Will Big Banks Remember Small Business?
October 5, 2008
I bank at Washington Mutual and several weeks ago I joined in the panic, and transferred the majority of my business checking funds for “safe keeping” until the dust settled. As I kept tabs on the WaMu website, I was initially encouraged to discover JP Morgan had acquired the bank. I felt a little more secure reading the Chase Welcome page about how I was to continue banking as usual.
Then I began to seriously think about how the takeover will affect my banking long-term. I searched hard to find a small business-friendly bank willing to give me free checking, free online bill pay, no monthly service charge and no minimum balance requirement. I was very happy to recommend Washington Mutual as my preferred banking choice. After starting out at Wells Fargo where we hold our personal accounts, it was quickly apparent that spending $12-15 per month for basically nothing was a bad business decision. That money is better spent each month on a combination of web hosting, fax service, or online data backup.
As a national leader in business banking services and the nation’s #1 SBA lender, I really hope Chase does remember the small business community and will market to that segment, as Washington Mutual has done so well. If you feel passionate about your preferred business banking provider, please let us know.
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