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Our rationale: 1. They had some GUI functions that other banks didn't -- like a lot of fields to optionally fill in for wires (instructions for intermediate in
by deepsun 4y ago
Our rationale:
1. They had some GUI functions that other banks didn't -- like a lot of fields to optionally fill in for wires (instructions for intermediate internation banks etc). Yeah we didn't use those, but for a power geek its nice to know it's available when we need it. Frankly, they killed most of those with their new "SVB Go" UI unfortunately.
2. More control on users permissions (e.g. approval limits).
3. Diversification -- one more bank is good.
4. Just the name -- we operate from Silicon Valley. :)
- roflyear 4y agoNone of these seem like great reasons tbh
- deepsun 4y agoActually we have a pressing need now, obviously :) What would be your reasons? Stability -- pretty much all top 20 banks should be pretty stable (until they aren't lol) So I honestly cannot think of anything differentiating besides how modern is their IT infrastructure.
- roflyear 4y agoMy reasons for picking who I bank with are based on risk & needs. I personally don't have more than $250k in cash, but I bank with who I do because they are convenient (ATMs everywhere across the US, for one) and they are one of the largest financial institutions on the planet.
- deepsun 4y agoYea, but how do you estimate risk? As I said, all top 20 banks are supposed to be pretty stable, and SVB was one of them. Credit Suisse was also very big. If one is not a banker (and we are not), it's kinda hard to know the risk. ATM is not really a reason for business banking. But Wires are, especially when you need to pay an international contractor in a foreign currency. And businesses usually have more than $250k.
- roflyear 4y agoWell, it's true that I probably would not be able to do that to a high level of accuracy. But that's my reason for picking a bank. I suppose that picking SVB or CS or whatever was still a good choice, because you wouldn't have lost your money!