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Banking reviews in Ravenswood

  • D

    My husband and I are Engineers and Small Business Owners, that typically employ between 8 to 11 people. We've owned an engineering consulting firm since 1996, started from a 1-bedroom office and now a multi-million annual revenue operation! We started business banking with 5/3 when Chase was irritating us with fees, but that's another story. Everything was going fine with the business account(s) at 5/3 until this past year. Our primary customer is municipal governments, which get funding for their engineering work thru federal grants. Therefore, our customer payments are pretty much guaranteed. We've never lost a client, and we always get paid. Our revenue stream goes in cycles though. Our peak income comes in during construction season, and then revenue is tight around late Spring when we are waiting on new Federal Grants to be issued. Well, this year was the 1st year that we ever needed a "Bridge Loan" to cover our payroll coming up this month, just in case we didn't receive some anticipated payments that would be coming in within the following 2 to 5 weeks. Well, after years of having shown various large sums of money in our business account (and could probably even see that our peak revenue months by looking at the cycles in our business accounts over the past few years!!) they stated that they couldn't help us with a short-term loan! We EVEN offered vehicle titles on 3 company vehicles that the business owned clear title on!! I'm not sure if they turned us down on the business loan/credit line because we've never had to ask for business loans before but we told them that we expect 5/3 to send us a formal letter that explains WHY! Thankfully, we received our clients payments and made payroll, but the KICKER was yet to Come from 5/3 Bank! We received a client payment (check) from the City of Gary for around $250,000, and 5/3 told us that 5/3 would have to put a 9 day (NINE DAY) hold on that check! These idiots couldn't look at who issued the check, and make an "executive" decision to give us access to $20k! It was Unbelievable! As if denying us for a piddly bridge loan wasn't bad enough, now the morons want to sit on our check deposits just because they are over a certain dollar amount.??? So, if the check was for $30,000, we could access it?? Where is that "magic" check dollar amount that lets them credit the check to our account the next day? They couldn't contact the other bank, and see if they are "good for the money"?? Needless to say, we are shopping for a bank now! Today's slap in the face was the final straw! Thankfully, the client's account administrator is breaking their payment apart for us and depositing the checks for us in smaller amounts at the 5/3 in Gary! I will be searching Angie's List this weekend to figure out where to move our business account next week! I'm sure that some bank out there values a $250,000 deposit from their customers more than 5/3 does!

    - Deanne R.
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Banks in Ravenswood

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