CFIB asked members to rank their financial institution on nine performance indicators, including lending terms, service charges, access to full-service branches, online banking and treatment by their account manager.
Although two banking institutions (Desjardins and National Bank) improved their ratings since the last survey performed in 2003, generally, levels of service satisfaction are low. The report concludes that although the banking sector claims it wants to increase service to small- and mid-size business, it’s “not making significant strides towards better serving the small business sector”.
The results of this survey don’t surprise me. In my opinion, the financial institutions that supposedly want to serve small businesses have a really hard time understanding what small businesses want and providing those services. For instance, as a small business owner, I have always wanted to find a business bank account that met my needs and did not cost two to three times the price of a personal bank account – something I still haven’t found.
So let’s focus on this one service that the banking sector provides small business. Which bank offers the best business bank acount?
Feel free to comment below on what makes the business acount you’ve chosen the best or to let us all know about a better option that’s not listed here if you know of one. Or comment on other bank services if you like.
More: Why you need a business bank account.
I didn’t vote – I don’t think any of the ones I have experience with are good enough to be ‘best’.
Be warned – CIBC charges a TON of money every month to have a business line of credit. RBC charges a fee ($100 – $300, depending on how big your loc is) every year to continue to approve your line of credit. A number of the banks (TD especially) are difficult when it comes to signing up for on-line payment of government remittances. CIBC seems to have at least a two day lag when paying bills or goverment remittances on-line, make sure you pay early.
On the plus side – CIBC’s business statement does list your cheques in numerical order which is convenient for reconciling. I haven’t seen any other banks do that.
Scotiabanks line of credit/visa card is convenient & wasn’t too pricey a few years ago – I’m not sure about now.
(Don’t laugh – Royal Bank’s statements are great for reconciling, unless you need reading glasses. Scotiabank’s statements just look messy, but at least the print is big.
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Kate
Hmmm… I hope this choosing not to vote doesn’t become a habit with people. I know what you mean, though. This is definitely one of those “choose the best possible option from the ones listed” question. Thanks for your comments, Kate.
Well, I voted my my local Calgary credit union. They are charging me a flat $12 fee, and no fee for deposits. I forget the rest of the details.
They are great to deal with on a personal level, and as my company is still at the micro stage, I appreciate the very low cost. I was able to easily obtain a debit card.
I don’t know about making auto payments for government remittances, but I would add an extra day as other transactions often seem to take the extra day to come through the credit union clearing system.
Overall, I am pleased with them.
Gwen
Wow! Not too much feedback recently. Currently I’m with RBC and as a sole propreitor, not to impressed with cost or service. Recently incorporated and Inqired with ATB. They don’t have great banking hours and fees/charges are expensive $170.00 for a starter kit, as well as they don’t have E-transfer as a provided service.
I am with RBC and anything but pleased with them. Their online Employers and Vendors is really poor and they shut it down every evening since its all manual I guess. I cannot comment on the other Business Banks since we were with VanCity before – not a good move for an international small company like we are.
I am afraid of moving even though I want to since RBC wont approve a US Credit Card for $5k for me without my husband’s signage. Yes you read that right. In business for 17 years and this?? How backward can you be.
Is there a bank in Canada that really works for the small business? Who knows? Do I have to try them all to find out?
Thanks for your comment, Kerri. I wish I could tell you that one bank was superior to any other, but as a non-international business, I find my local credit union provides all the services I require and I love their service.
Have to say, though, that I would be so outraged at needing my husband’s signature that I would move. You’re really being treated shabbily IMO.
Hi Everyone
I am with RBC, for three companies I own and all my personal accounts, including mortgage is with RBC since last 20 years .
But last few years, they are taking away all my “perks” that were given to me as a loyal -Royal customer. and every year they are increasing their fees for every service-personal and business.
Last week they sent a letter conveying that they will not send my BUSINESS statements BY MAIL unless I pay $ 2 for each or I can sign up for electronic version.
And the sad part is, by not mailing statements they will save at least $2 per customer and say they have one million business accounts, they will save that money plus whoever will sign up to pay that will be the extra income in their pocket!!!
I feel like they have too much arrogance and power. If any other service provider like cell phone, hydro, gas or cable do the same Government will FORCE them to change the way customer wants but because THEY ARE BANKS they won’t say anything to them .
Lets all start a campaign to force government to stop banks ripping us off. Small business have sometimes NO WAY to pass on these small fees to their consumers.
When Banks make profit, Government is happy and they say it’s good for the country but they don’t understand how they got RICH by robbing us, by charging small fees and their quarterly profit is in billions.
I am going to write to my MP and see if something is done about it.
Wow! Another jaw-dropping example of banks getting money for nothing, Tony!