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BANK RESOURCES

If you need some help finding a bank to work with, check out these resources first:
What to look for in a Profit First Friendly Bank

Low/No Fees

Look for banks that don’t charge transfer fees or monthly service fees. Some large banks have fee

 

No Minimum Balance

Check that the bank has no minimum balance requirements. Accounts with a balance requirement will charge fees if the account goes below the minimum amount.

 

No Transaction Limits

Checking accounts typically don’t have transaction limits, but you’ll want to read the fine print to confirm there are no limits on the number of transfers you can make in a month.

 

Online Banking Portal

You’ll want to choose a bank that offers online banking, and preferably a user-friendly one! This will give you convenient access for transferring money between your primary PF accounts.

 

Consider Local Options

Don’t forget to check out your local credit unions and community or regional banks!  Usually these financial institutions don’t have fees nor minimum balance requirements. If a local option checks the boxes above, it may be a great choice for you!

Once you’ve decided which bank you will use,
open these accounts:
Foundational Accounts - Every Practice should open these 6 accounts:
 
  1. INCOME: Checking Account for all incoming deposits. Your current checking account can become your Income account.

  2. PROFIT: Savings Account for owner profit

  3. PAYROLL: Checking account for payroll if you have employees other than yourself

  4. OWNER’S COMPENSATION: Checking Account for owner compensation

  5. TAX: Savings Account for Federal & State taxes

  6. OPEX: Checking Account for expenses to operate your business, like software, dues, etc.

 

Optional Accounts - It may be helpful to open these accounts, depending on the needs of your business. These accounts can be added to help reach specific goals or needs in your practice, or if your situation is complex:
 

  • EMERGENCY: Checking Account for extra financial cushion

  • EXPANSION: For practices moving to a larger or new location

  • FUTURE EMPLOYEE: For practices new to hiring or planning to hire for a brand-new role

  • BONUS: For practices with a bonus structures in place

  • PAID TIME OFF/SICK TIME: For practices offering PTO

  • ANNUAL EXPENSES: For large annual expenses, like liability insurance

  • CEU: For practices offering education reimbursement

  • DEBT: For practices with a significant amount of business debt

Profit First Friendly Banks

Below is a list of banks that have been noted as Profit First friendly. Please understand that the level of compatibility may vary by branch. Not all banks are compatible with all software options. Credit Unions are typically more Profit First friendly due to flexibility, however, many have had success with corporate banks.

Don't sleep on online banking! Relay is highly recommend as Julie's preferred profit first bank.
 

TIP: Communication is key! Sharing with the appropriate individual at the bank why it is that you are looking to open accounts can make all the difference.

  • Citizens Bank

  • Needham Bank

  • Middlesex Savings

  • Leaders Bank

  • Affinity Credit Union

  • Signature Bank

  • Pathfinder Bank

  • Empower Federal Credit Union

  • Glens Falls National Bank

  • M&T Bank

  • Adirondack Trust

  • Saratoga Springs

  • Neighborhood Federal Trust

  • Carver Bank

  • Spring Bank

  • 5th3rd Bank

  • Point Breeze Credit Union

  • United Bank

  • Sandy Spring

  • Citizens Union Bank

  • Coastal Federal Credit Union

  • Pinnacle Financial Partners

  • Franklin Synergy Bank

  • BBVA Compass Bank

  • Regions Bank

  • SunTrust Bank

  • Fidelity

  • Legacy Bank

  • Bank of Iberia

  • BBVA Compass Bank

  • Mainstreet Community Bank of Florida

  • Live Oak Bank

  • First Common Wealth

  • Huntington Bank

  • First National Bank

  • Eastern Bank

International Banks
  • National Australian Bank

  • ING Direct

  • Commonwealth Bank

  • BankWest

  • Australian and New Zealand Bank

  • Westpac Banking Corporation

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