I have a client experiencing difficulties with their bank. Their relationship to their bank was testy at times, but then the bank was absorbed by another and things just went from bad to worse.
The bank now insists on a 48 hour hold on all deposits, even if moving from a sister company within the same bank. Hell they hold funds for 48hours coming from the banks own line of credit.
I had made a cautionary recommendation, my bank was on probation in my mind, and they meet with the client made promises to them. Even had them open accounts, only to tell them that they would not give them the LOC discussed and practically promised.
So they continue to look for a new bank. I made a couple other recommendations, to smaller banks; hopefully they can find a bank that believes in syncing all accounts, which does not have ridiculous holds on funds just to create overdrafts for the fees.
With the ongoing banking consolidations there is less real competition, poor to non-existent customer service. Where is small business supposed to turn?
I believe that small business owners now may need to have several banking relationships, to protect themselves and their businesses.