Which Bank for a Tech Startup in BC?

Either Coast Capital or Vancity and a “no brainer” for startups for these reasons:

  1. Lowest fees by a long shot!  
  2. Affiliation with “Big Bank” because “we’re going to be a Big Company” is a myth- big banks don’t look at you unless you have more than $500,000 in your chequing account.  They will happily bring you on when you can afford them and even then it is questionable whether it is worth it given how far Vancity and Coast Capital have come in establishing a really good business banking offering…!  The exception is when your investors have some “relations”! LOL’s
  3. Online services are free (GST, payroll remittances, and viewing cleared cheques)
  4. Transactional history goes back forever not just 3 months like big banks.
  5. Easier to get credit line/credit card or other forms of financing if you need it.
  6. Exchange rates and wire transfer rates are better although everyone uses Globex anyway.
  7. Fully Quickbooks, Simply Accounting and QCDocs compatible of course!
  8. Great service!  I’ll give the nod to Coast Capital as I personally bank with them.

Big bank order of preference:

  1. TD Bank (because of TD Waterhouse- easier to setup US ops)
  2.  Bank of Montreal (overdraw services is great but only for big companies.)
  3. CIBC- I still haven’t figured out their online statement system yet.
  4. Royal Bank- unless you establish debt with them they won’t give you an account manager?

US Banks

  1. Toronto Dominion NY, NY (if with TD only)
  2. Bank of America (Pain free experiences)
  3. Citigroup (Personally bank here but limited Corp experience- big is good presumably but suppose subprime exposure should be checked for all US banks.. see 1.)
  4. Silicon Valley Bank (I’d love to recommend these guys as dealt with them lots over the years when I was in Bay Area and back in Vancouver but their online system is unreal and they still got nailed although I think it was an E-Trade problem?

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