Quels sont les avantages d'utiliser la Silicon Valley Bank?

Oliver Cameron

Oliver Cameron, CEO at Voyage (2017-present)

Mise à jour il y a 334w · Voté par

Claire Lee, worked at Silicon Valley Bank

J'ai eu nothing but good experiences with Silicon Valley Bank (company). I spent two weeks in San Francisco with the sole purpose of setting up a business bank account for a company I'm re-locating there. Absolutely none of the major banks would give me the time of day. I put this down to the fact I am not a United States citizen, but that should have absolutely no bearing on me getting a business bank account for a registered LLC.

After returning home to England, I reached out to Silicon Valley Bank (company) and ended up setting up a bank account within a week.

For all of their down sides (a weak and somewhat outdated online system), I'm just appreciative Silicon Valley Bank (company) has some common sense and seems to want my business.

Apurva Desai

Apurva Desai

Répondu il y a 419w · Voté par

Jigar Patel, Strategic Analytics Manager at Silicon Valley Bank (2013-present)

My experience with SVB has been good. Some of the reasons include:

1. When re-negotiating terms on a Line of Credit, they were very fair with the terms during a difficult economy and a time when my company at the time didn't have much leverage.

2. They were very flexible in the LOC covenant treatment as well, both in amounts and definition when the company's business condition changed and one time charges occured which complicated meeting the covenant requirements. They could have used that opportunity to raise rates for non-compliance, but fairly adjusted the covenants.

3. They do offer credit cards with reasonable credit limits which helps for web companies which often have no choice but to pay for Facebook or Google ads or Amazon storage with a credit card.

4. They are connected in Silicon Valley and can make useful introductions to VCs, attorneys, and other startups.

5. They are affiliated with e-commerce gateways, which i haven't actually used at any of my companies, but would think is a helpful offering given the cash relationship the company already has with the bank.

Dick Karp

Dick Karp, Informaticien devenu directeur et profite maintenant de la vie, de l’univers et de tout le reste.

Répondu il y a 122w · L'auteur dispose de réponses 3.7k et de vues de réponses 4.5m

Most of the answers to this question compare SVB with “too big to fail” banks like BofA, Wells Fargo, Citibank, USBank, etc. Compared to those big banks, any other bank would look good. I doubt you would get any attention from a big bank even at $1 billion in revenue.

SVB needs to be compared to other banks which focus more on customer service, such as First Republic and maybe Comerica. In that regard, SVB comes out OK but nothing special.

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The test of a bank is whether you can get company credit cards or loans. Credit cards are fairly straightforward at a service-oriented bank. Where SVB stood out long ago was in loans to financed startups, but it is no longer any better there. It is living off its reputation.

SVB and similar banks like Square One are really only interested in companies with venture capital that isn’t used up much.

Aamir Virani

Aamir Virani, entrepreneur, engineer, founder at Dropcam

Mise à jour il y a 369w

You're right - they are the default. They can get quickly going and aren't scared of a big check, big transfer, etc.

Biggest pro: They know how to work with startups.

We were originally with Bank of America - they put a lockdown on the account for over a week. Then, when we wanted to make changes, we had to go to the originating branch. This is a headache if you are not near the location where you opened the account. If you move across the city or up/down the Peninsula, this will be a hassle.

Getting a credit card with them was impossible because of a lack of credit history. SVB handles this by asking you to open a CD in the amount of the credit limit you'd like. This becomes painful if you need to increase your limit.

SVB's "connections" are overrated.

If you go with SVB, you'll be given an account rep based on how much is in your account. At other banks you'll (possibly) be treated well if you have, say $200k in the account. At SVB that's piddling and you get lame support that lacks responsiveness - you may want to push for a real rep early.

Biggest complaint from bookkeeper: statements blow, and QuickBooks integration is atrocious.

Biggest complaint personally: they have one branch. You have to mail checks to them or drop them off... we've lost a few checks in the mail.

Biggest annoyance that may actually make you feel good: their online system is painful. If you don't log in for a while, it deactivates. Nice security, but also means a phone call needs to happen every time you decide to do some action.

Added 22 Sep 2011: Company name changes are typical in Silicon Valley, right? So SVB will update but then deactivate our credit card for two weeks while they send us a new card with the new company name... or we can pay $35 for the privilege of keeping it activated and FedExing the new card.

I'm pretty sure I've gotten a new credit card in the mail before without having my line completely shut down before.

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Jackson Strong

Jackson Strong

I have found this institution horrific to work with. For beginners, there are no physical branches where I’m located. This wouldn’t be a problem except for the fact that their mobile deposit app often times does not recognize certain checks and you have to physically send checks in the mail to deposit them (even though you’re paying for the mobile deposit service). Often times, the debit card will be declined, even if I call ahead to authorize a purchase and the funds are in the account. I had one transaction declined due to suspected fraud, which it was not, and since then every transaction is declined, and I have to spend 1/2 hour on the phone to unlock the account and make a purchase. Overall, its just been a nightmare of an experience. Banking with SVB is expensive, time consuming, and their web platform looks like it was designed on MS DOS in the 1980’s. Terrible!

Dennis van der Heijden

Dennis van der Heijden, Client of SVB

Répondu il y a 366w · L'auteur dispose de réponses 174 et de vues de réponses 203.6k

You get to work with Internet Explorer again, since eConnect their online system does not support Chrome.

They you will get also the chance to do lots of that 2009 manual export/import stuff again since most of the accounting software like LessAccounting and Wave doe not offer SVB as part of the connectors.

Besides these two point (that frustrates me every week again and again) their service on assisting start-ups is great.

,Anonymous

Anonymous

Répondu il y a 419w

I believe they are outrageously priced for small businesses - in this day and age they charge for online access to your account, for access to ACH, for access to online wire service (plus fee per wire) and other nickel and diming as part of an analysis account. The credit for cash balances to offset fees is minuscule. Several years ago when we needed a line of credit, they wanted us to maintain enough cash in the same amount in our bank account (duh). If it was not so painful to update all our vendors who use ACH and wires - we would think of moving away immediately. Small businesses are assigned a group account manager - we tried to contact them several times for clarification on fees and after promising to call us back, they never did. We do maybe 10 transactions a month ( most payments we make to online vendors and merchants are on credit cards like AMEX so show up as one transaction on the bank account) and our account fees are close to $200/mo

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Their money market deposit rates are also minuscule - if you have cash try to find better rates at ING or Capital One for your business deposits or other fixed income products.

We got into them several years ago because either our lawyer or VCs recommended them.

They have very few branches - but if you are a hi-tech startup you may not need in-branch services as you can usually manage with ACH and wires.

Few years ago they did not have any credit card products - that may have changed although you are likely better with an AMEX card.

That said, their online systems work fine. Barring a couple of delays in wires, I havent had any issues. I believe they credit check deposits within 24 hours - other banks may have different hold times. (There are annoyances like you can only do search on transactions over 45 days and export to Quick books is painful as you have to do it manually - they dont have an electronic tie up with QuickBooks )

They do offer foreign currency accounts, if that is useful to you.

If you expect to have lots of transactions (100s a month) your average cost may be more reasonable.

HSBC seems to offer business checking without some of the monthly fees for services like ACH and online account access - but I dont have long term experience with them.

Kyle S. Thomas

Kyle S. Thomas, works at Adora

Répondu il y a 114w · L'auteur dispose de réponses 286 et de vues de réponses 203.4k

Connections, connections, connections, and an understanding of what you do as a start up. Our SVB reps here in Phoenix are amazing and they don't act like traditional bankers. We've banked with both Chase & Wells Fargo and I can tell you that the way their business bankers treat start ups is very different than the way SVB does.

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