Allison Price from Brisbane Earth Movers has had a lot of success by staying away from the big four banks.
What does your business do?
Our business specialises in screening, soil recycling, waste sorting and decontamination, such as asbestos and lead.
Who do you bank with for your business?
We use Members Equity Credit Union (MECU) for our business banking, and we really cannot recommend them highly enough.
Why that bank?
When I researched banks a couple of years ago, almost every other bank I came across charged exorbitant monthly fees for business banking. MECU’s fees are the same for business accounts as they are for personal accounts, and I can’t remember the last time we paid more than a couple of dollars per month for our banking.
Apart from the low fees, they are the most flexible and approachable bank I’ve ever come across. On one occasion last year I called to postpone a direct debit because a cheque from one of our clients was received late. The operator checked with her supervisor and I was told they were happy to honour the direct debit if I could just give them the amount and details. I was told to send the cheque in when it arrived the following week and that would be fine!
At times I need to make some large payments to contractors, which are in excess of our daily transfer limit. MECU does these over the phone for no additional charge because it is not something we could do ourselves. Even better, for a $10 fee they will organise same day clearance of the funds you are transferring.
Any downsides to your choice?
There are a couple of downsides we have come across. The nearest branch is 40 minutes away, and so we post cheques to be banked and they take five days (rather than two days) to clear. This is something you just get used to. They don’t have the same range of overdrafts, business loans and merchant facilities as some of the larger banks, but when was the last time you saw a bank freely offer credit to a new company anyway?