ICFiles
SOC 2

CPA Website Content

Secure File Transfer Soc 2 starts at $1 per month

Join Us

 

 
Financial Calculators
Financial Calculators
 
Federal Tax Links
Federal Tax Links
 
Financial Terms Glossary
Financial Terms Glossary
 
Cartoon of the Month
Cartoon of the Month
 

Choosing the Right Bank for Your Small Business

General Business News

January 2014

Buy

Choosing the Right Bank for Your Small Business

It is crucial to accurately determine the right bank for your specific business needs. Setting up your accounts and managing access is a vital component in your business endeavor. This might seem like a daunting task; however, with a few simple steps that easily can be broken down, you can find the right bank to meet your needs.

Understand Your Banking Needs

Whether you are searching for a convenient location or have a business’ specialty, yourself if the bank in question will meet these standards. To complete this task, create a list of the demands your business will require of its bank. Consider your operating hours and the times that the bank is open and closed. Take into account whether or not the bank will have secure drop boxes that are appropriate for cash deposits overnight. You also should look into what online banking features they offer, especially regarding remote deposits. Remote deposit can be incredibly convenient; however, it can also be very expensive. These might seem like small factors at first, but once your business is up and rolling, they can become essentials.

Compare Banking Customer Service

Some relationship managers at community banks are known to have greater discretion than those at larger banking institutions. Community-based banks also can take more time in developing fundamental relationships with their small business clients. However, distinguishing the differences between that of smaller and larger banks has become increasingly more difficult. As a result of mergers that have occurred in the industry, community banks now offer a much broader range of services. In addition, banking institutions are beginning to place a greater emphasis on customer service. These are important features to take into consideration when choosing a bank.

Evaluate Bank Fees

Local and regionally focused banking institutions can be more equitable when it comes to fees due to their in-depth knowledge of local market conditions. With face-to-face access to a loan officer at a smaller bank, you are allowed more emphasis on your business’ specifics and are not solely a number based on a credit score model. Regional banks can provide more flexibility in terms of financial need as well. One disadvantage of smaller banks is that the rates they charge can be higher than those of the largest financial institutions. Larger banks also are more likely to issue credit cards to small businesses for financing purposes.

Re-Evaluate Your Banking Relationship

After accomplishing the trying task of establishing your business with the right bank for your business needs, it is still necessary for you to sporadically re-evaluate your bank along with the needs of your business. Every business has fiscal requirements that will transform over the course of time. Whether interest rates with your banking institution have been altered or you are just no longer satisfied with the customer service you receive from your relationship manager, it is reasonable to seek out other options.

Just as your business grows and changes over time, banks often do as well. Do not feel guilty about re-evaluating your bank and its services. After all, it is your business and your responsibility. Such a vital part of your livelihood and investment deserves the best from your banker.

Buy

 

These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

Protected by Copyscape Plagiarism Finder

Dynamic Content Powered by Service2client.com
SEO Content Powered by DynamicPost.net

ICFiles
SOC 2

CPA Website Content

Secure File Transfer Soc 2 starts at $1 per month

Join Us

 

CPA Website Content

 
 
Financial Calculators
Financial Calculators
 
Federal Tax Links
Federal Tax Links
 
Financial Terms Glossary
Financial Terms Glossary
 
Cartoon of the Month
Cartoon of the Month
 
websites for cpas

MyWeb, WordPress Joomla, Drupal
1 Click Hosting
Install free themes

websites for cpas

Click

 
Tax Calendar
Tax Calendar
 
State Tax Links
State Tax Links
 
Track your Refund
Track your Refund
 
Library Articles
Library Articles
 
 
 

CLOSE