How to Choose the Right Bank for Your Small Business

Written by promotiondept

September 27, 2018

Last Updated: Jan 8, 2014The bank you choose for your business has a big impact on your daily operations. Use these tips to be sure you make the right choice. Did you give much thought to the bank that will hold your business accounts? On the surface, it seems simple; use the bank that holds […]

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Last Updated: Jan 8, 204
The bank you choose for your business has a big impact on your daily operations. Use these tips to be sure you make the right choice.

Did you give much thought to the bank that will hold your business accounts? On the surface, it seems simple; use the bank that holds your al accounts. You know how they operate; the tellers are friendly, they give your children suckers, and it’s close to home.

Those are all great qualities but for your business, especially as it grows, you need to do some more digging. The bank you chose or are planning to use may be the right choice but here’s how to know for sure.

Bank or Credit Union?

Both will gladly take your business and if you’ve read one of the many al finance articles on the subject, you know that credit unions are definitely worth a look. They can sometimes offer lower interest rate s, higher interest rate deposit accounts, and friendly, alized service since they’re often community based.

That doesn’t mean they’re automatically your first choice. While they’re rapidly improving, credit unions might not offer all of the technology you get at one of the big banks. Online check deposit, a mobile app, and advanced bill pay features might be lacking.

Second, a credit union can only lend 12.25 percent of its total assets to businesses. Because so many banks tightened their lending standards after the financial , credit unions took advantage of the opportunity to lend to customers who were turned down by other banks.

As a result, some are close to that 2.25 percent level. You might find it difficult to get a at a credit union. If you think you will need a business , ask a lot of questions of your credit union before mng it your “bank” of choice.

Other Considerations

Whether it’s a bank or credit union, the process of evaluating a potential bank (we’ll use the term loosely going forward) is the same. Keep these thoughts in mind.

) The size of the bank Especially for startups or truly businesses, forming a relationship with your bank has advantages. When you need cash fast, the er community bank can make that happen quickly and they won’t just look at your balance sheet. The value of your good name might carry more weight in a er bank.

But a larger bank may offer better interest rates, more flexibility in terms and a larger offering of products to fit your needs.

Just because the bank is doesn’t mean it’s friendly and interest rates vary. If the interest rates are your primary focus, look at all banks and remember that fees and rates can be negotiated. Just like you would when purchasing a large product, it never hurts to ask for a better deal. Nobody is going to refuse your business because you asked.

What about Internet banks? It’s probably best to say no to Internet banks for your business. Regardless of the bank you choose, building relationships and neting can pay dividends later and there will be plenty of times when physically entering the bank is required. If, however, your business is 00 percent online, an online bank might be appropriate.

Related: Bank Loans vs. Private Lender Loans

2) Technology If you’re looking to deposit checks with your phone, take advantage of 2st century bill pay features as well as advanced reports that come with the newest banking interfaces, ask to see their platform before mng a decision. Some banks embrace technology more than others. If you love everything tech, you’ll want a bank that shares your passion.

3) Are they an SBA lender? The United States Business Administration issues governmentsubsidized s to qualified business owners but they do it through local banks. It’s not essential that you bank at an SBA sponsored bank to get the but that relationship you formed may help you in the approval process if you’re applying for an SBA loan.

4) Do they understand your business? Before you choose a bank, prepare a list of questions to ask the you meet with. Ask for a fee schedule, minimum balances, and other bankspecific rules. Make sure their business hours fit with your schedule, and any other questions important to you.

As you’re asking those questions, you’ll get a sense of how well they understand your business. If you do a lot of business outside of the United States and they ly don’t with many businesses like yours, look elsewhere.

Finally

Once you decide on a bank, don’t be so quick to set up all of those direct deposits and online bill pay features. Take six months to see if you’re happy with your choice. Once you set up automatic deposits and payments, it’s much more timeconsuming to switch banks. Set up one or two to see how you like the interface.

For the first six months, pay all of your bills with those oldschool paper checks. Once you find that they’re meeting your expectations, take that giant leap into the 2st century and fully embrace all they have to offer.

© 203 Attard Communications, Inc., DBA Business KnowHow®.  May not be reproduced, reprinted or redistributed without written permission.

  

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Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

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