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    4 Replies Latest reply on May 14, 2010 12:53 PM by BrianW

    How to work with multiple banks?

    BrianW Newbie
      I am starting a franchise business that will ultimately have 3 locations. The first location will be opening in about 3 months.

      Currently I have 1 bank account with a national bank for my company.

      However, the nearest branch of this bank from my first location is 10 minutes away. There is another national bank literally right next door to the my first location.

      I would love to use this bank next door to make it easy for my store manager to drop off deposits, get change, etc.. But I also want to retain my current account so that I can use it to pay payroll, etc..

      Having an account for each store also seems like it would be easier to track things and make sure that noone but me has access to most of the funds as they will mostly be in the central account.

      However to make this happen, I would need some way to sweep the money into the main account at my external bank.

      Is there an easy way to accomplish this?
        • Re: How to work with multiple banks?
          amspcs Ranger

          I have lots of merchants in this situation. If your managers will be making daily drops of cash, clearly you need to chose a bank physically near each individuial location in as safe a spot as possible in order to safeguard both your employees as well as
          your money. The shorter the distance your employees have to travel laden with bags of money, the better. So these bank choices should be made regardless of bank brand---whichever bank has the closest and safest branch to each of your
          individual locations, that's the one you go with for that location.

          However, you obviously do want to have one main bank 'chief' bank account. So that's just a simple matter of using the 'satelite' branches only for depository purposes, but immediately transferring from each satellite branch into your main branch.
          This can usually be accomplished nowadays in mere seconds over the computer.

          In any event, this is the way I'd do it. Any other thoughts?


            • Re: How to work with multiple banks?
              BrianW Newbie
              Thanks for your response. Those were my thoughts on the matter as well.

              My biggest question though is how to best transfer the money. I don't see anyway to transfer to/from an external bank account using either bank's website.

              So will I have to physically go in to one of the banks and pay some sort of fee to do this every time I do it? Obviously this could get cumbersome with multiple locations.