Things To Consider When Switching Banks
We recently became aware that we might be banking with the wrong bank for our business. If you are in the market for a new banker too, here are some things to consider while you weigh your options.
Does a large or small bank suit you? Smaller community banks may be better at building relationships and can offer a more personalized experience than the larger national outfits. National banks may have greater resources and can offer more flexibility for banking across multiple locations. If you are looking at a large national bank, check to see if there are government sanctions that will limit their ability to serve your business. If you are looking at a small bank, check to see if they offer all the bells & whistles you need.
How is their technology? They should have a great internet banking portal that allows you to take care of most banking needs over the web. Do they offer to send ACH payments and paper checks on your behalf? Do they have remote deposit capabilities that will allow you to deposit checks from your cell phone or office? Will your accounting software talk to the bank so that you can take advantage of automatic bank feeds to handle your data entry?
Can you grow with them? Do they offer products and services to help businesses grow? Will they extend a Line of Credit to help you with day to day operating capital? Can they handle loans for commercial real estate and equipment? Are they an approved SBA lender?
What is the cost of banking with them? Do they charge a monthly fee to have an account with them? Does a fee kick in when you exceed a certain volume of check or deposit transactions? What do they charge to send/accept ACH or wire transfers? What kind of interest rates do they offer on Lines of Credit and Business Credit Cards?