Are you satisfied with your bank? Are you happy with your bank? Are you a bank a source for support for your company? Read on if the answer is “no” to any of these questions. It is an important decision that affects our personal and professional lives.
When making decisions, it is essential to consider the expected needs of the individual and the business. Over the last two decades, banks have become more expensive and competitive than ever before. You owe it yourself to meet your needs in return for the bank’s willingness to hold your money and charge you fees for this convenience.
You may want to purchase or refinance your home, finance your child’s education, or make home repairs and improvements. You may need outside financing to fund equipment upgrades or expansion plans. A banker can help you access capital and provide critical advice, no matter what your financial goals are.
How can Solopreneurs and owners of businesses choose a bank? It is a good idea to visit all three banks: one regional, one national and one community bank. Ask to meet the business banker. Usually, the commercial loan officer is also present. To have the time to discuss your business, schedule an appointment if you are in need. This person should know about your business and the plans that you have in mind. They also need to know about your financial goals and bank services. What can the bank do to support and enhance your plans? What are the insights and suggestions that the banker can offer?
These are the three questions to ask if business credit is essential:
How much credit can the banker personally approve for?
Is the bank able to offer SBA loans?
What percentage of SBA loans are supported, and how much SBA business is being done?
These are some guidelines that you can use to rethink your banking requirements for your business venture. If you accept debit or credit cards, be sure to inquire about merchant credit card processing fees.
Banks for the community
This is the right product for solopreneurs as well as small to medium-sized businesses.
Larger banks may have lower fees, but they can charge higher fees.
Mobile or online technology may be slow or incomplete.
Excellent service is a common trait. This is traditional banking. Customers are treated with respect. Managers and tellers know you.
Local loan decisions are made. The loan officer is familiar with you and your company. He/she wants to help. Your character will be a factor.
Banks in the region
Small to medium-sized businesses planning to grow will find this helpful product.
Average fees
The basics of online and mobile banking technology will satisfy your expectations.
The service is generally good, and the regionals can deliver personalized service.
Lender decisions will be made based on the local economy and your financial statements regarding your ability to repay.
National banks
This is the right product for small to medium-sized businesses doing out-of-state or international business.
Due to economies of scale, fees are often the lowest available.
Mobile and online banking will be the most advanced available, and almost all banking can be done online.
Because staff turnover is high, service can be impersonal. You are not known by anyone for very long. Branch-level decisions are not made.
The manager cannot give you the benefit of the doubt when you apply for a loan.
Thank you for reading.
