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Old 07-19-2016, 11:27 AM   #1
XDCX
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Default Business Banking for Dealerships - Is one bank any better than the others?

I was looking into opening an Business Bank Account the other day and started to wonder if there was much difference between the fees and level of service offered by the various banks. Is one bank better than another or are they all about the same?

Additionally, I wonder whether most dealers do their Business Banking with the same bank that handles their floorplan or whether they use two separate banks/finance institutions?
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Old 07-21-2016, 08:10 PM   #2
mryan55
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For my non-auto business stuff I have had an account with Huntington National Bank for 5+ years. They offer a true no-fee, no-BS business account for <100 transaction per month operations. It works fine for my needs. Not even any of the little nickel-and-time fees that you pay without even thinking twice about.

As for dealership banking, we have our primary account with our flooring source. We also have an account with a local bank for needs like certified checks, wire transfers, and such... nearest branch is 2 blocks away versus 10 miles for our floorplan bank.

I imagine this isn't the case for the many stores floored with Ally. Unless something has changed I do not believe they offer any business accounts.
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Old 07-28-2016, 03:31 PM   #3
XDCX
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Quote:
Originally Posted by mryan55 View Post
For my non-auto business stuff I have had an account with Huntington National Bank for 5+ years. They offer a true no-fee, no-BS business account for <100 transaction per month operations. It works fine for my needs. Not even any of the little nickel-and-time fees that you pay without even thinking twice about.

As for dealership banking, we have our primary account with our flooring source. We also have an account with a local bank for needs like certified checks, wire transfers, and such... nearest branch is 2 blocks away versus 10 miles for our floorplan bank.

I imagine this isn't the case for the many stores floored with Ally. Unless something has changed I do not believe they offer any business accounts.
Thanks for the info.

The one fee that has caught my attention is the one that is tied to how much cash a business account deposits with a bank. Part of me wonders if this charge truly represents the added expense a bank incurs in dealing with cash or whether it's just a huge profit center?
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