Business Banking

[Lulu]

So who do you bank with for your business and why?

Do you have the same bank for personal and business?

Have you negotiated any 'deals' on fees or interest?

Is there any bank that annoyed you?


SANKS in advance....

[Nicambhar]

K, this is all over the shop.

We have a finance broker do all of our deals and we have a business loan with Westpac, company car with CBA and our company bank account and CC with NAB.

The loans were the best deal at the time and the NAB accounts were opened with them cause we banked with them personally from the start.

We bought our new home last Aug through our mortgage broker and he got the best deal with CBA so I have been moving all business accounts over too. I then get me a call just last week from NAB asking what they can do to get us back....well derrrr, better rates, no fees blah blah blah so I am waiting to see what they come up with for it all. Am still shocked that a bank called me with a better deal, not the other way round.

Never had a prob with any of the above mentioned banks at all really, but I would say that CBA have been the best and most helpful to deal with.

[ss_storm]

We use ANZ and they are good. Only thing is, but probably like most business banking accounts, is the number of fees they charge...they charge for excess EFTPOS and net banking transactions and a number of other things....annoying but what can you do!

[Trillian]

We have an agribusiness Farm Management account with NAB and they have been very competitive, but then none of the other big banks are really into agribusiness as much as NAB is, so it's pretty easy to stay with them. Our pesonal banking is with CBA though for 2 reasons - 1 is that they have a pretty good everyday transaction account that costs us bugger all per month, plus they no longer charge you for ATM withdrawals with CBA ATM's or any other ATM's for that matter and 2 is that locally, it is the only bank which I can actually take a pram/stroller into - all the other banks have crappy doorways or stairs so you have to leave the pram outside and just take the baby in.

One thing you might find with some business banking acc'ts is that you have to keep x amount of $$ in there each month and if you fall under that amount you get charged a fee for it. I know NAB used to do that with one of their regular business accounts, which is why we went for the agribusiness one cause we didn't have to keep a minimum balance.

[Lulu]

What about cheques? Does anyone still use them anymore lol?

What are the main differences with business banking accounts do you think if they still charge like a wounded bull for fees?

[Bathsheba]

Trill: I have heard Elders have a good agri-business financial service.

Lulu: I would think the Big Four banks would be similar in what they offer on a whole... from listening to my DH (a banker) you would do best sussing out the managers etc at your local bank... because that's what it will come down to: how good the staff are at the branch you want to deal with.

ETA: We still use cheques. That's how I pay my Kinder fees etc. They don't have B-pay.

My Dh could probably answer your other question... i'll ask him when he gets home.

[Lulu]

The local ANZ has such lovely staff but the Manager crapped me right off with my last business by reneging on a deal we struck and I feel like throwing eggs at her everytime I walk past, then they hit me with those STUPID overdraw fees, so they lost me. Pity, I like blue....

The local CBA manager seemed a little clueless, and NAB PEEVED me endlessly over my homeloan so they all pretty much suck!

Wonder if Westpac will look any better?

[Bathsheba]

LOL DH works for Westpac... only since this year... previously was with ANZ for 21 years.

You're on the right track: keep sussing out the PEOPLE who staff the most conveniently located branches. Because sometimes, espcially with business banking, the quality of service is worth paying a little extra for.... unlike a personal loan or mortage where you can just choose the best deal and forget it. You have to have a good relationship with your banker when you are in business. You wouldn't believe how the quality of service can vary in banking.... well, maybe you could, but yes... it really does vary between managers. A good manager will go into bat for you knowing creative but legal ways to help you get credit approved etc.... a bad manager will be impersonal and just want to tick those bloody boxes. Stating the obvious... but you can't apply a "brand" to banking in the way you can to other services like food... you can't assume that just because it's ANZ etc that the service will always be good... there will always be the human factor.

[Trillian]

We still do cheques, and they cost us $1 each time we write one out, so we use netbanking where we can because if you have a month with loads of bills it really adds up to a lot of money over the entire year. I don't think the farm account has fees each month aside from the other bank ATM one. That was the big difference we noticed with his previous account to this one - he had fees out the raazoo with that one and it was nearly $50 for the full year.

Bath - we've BTDT with Elders and we wont be going back is all I will say about that.

[Rouge]

Have you thought of a credit union? We use CUA for business stuff, and they are great

[Lulu]

I probably would think about a CU - if I could find one or even recognise one! I don't think there are many around here.

I need a branch (cos I plan on having to bank OODLES of cash!), where the heck can I find one to check out????

[RhiChiChi]

LOL DH works for Westpac... only since this year... previously was with ANZ for 21 years.

You're on the right track: keep sussing out the PEOPLE who staff the most conveniently located branches. Because sometimes, espcially with business banking, the quality of service is worth paying a little extra for.... unlike a personal loan or mortage where you can just choose the best deal and forget it. You have to have a good relationship with your banker when you are in business. You wouldn't believe how the quality of service can vary in banking.... well, maybe you could, but yes... it really does vary between managers. A good manager will go into bat for you knowing creative but legal ways to help you get credit approved etc.... a bad manager will be impersonal and just want to tick those bloody boxes. Stating the obvious... but you can't apply a "brand" to banking in the way you can to other services like food... you can't assume that just because it's ANZ etc that the service will always be good... there will always be the human factor.

I agree with this post wholeheartedly. I work for a major Bank in Melbourne CBD and this particular business centre I work at is by far the BEST. I have worked at 6 different business locations btw. The head honcho runs a fantastic team & he employs the right people to not only do their job, but to provide such a high level of service. Sometimes you may get a cheaper deal, but you can get crap service (or lack of). I guess the saying 'you pay for what you get' can be applied in this situation.

[Rouge]

There's a CUA in Ringwood (at Eastland) you could probably go in and chat to one of the people in there. Goodluck hon, I hope you find what you're looking for.