Banking Scam!

[HolyMoly]

Speaking of banks... I am about done with mine (Chase). They want to charge my Business $20.00 a month so I have the "option" to do International wire transfers. They charge $40.00 per transfer and I usually do two a month. By my math... I am paying them $1200 a year for a simple (we do all the routing on line) transaction. I have four Chase accounts and they are about to loose all of them.

Anybody know if Credit Unions do Intl. wire transfers?

Any small business banks you love?

I don't know if my credit union does international wire transfers. My credit union has fairly limited services for businesses. I wanted a credit line for financing short term inventory as I didn't have credit with my suppliers and I had a few days between when my customers credit card payments cleared and when I paid my suppliers. But they did work with me, and give me a personal line of credit, and a great interest rate (7%) and I could transfer the money to my personal checking account, then transfer to my business checking account. All done online. And because money would be paid back in 4-5 days, the % on the money moving around was about .05%...that is 5 100ths of a percent. My fricken merchant services got me with 2.75% per transaction. And if I paid my suppliers with a credit card, they hit me for 2.75% per transaction, where if I could use CHAX/Electronic payment, it was free.

[YoPengo]

I don't know if my credit union does international wire transfers. My credit union has fairly limited services for businesses. I wanted a credit line for financing short term inventory as I didn't have credit with my suppliers and I had a few days between when my customers credit card payments cleared and when I paid my suppliers. But they did work with me, and give me a personal line of credit, and a great interest rate (7%) and I could transfer the money to my personal checking account, then transfer to my business checking account. All done online. And because money would be paid back in 4-5 days, the % on the money moving around was about .05%...that is 5 100ths of a percent. My fricken merchant services got me with 2.75% per transaction. And if I paid my suppliers with a credit card, they hit me for 2.75% per transaction, where if I could use CHAX/Electronic payment, it was free.

I am going to look into charging 3% for all my CC transactions. I don't do many but when I do they are 15-20k and getting hit with that 2. whatever charge sucks.