manage Risk
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Legal Disclosure: I am licensed to practice in the state of California and before the United States Patent and Trademark Office. Information contained in this video is not legal advice - please seek advice of counsel. This video and description may contain attorney advertising.
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#businessbanking
Here's a link to the online bank that can help people located overseas: mercury.com/
Wonderful information you have given me, your clarity in explaining things is much appreciated!
What about American Express? I see many offers for business accounts with them as well as Chase. I feel like they could be great opportunities as well.
Yes I agree that AmEx is also a great solution -- I use them for credit cards and savings. They are great for credit cards especially because they tend to favor the card holder in any disputes. I agree that AmEx and Chase are good options to research, especially if you have a personal banking relationship with them already.
Please advise about the business credit card. Thank you Elizabeth
I generally recommend having an AmEx card and also one other MC/Visa card for the places that don't take AmEx (shop around for who is offering good rates, and also check out the bank where you are currently banking)
Great information and explained well!! Is it normal that with Business Accounts that you agree to acknowledgement of Statutory Lien language?
Also, what is your thought on PNC Bank?
Hm I don't know, does it have to do with a loan or credit line?
One aspect of PNC Bank is they are closing many (most?) of their branches to focus on mobile/online banking. So if you want an in-person bank, they may not work out
@@ElizabethPW That is one of the boxes you have to check to open an account with NFCU
What should one do with a deposit that was required for account opening if that deposit came from personal checking?
The initial deposit from the owner's funds into an LLC/Corp checking account would usually be tracked as their "capital contribution" (like buying the stock or membership shares of the business)
Bank of the west has only 1 person in each branch in the bay area with no experience on llc and holding structures to open business accounts
Ah thanks for sharing your experience, yes it seems like all the banks are severely reducing their in-person staff
What about the American Express Business Checking Account?
I have not personally used their check account but I do like their merchant accounts and credit cards, so it is something to try
A non-resident has already registered a corporation in CA, can he open a bank account while he is out of country, he can't go to bank branch in person.Thank you.
Check out www.mercury.com/
Credit union most due a hard credit check to open bus account
Strange that they do a hard credit check on a business account!