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    3 Replies Latest reply on Nov 4, 2013 4:16 PM by AngelBiz

    How Bank help or NOT Small Business

    ctsmiami Adventurer

      I recently have experience with Bank owning a small business account for a almost 10 years.

      We do construction and we just come out from slow, very slow recovery process, a list in FLORIDA.

      we been depositing check form builder, contractors, residential customers etc..any amount after we done a large job we deposit a large amount from a very well know builder and the "bank" put a total hold for 10 days only because is large amount...I understand 3-4 business days but 10 days?!!!

      Now, the Local suppliers and Sub-contractors etc... will be in Hold as well, meaning the chain of small business broke,,because the Big financial institute not have or may have to check the deposit in less day.

      that's not acceptable for a bank offering a small business account and not help the local small business.. maybe that's only with my bank maybe other bank have other guarantees which will not be in hold for so long.

      For sure I will looking in to it.

        • Re: How Bank help or NOT Small Business
          Guide

          Hi Ctsmiami,

           

          We have not had this experience as a constant situation. We are located in New Jersey. It may only be a one time issue or possibly a mistake. This situation happen to us once and when I inquired, the answer had to do with the other persons bank account. It could also be that the bank changed it's policy and you just missed the notification? That does happen. I would go into your bank and inquire why they changed their policy.  Depending on the banks answer, I would then shop around at other banks to see if they have a different policy.

           

          Let us know what happened.

           

          Melinda

          • Re: How Bank help or NOT Small Business
            AngelBiz Tracker

            Ctsmiami - I agree. 10 days is a long time to put a check on hold no matter what amount is. It would be worth asking the reason and if this is their normal policy it's time to find a better bank, which you are already doing.