In light of COVID-19, many businesses are re-evaluating their practices and process. Some are even considering: is my bank really working for me? Exploring a new banking relationship can seem like a daunting task. When it comes to deposit accounts, many banks offer very similar options. So how do you sift through the options and determine the best banking partner for your needs? Every small business owner should consider these three things when evaluating a potential bank
It’s always important to know what your account options are and what features or benefits come with them. Free business checking sounds great in theory, but there are often limitations associated with that account type. If your business is writing and depositing a high volume of checks each month, you should ask how many items are covered under the free account to ensure your volume won’t cause you to incur fees. Similarly, if you have more robust wire, ACH, or positive pay needs, request more information on the prospective banks’ analysis accounts and earnings credit rates.
When it comes to business banking, there can be a wide range of technology offerings, so it’s important to ask about those up front. Ask about mobile deposit options (and potential limits) for commercial accounts, business bill pay, and tiered online permissions based on roles. There might even be various combinations of possibilities depending on needs, so don’t shy away from sharing general operating practices or specific scenarios that will need specialized capabilities.
Evaluating the service you’ll receive is likely the most important aspect of choosing a banking partner. How their associates address your account and technology questions will be an excellent indication of the kinds of interactions you can expect down the road. A bank that is committed to providing exceptional experience will work with you to understand all facets of your business’ needs and help you find the perfect account structure for where your business is now and where you hope to grow.
If you are looking for a banking relationship for your small business needs, call us today. We take a curated approach to meeting our client’s accounts and technology needs, and strive to provide exceptional, responsive service as each new need arises.