Hokay, so I visited FNB today and I will be starting a new business account with them tomorrow.
Below I mainly describe my experience thus far with Standard Bank (Std Bank) and FNB as Std Bank is my current preferred bank. I'm an "ex-NedBank" customer if you must know.
[ Service Comparison ]
I still prefer Std Bank as my branch as it is organised, warmly greets you, are seated with a ticket number and seen to very quickly ( 5 min during peak time. Sure, maybe I was "lucky" ).
I have to say that my first FNB experience today wasn't so fantastic as a new "business banker" but I was determined for the sake of SA-PayPal connectivity. There was a seating area with a tv, no one in sight and after 20 minutes, one of the consultants finished and attended to me.
ABSA, please get off your pedestal, I really don't like having to make an appointment just to see you about starting a business bank account.
[ Pay Pal know how ]
They haven't officially been trained or know anything about PayPal except for receiving a memo or something to let them know that it's on its way.
So I have taken a calculated guess that I will need a business account that has internet banking at a minimum ( There are 3 types of business accounts but only one that has internet banking ). They made a copy of my documents ( listed below ) and said that they would have all the paperwork sorted by tomorrow for me to just sign.
[ Business account startup comparison ]
I am quite impressed with the time it takes to start a business account with FNB; with Std Bank, it took me 3 weeks.
It would have taken a week or less but something happened to my application... and funny enough, I was the only "unlucky" person out of all their business bankers that month ( several hundred ). I'll admit, I could have just been that last 1% for the month.
[ Card facility comparison ]
I get a Visa cheque card and cheque book out the box with Std Bank ( connecting it with online shopping was a little mission but not because of Std Bank but Visa ). With FNB, I am told that I will be getting a debit card and cheque book out the box and a cheque card once I have cash flowing in and out for 6 months. I will be finding out the fee comparison tomorrow but currently, I am paying R75 flat a month for my Std Bank business cheque account which has free internet banking (including low transaction fees) ABSA and NedBank! ( Yes, I have shopped around and they don't give it for free, it's an additional R90 for ABSA and R15 for NedBank for internet banking; you don't want to even know about the fees for transacting )
[ Business Account Information - type of accounts, features, fee structure, pricing, etc.]
ABSA - You have to pull out their teeth before they make you a photocopy of some of their account info for you to go over in your own time.
FNB - Umm, the guy said he would email me more info, haven't received an email, so I guess he forgot to; understandable as he could be busy with all the paperwork he has to get ready for me to sign tomorrow.
NedBank - Reluctantly printed out several pages for me to peruse at a later stage.
Standard Bank - Said yes, here it is, and handed me a simple neat brochure.
Hey, but don't listen to me, my info could be outdated by now and they could have new pricing structures and lower fees as I was only shopping around the beginningish of 2010.
[ FYI ] As per usual, you will need the following to open a business account:
* Your green barcoded ID book.
* Some proof of address ( I showed them my latest monthly Std Bank account statement [haha] )
* Company document showing you own the business ( I are using a CC for this, so I showed them a CK1 )
[ If ya wanna register a company in South Africa, you can go here: http://www.cipro.co.za ]
I think a CC is the cheapest way for a freelancer to create a company and look more professional. The con is that you would actually have to run a company ( just keep up with admin in terms of tax but you could get an accountant to do that for you, a little more dosh though; so speak to your accountant friends first ; )
TM
Awesomeness lies in the hands of the brave
