Does Your Bank Serve Your Needs?

While all banks will hold your money, they each have their own pros and cons. What is a great fit for my business may not be the best fit for yours.

With banks moving to a remote work model due to COVID-19, it is even easier to differentiate banks based on your needs. Do they have user friendly digital banking services? What is their data availability? Do they offer convenient online services and consistent customer experience? Some banks have handled the changes better than others. 

While switching banks can be a huge hassle, a new bank may serve your business needs better than the one you’re with. So it is important to ask yourself these questions. Focus on your specific business needs and priorities. Ask yourself, does my bank give me what I need? 

Bank charges can eat away at business profit, but sometimes paying them is worth the benefits. When you are comparing banks, it is wise to look closely at the fees you’ll be charged rather than the interest rates, which rarely make much of a difference. According to an article in The New York Times, U.S. banks made over 11 billion dollars in overdraft fees alone in 2019. While it’s not unreasonable to pay service fees for features we need and want, overdraft charges can often be avoided by following good bookkeeping practices.

If you do end up being charged fees, having a relationship with your bank becomes particularly important. Bankers can often help lower, adjust or even remove fees. So when possible try to build a relationship with, and reach out to, your banker if you notice you are charged for something unexpected.

Finding the right bank for you can make a significant difference in not only saving money, but also facilitating better business processes and making your life less stressful. When you select the bank or credit union with the right mix of features to suit your needs your business will benefit.

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