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Following the SVB collapse, bankers would agree that it became harder to be a favorite bank to any customer, since the public now rightfully harbors a special paranoia. However since it is incumbent on business owners and individuals to have a bank, this article deals with a very common question asked around the world today.
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Businesses require access to safe, secure, and affordable banking services, and the banking sector has embraced technology to help them with their daily operations. Consumer sentiment remains as crucial in banking as in any other industry.
Rapid technological advances and fast-changing consumer behaviors have forced retail banks to adapt their services to meet consumer needs by delivering improved experiences. The American Customer Satisfaction Index (ACSI) hasmonitored satisfaction benchmarks since 1994. It provides insights into how customers perceive the major and smaller retail banks in the U.S. Their perceptions help banks prioritize customer issues, personalize customer engagement, and improve their products and offerings.
Importance of Opening a Business Banking Account
Businesses need banking accounts for more than storing cash and making bill payments. As the world becomes cashless, businesses need faster payment acceptances, easier ways to pay their suppliers (even if these are overseas), and quicker access to incoming funds.
If you own a company, you should open a business checking account to maintain separate business and personal finances. There are several factors business owners take into consideration when choosing a business bank account. These include minimum balance requirements, the location of physical branches (if needed), fees, interest, and other services like payroll and accounting tools.
Best U.S. Banks According to Consumer Sentiment
Each business bank below meets several essential criteria business owners require at several stages in their business growth.
We recently removed Silicon Valley Bank from the list since it was shut down on March 10 by regulators. Best known for funding startups, the bank was placed under after it failed to raise funding. A new bank created by the FDIC, the Deposit Insurance National Bank of Santa Clara, will serve account holders with insured deposits.
1. Chase
Chasse ranks highly in consumer sentiment thanks to its full range of services and business tools. Besides offering a $300 bonus when opening an account, waiving the monthly fees is easy.
Unfortunately, Chase has limited free transactions, charges a fee for cash deposits exceeding $5,000 per statement, and does not reimburse ATM fees.
However, it allows you to manage all employee settings using your cards and to make payments. In addition, its mobile app has built-in card acceptance, including check deposits, bill payments, and transfers. Chase features also include integration with QuickBooks and other leading accounting software.
2. Bank of America
You can open a business checking account with just a $100 opening deposit and get 200 free transactions a month at the Bank of America. It has a versatile mobile app and free digital tools for cash management, payroll, and accounting. It uses ADP for credit card processing and payroll services. In addition, the bank has a partnership with Dun & Bradstreet, making it easy to check your customer score.
3. Bluevine
As an online financial technology company, Bluevine provides its services through its streamlined app and website. Bluevine has no minimum opening deposit requirement, no monthly fee, and no transaction fees. You can also earn 1.2% interest on checking balances of $250,000 or less.
Because Bluevine has no physical branch locations, it may not be ideal if you need to make cash deposits. It also does not have business savings, money markets, or CD accounts. However, it does have an excellent product if you need a line of credit.
4. Novo
Another online bank with no physical branches, Novo, has gained popularity because of its faster payments and rapid access to ACH payments. In addition, the bank does not charge account maintenance fees; it refunds all ATM fees, and you can make check deposits through the mobile app.
You will need a $50 minimum opening deposit but expect unlimited bill pay and invoicing. Some other features include integration with several business tools, including QuickBooks, PayPal, Square, and Stripe.
5. Capital One
To open an account at Capital One, visit one of its branches. However, this means you will have geographic limitations since its branches are only available in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.
Still, Capital One continues to show increasing consumer sentiments on satisfaction benchmarks because of its unlimited transactions, low monthly fees that are waivable, and free ATM use at 70,000 ATMs available nationwide.
You get free overdraft protection when you link your business account to another business account. Besides offering several business payment solutions, you can connect your account to accounting software. In addition, Capital One has several lending products, including credit cards, but like most business accounts, don’t expect to earn interest.
Beyond banking in the U.S:
There are other banks too, particularly if you do not need to bank in America. For example, recently, the Governor of the Central Bank of Belize, Kareem Michael, met with the President of Caye International Bank, Luigi Wewege: they discussed additional measures to safeguard bank accounts in Belize.
In Switzerland, UBS took over Credit Suisse – which means that the two banks combined, represents one entity with capital twice the size of the entire Swiss GDP.
U.K. offshore jurisdictions like the Isle of Man, The Cayman Islands and elsewhere, also provide interesting options worth exploring.
Conclusion
These 5 are the best banks based on consumer sentiment analysis. Whether you choose an online or physical bank for your business checking account depends on your business needs. However, remember that whichever you choose, you must provide the correct documents to qualify for a business account.
