Tom, 33, Entrepreneur - looking for a painfree bank relationship

At Qonto, we're meeting entrepreneurs all the time.

And we met Tom, a few weeks ago. Tom is the founder of a young and successful digital marketing agency. He told us about his 22-day journey to open a bank account. We had a good time hearing his adventures so we just wanted to share his story.

Day 1

'What bank should I choose for my SAS (Société par Actions Simplifiée) ?'

I googled all this, downloaded brochures. I don't understand the services that are actually offered, nor the pricing. 

Am I smart enough to understand the services attached to a bank account? If I were not self-confident, I would really start doubting my own abilities.

I contacted five banks, using their impersonal online form. I got an impersonal confirmation email in return.

Day 5

After a few calls, I ended up having three actual appointments with banks. They are all in the middle of the afternoon, but as the branches close at 5 PM and are not open on Sundays, let's say I did not really have a choice. The two other banks never followed-up. Is it supposed to be a good ratio?

Day 11

I met the three bank advisors. None of them will be my 'dedicated advisors' afterwards, if I choose the bank they work for. I still have no clue about how I should choose my bank. Our meetings really sounded like a police interrogation about my warranties and my project 'risk'. 

I naively thought I would be rolled out the red carpet, as I already have a great client portfolio and and available funds. I feel discouraged.

Day 12

I got an automated email from one of the three banks, saying that despite my 'amazing track record', I don't have sufficient warranties to be granted the right to open a business account.

What warranties do I really need to deposit (and not borrow) five thousand euros of initial social capital? Comment this post if you do have the answer, I still don't get it. 

Day 14

I chose a bank out of spite, because the branch was near my flat. I go to the branch (again). The advisor asks me to fill an excel file I could have filled and sent via email, and makes room for... another appointment one week later, so that I can sign my banking agreement in person.

Day 21

Here I am. Big day. I am at the bank branch, and I'm excited to be at this final step...

Hum, actually, I need to bring additional supporting documents (first time I hear about them).

Can I just scan them and send them by email? Of course not! I need to go in-person, tomorrow.

"This is the only way to finalize the opening of my account in an efficient way.", says Mr Bank advisor. ( Not sure he and I are aligned on the notion of 'efficiency', but I nodded and decided to go back to the bank the day after anyway.)

Day 22

Yay, my account is now opened! I finally deposited my initial social capital.

I still do not understand how much I will need to pay on a monthly basis.

I will get my payment means in 14 business days (cards, online banking credentials). It seems long, but at least I was able to finally register my company - it's been 3 weeks since I started looking for a bank!-.

I am so happy to be able to focus on my business now.

At Qonto, Tom obviously inspired us a lot.

Needless to say that opening an account with Qonto only takes a few minutes and the process is 100% online.

We don't have any physical branch, that's true, but we will answer any of your request in a fraction of the time you'd take to schedule your next appointment.

We met a lot of 'Toms', so if you know anyone who relates to this story, feel free to share the post!

Business banking should not be that painful, so help us spread the word :)

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The Qonto Team

(This post was originally published on Qonto Official Blog.)