Hi All,
I've been in business for 11 years and I'm currently a TD Canada Trust customer, however the branch recently decided to entirely remove their business teller. I have had no luck whatsoever getting a loan from them, and I don't want one.
However what I do need is services, I want to be able to use preauthorized payments from my tenants (We're a property management company) or other digital branch to branch payment options, such as Bill Pay.
We also need to be able to pay our clients by direct deposit.
I was previously told by TD Cash management that our business could not do preauthorized transfers.
I went to CIBC today, and they want me to apply for a huge line of credit, because we deposit all our checks on one day and what if all the checks bounce.... I was like well after paying everyone we're still not that profitable and they're like well you could put $100,000 in GIC and that would serve as security.
I've never had much luck with banks, to be honest, they're cheaper than a check cashing place, but that's their primary function. People talk about their relationship with their bank manager, and frankly TD seems to have a serious retention problem because people are cycling through my branch like toilet paper, it's always a new roll.
Anyhow being able to use new technology to be more efficient is essential to me growing my business.
So any Canadian Entrepreneurs here have decent banks? What is the best business bank?
Also my business is high volume, low margin so bank fees is a big deal. I can't even start to think about paying 2% of my gross to fees like payment processors want, I'd go out of business.
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