Friday, March 7, 2008

Are you a business owner looking for a bank?

Banking is about building relationships and building a trust between clients and bankers.
So here are a few tips when you are looking to establish a new relationship with a bank.

Ask a friend or a colleague where he or she is banking, ask how the service is and ask for the banker’s name. If your friend/colleague keeps talking about the bank, service and banker for more than two minutes then this is a very good start.

Is the bank flexible? Perhaps the bank that you’ll choose does not have many offices (branches) but the bank offers remote deposit, bank by mail, real time online banking, and courier services. These products can be at no cost to you if you have your account as an analysis account. (Educate yourself and understand how Earn Credits work, the rate varies from bank to bank)

Are you a BIG FISH or a little fish? EVERYONE can be a BIG FISH; you just need to choose the right size bank for you. If you have a business with balances over $1MM in a checking account you will be a big fish in any bank. However, if your business is small and you are not able to keep such high balances then a smaller institution will fit you better. A smaller institution will get to know you and your business, they will give you personalized service that may not be found at bigger institutions.

Personalized service vs. Transactional service
Choose a bank the values personalized service, it will be better for you in the long run. The more accounts you have with the bank, the more your banker will know you, and it will be very favorable when you request a loan.

Interview your banker. You want to choose a banker that is an expert in his/her niche and very resourceful because he/she will be the advocate for your business. You want a banker that does not “beat around the bush” you want your banker to be fast and direct, after all you are in business to make money not to waste time.

For great personalized service check out:

Affinity Bank

First Republic Bank

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