How to Choose the Right Bank for Your Business

You do not need to go out of your way nowadays in finding the right bank for your business. Most of the information you may need is right at your fingertips and with just a few clicks you get access and can easily browse through various banks’ websites helping you to evaluate your banking options and finally decide which bank can best serve your business interests.

Here are a few tips to consider to narrow down your choices:

  • Look into the Bank’s reputation. How long have they been in existence?  Does this bank have a solid foundation, not having been involved in a bank-run and re-surfaced under a new name? What about mergers?  It is important to know the nitty-gritty details as it would help ease your mind as you get down to your next qualifier,
  • Guaranteed Security.Having established the above, it will now give you the confidence to invest your money in a bank that will ensure the growth of your business as it clearly caters to your need for stability.
  • Check and compare services. Although most banks offer the same portfolio, there will always be a few which will appeal more to you depending on what you really want from the bank of your choice. A plus point would be “freebies” (insurance, credit line, home service, etc.) that would surely entice you to open an account with them.
  • Corresponding fees and charges. There may be a stipulated rate that banks follow but of course you would always want to get value for your money so it would be to your advantage if you are fully apprised of the corresponding charges and/or interest rates for every service that the bank offers.
  • Customer Care.Make that necessary call just to test how quick they can respond to your queries and how accommodating they are to your needs.  You may be put on hold for ten minutes but that’s no red flag.  Once you get through the line and you are satisfied with the way your call is handled and your questions answered, then you could surmise they must be a reliable establishment to be really swamped with day-to-day transactions.
  • Find out where the branches that are most proximate to your location. This would save time and energy on your part for when you need to make a deposit, especially when there are checks that need to be immediately funded or when you need to withdraw over the counter.

Finally, you have made a choice and are ready to pay the right bank/banks a visit.  It is advisable that you maintain at least two (2) banks just for back-up in case your first choice falls short of your expectations.  It also pays to make the effort to build a relationship with these banks if only to assure that your account is well taken care of and that you earn some preferential treatment down the road.  With this kind of connection, these banks would even be happy to give you financial advice as to how your business can flourish.