2013 HSBC Business Banking Review

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Postby whit » Thu Oct 03, 2013 2:28 pm

Just a heads up Chase recently changed their business offerings so the set up djrez4 has is no longer available but you are grandfathered in djrez4--

They have a lower threshold like TD bank, where its 1.5k in at all times to keep the account fee free--there is a personal account that can waive it (for Chase) however it is no longer the one you get free (premier plus) if you have a mortgage with chase and set it up on auto pay. It's the premier platinum or if you're chase private client.

The difference is TD gives a little more (500 trans a month) whether as chase is 200 but the monthly fee is a lot lower ($12, $10 if you go paperless) and $25 for TD

For best bet I would think of all the Qs you may have for the bankers of both institute and see which answers you like better

Things to consider to formulate your questions:
Do you do wire transfers? If so, international or domestic or both?
Do you take in cash? Actual bills..not checks..people somehow get this confused.
How many checks do you deposit on average a month?
What's the amount you usually like to keep in your account?
How has your profits been? Do you have any large purchases coming up?
When you pay your employees, if any, or vendors, or any other business expenses how do you usually do so?
Do you use quicken, quickbooks or sage peachtree?

What are you ultimately looking for in a bank?

Lots of Chase branches are open six days a week, some seven.

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Postby whit » Thu Oct 03, 2013 2:42 pm

The whole trans thing reminds me of like Verizon and how many GB/MB I go through a month to see which data plan I should get

If you go over its like 40 cents per trans over 200 for chase 50 cents over 500 for td

But most small, mom/pop, contractor, type of businesses wouldn't go over 200

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Postby Grupet » Thu Oct 03, 2013 3:16 pm

Thanks Whit.

My business is just me, so no employes. At HSBC I have a business checks, debit card and that's it, no credit cards.
I like having a minimum of $10K in the account, but usually more.
My business is a Sole Proprietorship.
I do do international money transfers, but 99% of the times it's money coming to me from overseas, I have a few clients
from Europe that pays me that way. My other clients from US pays me by checks, so NO cash at all.
I deposit checks 5-10 times a month.
I use the business debit card for business purchase on/offline, and checks for paying office rent etc.

I have an online access to my account, but it's not linked to my personal accounts, which I find kind of annoying.
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Postby whit » Thu Oct 03, 2013 4:17 pm

My pleasure

I know HSBC had business accounts that waive wire fees depending on your balances--how much did you pay there if any?

Td is being very elusive with their wire fees and since they're on east coast mostly I have no idea if all of their accts do allow wires and if so the cost

That's where my main concern would be

Chase has three, I can go into details but simply put

Total--incoming/outgoing wire domestic OK. Incoming wire international OK. Outgoing wire international not allowed but will do one grace one every twelve rolling months

Performance-incoming outgoing wires okay on domestic and foreign however they have a higher threshold in terms of minimum balance--50k or $20/month. They also allow 2 free incoming per statement cycle. So it's a $30 break.

Platinum--incoming and outgoing wires both domestic and foreign okay. 100k minimum balance or $95/month. Four free wires (does not state domestic only!!) and incoming, all, are free

Their price structure is to the point
15 for all incoming
30 outgoing domestic
45 outgoing foreign

You have really low usage save the wires, which probably explains why you're with HSBC (only because I have heard they waive fees for certain businesses)

See what TD says in comparison and if they can make it so you can log into one user name and see all of your accts--Chase does that and does allow you to delegate your acct (create user id for employees or accountants and control the amount they can view and transact if at all)

As for the cc you have with HSBC, depending on how long you've had it, the credit line, the perks and whether there's an AF or not. It wouldn't hurt to keep it if there's no AF

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Postby djrez4 » Thu Oct 03, 2013 4:26 pm

Great info, whit.

I had no idea I was grandfathered into a now-defunct account type. Best believe I'm keeping that one.
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