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Silicon Valley bank is frankly awful. I used them for three years but just recently switched over to Capital One Spark Business Checking[1] and love it. Spark i

Silicon Valley bank is frankly awful. I used them for three years but just recently switched over to Capital One Spark Business Checking[1] and love it. Spark is all online, has zero fees unlike SVB (I used to pay $15/mo), and has solid technology again unlike SVB. The account gets setup instantly and your debit card and checks arrive about a week after opening. The Spark iOS mobile app is really solid and allows for check deposits. I highly recommend Spark business checking over SVB. [1] - https://www.capitalone.com/small-business-bank/ https://www.capitalone.com/small-business-bank/ EDIT: Also want to mention, I have two software products and was able to create two bank accounts under the same corporate tax id with Spark, which I was unable to do at SVB. This allows me to isolate income and expenses for each product as each has their own Spark checking account number and transactions under a single unified login.

seanmccann 10y ago
SVB's biggest value is in more complicated financial products for startups when traditional banks may not want to work with startups. I've worked with SVB in the past for an AR line that almost no bank would have given us. If you just need a checking account, then there are lots of cheaper banks with better UIs.
- jforman 10y ago
  Agreed. When I needed a letter of credit BofA refused to issue one to a new company, despite us having ample cash to cover our commercial lease. We switched to SVB, they issued one quickly, and we've been happy ever since. Their technology stack may be a little antiquated, but they are very startup-friendly in their policies. They offer lots, especially to well-funded startups, that you just won't find elsewhere.
- nodesocket 10y ago
  You have to acknowledge a bank named Silicon Valley and having absolutely terrible technology and only recently a mobile app that is not even native is somewhat of an oxymoron. They also nickel and dime fees. While I am sure SVB does assist with loans, investors, legal, most small businesses and startups just need a checking account and going with SVB is a mistake.
  - curuinor 10y ago
    VC's and tech financing really have awful technology in and of themselves. You can think of it as the cobbler's kids having no shoes or you can think of it as really technically competent folks only really being attracted to VC to get conventional VC money and not ever as customers, but they often just run on excel and such.
    - brazzledazzle 10y ago
      I wouldn't be surprised if being burned by one of their investments going under has made them wary of jumping headfirst into trends. Maybe avoiding bias plays into it too.
- ci5er 10y ago
  For AR, cash management facilities and even backing a bond for a long-term commercial lease, they are pretty startup friendly -- at the beginning. I had a company in the 90s that got caught in a couple of unexpected ripples (unrelated to our core business), and a couple of unexpected contracts that failed to close at the same time (completely related to our business), a cancelled IPO (because, Y2000's NASDAQ plunge) and then the private equity guys hiding under their desks, and ... yet more nonsense that ended up hitting a wall that had materialized out of nothing faster than we had planned for. Whatever - it happens. We found two buyers that, between them, would pick up >95% of our employees and get the investors 85% back on their ~$100m invested. Not great - but it sure beats a sharp stick in the eye. Silicon Valley would not budge on their first leinholder position on some cash we wanted to move to get liquidated to get everyone (including them!) paid. I think they held up an $85M million transaction over a $2M deposit we had in their bank (but they froze) for almost 3 weeks. Almost queered the deal twice over. At this point I don't remember the details, but I remember being frustrated (and very very surprised!) that they had changed from friendly/flexible to "nope! not gonna do it!" in a heart beat, and they almost lost out on getting paid their piece (which was bigger than the $2M note they were holding us up over). Weird.
serg_chernata 10y ago
This is awesome, thanks for sharing.
no1youknowz 10y ago
My bad. Misunderstood partially about the post/article.
- nodesocket 10y ago
  "Does Capital One work with foreign startups? That's really the main question here." Since when is that the main question? The title of the post is Atlas opens to US-based startups. Give Spark business checking a call and ask about foreign accounts 1-844-88-SPARK
  - no1youknowz 10y ago
    Yeah, you are right. My bad. I would probably think not due to KYC, etc.
lettergram 10y ago
Having worked at Capital One, and having both a SVB and Spark bank account. I totally agree. Spark is similar to Capital One 360 which let's you generate an account with a few clicks. Having multiple websites and products this makes it stupid easy
- Cyph0n 10y ago
  I opened a Capital One 360 account a few weeks back. Approved instantly, and got my debit card 2 days later! Great experience honestly.
mixmastamyk 10y ago
I've always been pleased with Charles Schwab, they've been pro-customer since before it was cool. No fees, even rebate foreign ATM fees, helpful customer service, mobile camera deposit, etc.
- markdown 10y ago
  > mobile camera deposit What is this?
  - gsharma 10y ago
    mixmastamyk probably wanted to say mobile check deposit using the phone's camera.
    - mixmastamyk 10y ago
      Yes, in the backwater known as the USA you will often still encounter paper checks. However, mobile apps allow you to enter a deposit using a photo of them. Still lame, but at least you don't have to drive to the bank.
- kcorbitt 10y ago
  Does Schwab have business checking accounts? Their page at http://www.schwab.com/public/schwab/investing/accounts_products/small_business_solutions http://www.schwab.com/public/schwab/investing/accounts_produ... lists brokerage accounts but nothing about checking accounts. I use Schwab for my primary personal checking account but it seems to me that they don't offer that service to businesses.
  - mixmastamyk 10y ago
    They have a bank as well, though now looking can't find mention of business specifically.
tommynicholas 10y ago
SVB is absolutely fantastic, has great service, saves us a ton of money on wires, and helps in so many other ways. Great bank, happy customer.
- nodesocket 10y ago
  Well not sure about saving you money. Wire transfers I believe across the board are cheaper using Capital One Spark $25 flat. Additionally you can transfer in and out of Spark for free using linked accounts not even within Capital One. Something not even possible with SVB.
  - tommynicholas 10y ago
    Wires from (most) SVB accounts are free so, that's factually inaccurate. If you had an account that didn't have free wires you had the wrong kind of account.
    - nodesocket 10y ago
      Wires were not free for me. I received a few wires from Sweden and recall paying a fee for each. Additionally there is an account service fee ($15) each month.
    - manigandham 10y ago
      Not sure what kind of contract you have but outside of a discount on the first N wires, all the accounts have fees for wires, both domestic and international. Were you transferring directly to another SVB account?
      - tommynicholas 10y ago
        Nope! But this is a regular SVB checking account not one through Atlas so I'm not sure what the differences are. My comment is defending SVB the bank, not necessarily the Atlas account which I have less knowledge of.
vaish 10y ago
Thank you. We value feedback and are constantly trying to improve our offering. We are always thrilled to hear from our users!
amorphid 10y ago
I used Silicon Valley Bank for a year or two. I thought I'd be running a startup, but ended up with a small business. SVB was not a great small business bank, but I can see how they'd be an awesome partner if I was running a funded startup.
- syedkarim 10y ago
  Could you elaborate on why they are better for VC-backed companies? In what material way?
  - manigandham 10y ago
    They're not. They do have lots of experience with VC-backed startup but the majors do too and they will all have great personal service if you have the that kind of VC (a few million+) in the bank.
  - _d8fd 10y ago
    One specific example is venture debt. If you raise a bunch of money from a whitelisted VC, SVB will lend you money on top of that. Maybe you raise $9 million from Accel Partners in a series B, and SVB lends you another $3 million. You get cash now without much additional due diligence, pay it back, over a few years, and keep more of the equity. Another nice perk is working a banker you can call who understands the cash needs of startups. You can speak to a person in plain English about how your whacky business model needs to work. They see all sorts of new weird stuff, and they are conditioned to want to help you. The value of having someone understand the highs and lows of startup life, and who will go the extra mile to resolve any hiccups is subtle, but nice. Basically, a startup banker for startups is nice in the same way a farming banker is nice for farmers. They can also help introduce you to investors. Having a banker on your side when you're raising capital is not trivial. That is all that comes to mind.
    - manigandham 10y ago
      We were profitable with 7 figure revenue in under 2 years and we couldnt get so much as factoring from SVB, even with Fortune 500 invoices. Any big bank will give great service, there's nothing unique here anymore. They all want your company to succeed as it means more business for them.
edpichler 10y ago
I have a Brazilian small company and I really would like to open a account there, but it seems it's not allowed.

seanmccann 10y ago

SVB's biggest value is in more complicated financial products for startups when traditional banks may not want to work with startups. I've worked with SVB in the past for an AR line that almost no bank would have given us. If you just need a checking account, then there are lots of cheaper banks with better UIs.

jforman 10y ago
Agreed. When I needed a letter of credit BofA refused to issue one to a new company, despite us having ample cash to cover our commercial lease. We switched to SVB, they issued one quickly, and we've been happy ever since. Their technology stack may be a little antiquated, but they are very startup-friendly in their policies. They offer lots, especially to well-funded startups, that you just won't find elsewhere.
nodesocket 10y ago
You have to acknowledge a bank named Silicon Valley and having absolutely terrible technology and only recently a mobile app that is not even native is somewhat of an oxymoron. They also nickel and dime fees. While I am sure SVB does assist with loans, investors, legal, most small businesses and startups just need a checking account and going with SVB is a mistake.
- curuinor 10y ago
  VC's and tech financing really have awful technology in and of themselves. You can think of it as the cobbler's kids having no shoes or you can think of it as really technically competent folks only really being attracted to VC to get conventional VC money and not ever as customers, but they often just run on excel and such.
  - brazzledazzle 10y ago
    I wouldn't be surprised if being burned by one of their investments going under has made them wary of jumping headfirst into trends. Maybe avoiding bias plays into it too.
ci5er 10y ago
For AR, cash management facilities and even backing a bond for a long-term commercial lease, they are pretty startup friendly -- at the beginning. I had a company in the 90s that got caught in a couple of unexpected ripples (unrelated to our core business), and a couple of unexpected contracts that failed to close at the same time (completely related to our business), a cancelled IPO (because, Y2000's NASDAQ plunge) and then the private equity guys hiding under their desks, and ... yet more nonsense that ended up hitting a wall that had materialized out of nothing faster than we had planned for. Whatever - it happens. We found two buyers that, between them, would pick up >95% of our employees and get the investors 85% back on their ~$100m invested. Not great - but it sure beats a sharp stick in the eye. Silicon Valley would not budge on their first leinholder position on some cash we wanted to move to get liquidated to get everyone (including them!) paid. I think they held up an $85M million transaction over a $2M deposit we had in their bank (but they froze) for almost 3 weeks. Almost queered the deal twice over. At this point I don't remember the details, but I remember being frustrated (and very very surprised!) that they had changed from friendly/flexible to "nope! not gonna do it!" in a heart beat, and they almost lost out on getting paid their piece (which was bigger than the $2M note they were holding us up over). Weird.

serg_chernata 10y ago

This is awesome, thanks for sharing.

no1youknowz 10y ago

My bad. Misunderstood partially about the post/article.

nodesocket 10y ago
"Does Capital One work with foreign startups? That's really the main question here." Since when is that the main question? The title of the post is Atlas opens to US-based startups. Give Spark business checking a call and ask about foreign accounts 1-844-88-SPARK
- no1youknowz 10y ago
  Yeah, you are right. My bad. I would probably think not due to KYC, etc.

lettergram 10y ago

Having worked at Capital One, and having both a SVB and Spark bank account. I totally agree. Spark is similar to Capital One 360 which let's you generate an account with a few clicks. Having multiple websites and products this makes it stupid easy

Cyph0n 10y ago
I opened a Capital One 360 account a few weeks back. Approved instantly, and got my debit card 2 days later! Great experience honestly.

mixmastamyk 10y ago

I've always been pleased with Charles Schwab, they've been pro-customer since before it was cool. No fees, even rebate foreign ATM fees, helpful customer service, mobile camera deposit, etc.

markdown 10y ago
> mobile camera deposit What is this?
- gsharma 10y ago
  mixmastamyk probably wanted to say mobile check deposit using the phone's camera.
  - mixmastamyk 10y ago
    Yes, in the backwater known as the USA you will often still encounter paper checks. However, mobile apps allow you to enter a deposit using a photo of them. Still lame, but at least you don't have to drive to the bank.
kcorbitt 10y ago
Does Schwab have business checking accounts? Their page at http://www.schwab.com/public/schwab/investing/accounts_products/small_business_solutions http://www.schwab.com/public/schwab/investing/accounts_produ... lists brokerage accounts but nothing about checking accounts. I use Schwab for my primary personal checking account but it seems to me that they don't offer that service to businesses.
- mixmastamyk 10y ago
  They have a bank as well, though now looking can't find mention of business specifically.

tommynicholas 10y ago

SVB is absolutely fantastic, has great service, saves us a ton of money on wires, and helps in so many other ways. Great bank, happy customer.

nodesocket 10y ago
Well not sure about saving you money. Wire transfers I believe across the board are cheaper using Capital One Spark $25 flat. Additionally you can transfer in and out of Spark for free using linked accounts not even within Capital One. Something not even possible with SVB.
- tommynicholas 10y ago
  Wires from (most) SVB accounts are free so, that's factually inaccurate. If you had an account that didn't have free wires you had the wrong kind of account.
  - nodesocket 10y ago
    Wires were not free for me. I received a few wires from Sweden and recall paying a fee for each. Additionally there is an account service fee ($15) each month.
  - manigandham 10y ago
    Not sure what kind of contract you have but outside of a discount on the first N wires, all the accounts have fees for wires, both domestic and international. Were you transferring directly to another SVB account?
    - tommynicholas 10y ago
      Nope! But this is a regular SVB checking account not one through Atlas so I'm not sure what the differences are. My comment is defending SVB the bank, not necessarily the Atlas account which I have less knowledge of.

vaish 10y ago

Thank you. We value feedback and are constantly trying to improve our offering. We are always thrilled to hear from our users!

amorphid 10y ago

I used Silicon Valley Bank for a year or two. I thought I'd be running a startup, but ended up with a small business. SVB was not a great small business bank, but I can see how they'd be an awesome partner if I was running a funded startup.

syedkarim 10y ago
Could you elaborate on why they are better for VC-backed companies? In what material way?
- manigandham 10y ago
  They're not. They do have lots of experience with VC-backed startup but the majors do too and they will all have great personal service if you have the that kind of VC (a few million+) in the bank.
- _d8fd 10y ago
  One specific example is venture debt. If you raise a bunch of money from a whitelisted VC, SVB will lend you money on top of that. Maybe you raise $9 million from Accel Partners in a series B, and SVB lends you another $3 million. You get cash now without much additional due diligence, pay it back, over a few years, and keep more of the equity. Another nice perk is working a banker you can call who understands the cash needs of startups. You can speak to a person in plain English about how your whacky business model needs to work. They see all sorts of new weird stuff, and they are conditioned to want to help you. The value of having someone understand the highs and lows of startup life, and who will go the extra mile to resolve any hiccups is subtle, but nice. Basically, a startup banker for startups is nice in the same way a farming banker is nice for farmers. They can also help introduce you to investors. Having a banker on your side when you're raising capital is not trivial. That is all that comes to mind.
  - manigandham 10y ago
    We were profitable with 7 figure revenue in under 2 years and we couldnt get so much as factoring from SVB, even with Fortune 500 invoices. Any big bank will give great service, there's nothing unique here anymore. They all want your company to succeed as it means more business for them.

edpichler 10y ago

I have a Brazilian small company and I really would like to open a account there, but it seems it's not allowed.