Post Number: 5
|Posted on Wednesday, March 28, 2007 - 7:15 am: || |
First Spirit Bank will help small businesses with their credit ratings and give small business loans of $25,000 to $50,000. The bank will serve Detroit's Hispanic, African-American and Arab-American markets.
3/27/2007 Detroit News
http://www.detnews.com/apps/pb cs.dll/article?AID=/20070327/B IZ/703270316
Post Number: 8692
|Posted on Wednesday, March 28, 2007 - 9:34 am: || |
I have a question. This is the type of place that I would love to support but I tend to keep my checking account as low as possible and keep my money in investments.
Is there any benefit to this business haveing my checking account with a typical balance of $250-$1000? I don't know the banking industry and don't know if small accounts are a benefit or burden.
Post Number: 291
|Posted on Wednesday, March 28, 2007 - 9:46 am: || |
Any amount is a benefit to a bank. A smaller account balance means less money they have to pay interest on to you. As long as they keep their loan business up, its a win situation for them. With a balance of $250, they'll make more money off the fees they charge you than they'll have to pay you in interest, as well.