Just incorporated Delaware C-corp. Need business checking account. Seeing lots of founders recommend Mercury. Anyone have experience with them vs traditional banks like Chase or BofA? Pros/cons?
Mercury pros: Online application (approved in 2 days), great UI, free ACH/wires, integrates with accounting software, no minimum balance, virtual cards.
Cons: No physical branches (can't deposit cash), FDIC insurance through partner banks, some vendors want "real" bank for large contracts.
I use Chase. Reasons: needed a business credit card for travel rewards, wanted relationship for future credit line, have branch near me for occasional cash deposits. Monthly fee is $15 but waived with $2K balance.
Best of both worlds: Mercury for ops (payroll, vendor payments, daily stuff) and a traditional bank account for one-off needs. I keep $5K in Chase for when I need branch services. Mercury is primary.
If you're raising VC: many investors wire to SVB/First Republic type banks. After SVB collapse, Mercury and Brex picked up a lot of startup banking. Investors don't care which bank you use, just that you can receive wires.
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