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Had to choose between a traditional bank and a fintech app for my small business account, went with the bank and I am not sorry.
Picked First Midwest over Chime after 3 years of freelancing because I needed actual human tellers for cash deposits from my pop-up shop at the farmers market, and that weekly $50 fee for cash handling at the app was eating my margins; has anyone else found a fintech that actually handles cash well?
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willow_ellis3mo ago
That $50 weekly cash handling fee is brutal, I lost track of how much that added up to over a year. I tried doing cash deposits through a shared ATM network with a fintech once, but the machine ate my deposit of $1,200 in twenties and it took two weeks to get credited back, plus they charged me a $25 investigation fee. For a small business that deals in cash, having a physical bank with a real person who can count your deposit right there is worth the slightly higher account fees in my experience. I still use a fintech for my online invoicing and payments because the interface is way faster, but the actual cash goes straight to First Midwest every Saturday afternoon.
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iris_rivera442mo ago
Feel you on the ATM nightmare, I had a machine swallow $800 in fives last year and the same runaround happened to me. Totally agree that having a teller count it out on the spot is way better than dealing with that headache.
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