What's the deal with banks?

[Dan Meyer]

I just started a new business, got clients, got a business license, but I can't get a freaking business account for the company. I spent 5 hours going bank to bank. Each had a different reason why I couldn't get an account. Each was for a different reason too. They want my business when I walk in, but after so many clicks on their keyboard, a flag popped up. I just want a place to deposit checks. Not a loan or anything like that. I want a small business account. One reason is a live in a residental hotel. It's cheap, no bills, and no lease. No bueno, commercial address not residental. Another was 3 major credit agencies said I am cool, the fourth had a block on me because of someone trying to steal my identity. Now I have that issue to deal with. The one who has the block, is considered the least of the 4. But the 3 majors has the me as good. WTF?

[Dan Meyer]

All taken care of finally. Wells Fargo finally over-rode whatever was blocking my new account sign-up. Yesterday a different branch said no. They wanted me to start a personal account, and then open a business acount in a couple of months. I knew it was nothing stopping it, but the banking robots clicking. At this branch I said. "All I need is a place to deposit checks, and cover bills from the business. I am not asking for a loan". After about the third time, he went to the branch manager, and got the over-ride authorization. Like DUH. You want my business? Give me an account. It is actually going to be a big business, just operating costs will only leave me around $4,000 a month or so give or take a few thousand. My investors said the way I set it up. They will invest over a million the first year, and I should expect about 7% return on that as profit for myself. They get the rest after operating costs. It's their money, not mine.