I am a Business owner. In the past I have delt with larger banks, but decided to do my business with a smaller bank to develop a more personal relationship. So I chose Minster Bank. This would prove to be a huge mistake! Minster Bank is not at all business friendly.
I own a company with approximately 15 employees. We are a growing business, and cash flow is very important. Mister Bank said they would be willing to work with us. This turned out to be false. Checks that would be deposited into the Business Checking would be held for 7-10 BUSINESS DAYS with NO NOTICE! 10 DAYS BEFORE THE MONEY WAS RELEASED! This was common practice for the bank. In the mean time any purchases of checks that were made against the already deposited, we cleared but charged large fees. When I would check with the companies who issued the checks to my company, I was informed the checks had cleared their bank the day I deposited them with Minster. They knew we needed our money, they had our money, and they knew by holding it we would be willing to pay the fees because e had no choice.
After questioning the bank manager both at the branch level as well as cooperate level, I was told it was Ohio law to hold checks of over $5,000.00 for that amount of time. They said any bank would do the same. After checking the state laws as well as the practices of other banks, I found these statements to be blatant lies. I have since closed my account with minster and taken my banking business elsewhere. In my short time with the bank, I incurred thousands of dollars in charges as a result of Minster Banks practices.
If you are considering doing business with this bank, I would advise you to reconsider. You can get better service elsewhere, and you will be better off for doing so! read more
