Which Bank Is Best for Pampered Chef, Need Advise

Click For Summary

Discussion Overview

The thread discusses various banking options preferred by participants for managing their Pampered Chef businesses, focusing on features such as fees, minimum balance requirements, and personal experiences with different banks and credit unions.

Discussion Character

  • Anecdotal
  • Opinion-based

Main Points Raised

  • One participant, identifying as a consultant, mentions a negative experience with Bank of America and seeks alternatives without minimum balance requirements.
  • Several participants express satisfaction with Washington Mutual, highlighting its free business checking and positive customer service experiences.
  • Another participant shares their experience with Commerce Bank, noting reliability and good service over time.
  • One participant mentions using a local credit union, appreciating its low minimum balance requirements and convenient ATM access.
  • Another participant discusses their positive experience with M&T Bank, emphasizing low fees and good online banking services.
  • Some participants express contentment with Wachovia, noting no minimum balance and free checking options available in their area.
  • One participant shares a positive experience with their local bank, highlighting personal service and community engagement.
  • Another participant mentions Digital Credit Union, appreciating the lack of minimums and free checking.
  • Some participants inquire about membership requirements for credit unions, indicating varying policies based on location.

Areas of Agreement / Disagreement

Views differ regarding the best banking options, with no clear consensus on a single preferred bank. Participants share a variety of experiences with different institutions.

Contextual Notes

Participants share personal experiences and preferences based on their individual banking needs related to their Pampered Chef businesses.

Who May Find This Useful

Consultants exploring banking options for their businesses may find the shared experiences and insights helpful in making decisions.

C
cewcooks
Messages
552
Ok, after my Bank Of America mishap I want to take my PC business elsewhere, what banks do you guys prefer, that don't make you keep a minimum balance!:)
 
I am loving the FREE business checking through Washington Mutual.
 
I have FREE checking with Washington Mutual. Not the business account, just a regular account.
 
I use Commerce Bank in PA. They have Commerce Banks in VA, too, right? I've used them the whole time I've been in business, never had a problem.
 
WAMU FREE for me too!
 
I use our local Credit Union. The minimums are $75 in savings and $10 in checking. I would use WAMU as well but they don't have a drive up ATM and the credit union does. I need it for the number of deposits that I have to make with PC. It's too much of a hassle to get out with my two DS's.
 
Credit Unions are the best!
 
i have bank of america and i haven't had a problem with the yet!! i got my account online and it was free everything!
 
I work for a bank...I would suggest you deposit with us, except we are not in your area!
That said - Bank of America would be an excellent choice - they are just about everywhere.
 
DH and I have been through quite a few local banks here. Most probably aren't in your area though. We're with M&T Bank now and LOVE it... only bank I ever had that mailed a thank you for opening an account. They have great online banking and their fees are way cheaper than anyone else ($18 overdraft fee vs our old bank that charged over $30!)... and we opened our accounts when they had a no monthly charge with direct deposit deal so with my PC account their monthly fee of $5.95 goes bye bye (even if it didn't it's one of the lowest monthly fees around here). Our other company we do have with Commerce and they're great too. Open 7 days a week and even on many bank holidays they're open! We're in a funky area though... so I'm half an hour (in either direction) to get to a branch - not very convenient. But their services are great and they offer next day availability for deposits.
 
I have been very happy with Wachovia
 
  • Thread starter
  • #12
Thanks to all your advise!
 
  • Thread starter
  • #13
oh, does Wachovia make you keep a minimum balance??
 
deleted due to seeing your other thread
 
Last edited:
cewcooks said:
oh, does Wachovia make you keep a minimum balance??
Click to expand...

I honestly don't know...:confused:
 
We have been very happy with wachovia. No minimum savings and free checking where we live in Newport News, VA. We use it only for PC transactions and they have been great. We have direct deposit routed through our personal account at a local credit union.
 
I use Wachovia, too. The account I have is no min balance, free acct, free checks, free check card...It is their "At Work Checking" I'm not sure the qualifications, though, as they seemed proud to announce we were eligible for it? We actually have all four checking accounts there (we use a modified envelope system).
 
I use my local bank that I have my personal checking at. I like that they have free checking, no minimum balance and free popcorn on Fridays (and cookies the first Friday of the month! :D ). I've never had a problem with them, I like their online banking, helps to keep me up to date of when PC withdraws money. They have locations over most of the town I'm in and in a couple surrounding towns which make it easy to deposit money on the run. Plus they are very personable and the tellers are very nice. One year around Christmas, my grandma sent me a check. Apparently I dropped the money on the way out and the teller noticed it and realized that I was the only person she gave a $10 bill to (grandma has a lot of grandkids!) so she sent it to my house with a note.

By the way, I've heard nothing good about Wells Fargo if they have banks in your area. I've had a couple of friends that had money not be deposited for several days. Their last daily time for deposits is 4 p.m. which I think is very early!
 
Last edited:
Christ Follower said:
I am loving the FREE business checking through Washington Mutual.
Click to expand...
This is me too! I love my bank there and I love the people! I have had many shows with the people from this bank! In fact a lady just ordered from me yesterday!
I have banked with them from the beginning but I got my free business banking about 3 years ago and I love it! They charge you less for checks that you deposit that get retuned, (you know, when a customer bounces a check to us!) When it was just regular checking the fee was more, and they offer free overdraft protection on this business account, which is nice... in case someone does bounce a check, the bank covers it and it won't affect you with the HO! Then you can just take the copy of the check they send you and go collect your money! LOL!:)
 
Credit Union!
At my credit union, you don't need to have any money in the business account for it to stay open, no fees and $500 overdraft coverage.
 
I use Digital Credit Union for all my baking (as does most of my family). There are no minimums to keep accounts open, there's free checking and they just rock all around!

Digital Federal Credit Union
 
MissChef said:
This is me too! I love my bank there and I love the people! I have had many shows with the people from this bank! In fact a lady just ordered from me yesterday!
I have banked with them from the beginning but I got my free business banking about 3 years ago and I love it! They charge you less for checks that you deposit that get retuned, (you know, when a customer bounces a check to us!) When it was just regular checking the fee was more, and they offer free overdraft protection on this business account, which is nice... in case someone does bounce a check, the bank covers it and it won't affect you with the HO! Then you can just take the copy of the check they send you and go collect your money! LOL!:)
Click to expand...

Cathy, what do they charge when you get a bounced check (from the customer)? Lately this has become an issue and my bank charges a lot. You could totally lose all your profits from other people being irresponsible.
 
Try BB&T. I have had no problems.....
 
  • Thread starter
  • #24
Do you have to be a member of an organization or anything to be a part of a credit union
 
cewcooks said:
Do you have to be a member of an organization or anything to be a part of a credit union
Click to expand...
Depends on the credit union. Alot around here let you as long as you live within the county the bank is in. My dad was a member of a credit union through the university he worked at that only let university workers bank there.
 

Frequently Asked Questions

Which bank is best for Pampered Chef consultants?

The best bank for Pampered Chef consultants often depends on individual needs, but many find that banks offering low fees, easy online banking, and good customer service are ideal. Popular choices include local credit unions, online banks, and larger institutions like Chase or Bank of America, which provide business accounts tailored for direct sellers.

What features should I look for in a bank account for my Pampered Chef business?

When selecting a bank account for your Pampered Chef business, look for features such as low or no monthly fees, free online banking, mobile check deposit, and the ability to easily track expenses. Additionally, consider banks that offer business credit cards and loans, which can be beneficial for managing cash flow.

Are there specific banks that offer benefits for direct sellers like Pampered Chef consultants?

Yes, some banks offer specific benefits for direct sellers, such as tailored business accounts, rewards programs, and financial education resources. It's worth researching local banks or credit unions that understand the needs of direct sellers, as they may provide personalized services and lower fees.

Can I use a personal bank account for my Pampered Chef business?

While you can technically use a personal bank account for your Pampered Chef business, it is not recommended. Keeping your business and personal finances separate can help you track expenses more accurately, simplify tax preparation, and protect your personal assets.

How do I choose between a local bank and an online bank for my Pampered Chef business?

Choosing between a local bank and an online bank depends on your preferences. Local banks may offer personalized service and community involvement, while online banks often provide higher interest rates and lower fees. Consider factors such as convenience, customer service, and the specific features you need for your business when making your decision.

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