We are now on part 3 of our 7 part series on banks and what they offer small businesses. Today we are looking at ATB Financial. Right from the beginning of researching this bank there is enormous amounts of information and guidance that they offer on their webpage alone. They have everything from the regular business banking/loans to templates on building a business plan and resources.
Fees and Accounts
ATB has two different categories when it comes to business accounts. There are accounts for business startups and accounts for business growth. ATB offers low rates for people who are just starting their business. If your business has started in 2019 you can be eligible for free banking for the year. It seems this is a limited time offer and would need to be discussed on an individual basis with the bank to see if you qualify. The offer itself is very appealing as it applies to each plan they have. They also have a Go 5 Business Banking plan which is $5.00/ month which includes 5 debit/credit transactions. Anything over is a cost of $1.50 including e-transfer. Of course they have their online banking which is free to access.
The second category they have is for businesses that have been around longer. Flex Fit Business Banking is a featured account that is broken down into tiers. The account starts at $19.00/month which gives you 25 debit/credit transactions. If you go over it is a charge of $1.00 per transaction till you hit the next tier so you don’t have to worry about huge costs. The next account is geared towards businesses that do 4 or more transactions per day. This is their Unlimited Business Banking account. There is a flat fee of $60.00/month and this also includes unlimited interact e-transfers.
Another category they offer is a Business Savings Account. If you have finances left over it may be wise to move money into a savings account to earn interest. There is no monthly fee and it is free to receive E transfers but a cost of $1.50 to send. As we know interest rates can fluctuate but currently you earn 0.20% under $24,999 and 0.35% over $25,000.
Loans/Credit
ATB has a number of loans depending on what you are needing for your business. It is important to note that acquiring a loan is on an individual basis. First off they have an Alberta BusinessCard. This card has low personalized interest rate and a payment of 3% of your balance. There is an annual fee of $65/year for a limit up to $50,000 and $130/year for limits over. Each additional card is $35.00 and it is set up with Apple Pay which is a pretty neat feature as its moving forward with technology advances. Secondly is their Business Term Loan which can be used for multiple reasons. They have fixed and variable rates with flexible payment options. This type of loan can have varying terms up to 20 years and you can be given up to 100% financing. Thirdly they have an Operating Line of Credit. This has variable interest rates depending on the amount you use with flexible repayment options.
Overall ATB Financial seems to be a comparable bank in terms of what they can offer for small businesses. Their online platform is highly informative and gives a great idea on what they service. There are many other options such as Point of Sale which has fees vary depending on what you need. They even offer a Government Tax Payment and Filing Service where you can pay and file online. There are numerous options and avenues that ATB can go down based on your individual business. Talking to the bank directly will give you the information tailored to your needs.
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