Who do you bank with?

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02/07/2019

We are currently with a local bank, but am wondering if some of the bigger chains offer better deals for our business. We do a lot of credit card processing, but want to get away from that more. Was reading up about Zelle, but hardly know anything about it. I think we pay a flat fee of 2.5% on credit card processing which sounds really good. 

So ... do you bank with a national chain or someone local? What has your experience been with your branch?

JimBoone's picture
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12/18/2014

NRV Runner wrote:

So ... do you bank with a national chain or someone local? What has your experience been with your branch?

NVR Runner - We have a business & personal accounts with Wells-Fargo, savings mostly with our credit union, other small personal accounts with a different national bank and credit union "down home", gives us a contact when we visit. Wells-Fargo services our credit card system, no, not at 2.5%, but not really high either and I can text my rep on Sunday afternoon and get an answer if I have a need, I figure I'm getting value for my money, more important to me than cheapest, likewise, we hope guests choose us for value and not cheap prices.

PhineasSwann wrote:

My question is: How many people make their purchase with a points credit card and then pay off the balance each month to get extra cash back or some other perk?

Phineas - I see it as "game playing" on the part of the banks, but yes I play the game, charging everything and saying thank you for the cash back, it adds up. When we jumped into this business years back we made the decision to pay off the balance of the cards each month, can get out of hand too easily otherwise.

__________________

Jim & Maxine

 

PhineasSwann's picture
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09/25/2012

We have relationships with two banks, a national one and a local one. 

We started out with the national one because we had a relationship with them in our old town, so we set up our business checking prior to buying. Our business loans are with the local bank, so we use them for the second checking account we set up for our Spa business.

Right now we have TSYS handling our credit card transactions, but in April it will be time for our annual review of cc processing, utilities and insurance costs (also known as putting it out for bids). We'll see if we change anything. 

My question is: How many people make their purchase with a points credit card and then pay off the balance each month to get extra cash back or some other perk? We have a few but only keep them for emergencies. We keep thinking as long as we had the discipline to pay them off each month, we'd be better off getting a spiff back on all our purchases. 

__________________

Darren
Innkeeper & Owner

 

gillumhouse's picture
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05/22/2008

I use only one card now & pay off each month. We had a "family" card that had kept because it was the only card with Himself as the primary. I keep what was the biz card but  do not use it any longer. The "family" card has points - and yes, I DO use them.

Morticia's picture
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05/22/2008

PhineasSwann wrote:

My question is: How many people make their purchase with a points credit card and then pay off the balance each month to get extra cash back or some other perk? We have a few but only keep them for emergencies. We keep thinking as long as we had the discipline to pay them off each month, we'd be better off getting a spiff back on all our purchases. 

 Cash back. We have one card for the biz and one personal. The biz card gets the points, the personal card gets nothing.

 We cash out the points once/year.

 We pay both off every month. We’re deadbeats according to the credit card companies.

 Oh, we also have a travel card. Only use it for vacation. That one has perks on purchases like car rentals, etc.

 Whenever a store clerk tries to get me to sign up I ask what the interest rate is. Then I tell them that’s too high. No matter what it is.

__________________

What a long, strange trip it’s been.

 

seashanty's picture
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06/02/2008

Square for credit card processing ... as Morticia says, watch your rate. Easily use a tablet as a mobile pay station and even a cell phone for someone buying merchandise (sweatshirts, teeshirts and coffee mugs). Just plug the reader in, use the app and you're good to go.

Swtiched to a credit union from a bank years back. No fees to worry about for low balances when money is super tight ... after discovering a major bank started charging a monthly fee for our savings account when balance went below $3,000

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02/07/2019

Thank you!

gillumhouse's picture
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05/22/2008

Also watch the credit card processor for "extra fees" such as PCI or $5 per month for Statement. I discovered that 3rd party cards were charges additional fee and considered "non-qual" and charged at higher fees than the quoted when I signed on. Some corporate cards were charge at 4+% - almost 5%. The main reasons I went to Square.

Morticia's picture
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05/22/2008

Square for credit card processing. Verify your 2.5% processing rate. It’s really good, if that’s all you pay!

 Local bank for everything else. However, we moved the bulk of our savings into an online bank for the higher interest rates. 

 We were with a major national bank but changed when they neglected to give us a courtesy call to let us know about a much better interest rate they were offering.

gillumhouse's picture
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05/22/2008

I use a local bank for my checking & savings and a loan. I use Square for credit card processing - flat rate and the money ONLY goes in. They take their cut immediately so I do not have to wonder at the end of the month if there is enough in the account to cover the cc grab. No extra fees either like the processor had.

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