When starting a new business, choosing the right institution for business banking requires different criteria than choosing one for your personal banking. Before choosing a bank for business use, there are several factors to consider.
Some banks have differing fee scales for business banking and personal banking. It is important to be aware of what fees may apply to for your business. Some banks offer free or low-fee accounts with minimal usage requirements. Before choosing a business bank, review your business usage to be sure you choose a bank with fees that are best for your banking practices.
Think to the Future
Choosing a financial institution for business banking requires you to consider what your future needs may be. At some point, you may need to look into business financing for expansion or staffing purposes, and you want to be sure to choose a bank that will be able to assist you in reaching your goals. Also, be sure the bank understands Small Business Administration policies regarding small business loans and can respond to these types of loan requests.
The majority of banks these days offer many technology solutions, but typically at a price for business customers! Services usually offered as complimentary for personal banking needs (i.e. ACH services, online banking, mobile banking and online bill pay) are not always free for business customers. Community banks offer an array of complimentary services and can meet your business banking needs with available technology solutions. To get the best bang for your buck, it is important to talk with your local banker about your business banking needs and review the technology solutions available to better assist you with the day-to-day operation of your business. Applying the right solutions to your business will improve efficiency, save you time and money and free you up to concentrate on growing your business.
Big banks have a habit of treating you like a number, herding you like cattle in-and-out of branches with no true intention of getting to know you, your family or your business. Community banks take a more personal approach to building relationships with their customers. Many local bankers live and work in the communities they serve, which makes them more familiar with the individual needs of their customers and as a result, are better equipped to offer customized banking solutions. Their involvement in the community gives them a deeper insight into the challenges facing the community, which ultimately allows them to provide meaningful advice based on what is most beneficial for you and your business. Before opening a business account, consider your bank’s involvement in the local community and the personalized customer service they can provide to you, your family, your community and your business.
Choosing the best financial institution for business banking requires different decisions than choosing one for personal banking. Because banks have different requirements for businesses than they do for individuals, be sure to select a bank that is the right fit for your growing business. For more information regarding business banking, visit www.independent-bank.com.