Choosing the right bank for your business is very important. To decide which is the right bank for your needs there are several things you should consider. Rather than let the decision making process overwhelm you, here are some of the most important things you should look at when selecting the best banking institution for your business.
- Size matters.
The size of the bank you choose can make a dramatic difference in the number, kind and quality of services you receive. While a large national bank may have more branches, resources and service options, sometimes a smaller, community bank may be more willing to give you the kind of personalized attention you need to grow your business. Some people find large, national banks to be cold and impersonal and smaller banks more responsive to their needs. Consider whether the vast resources large banks can offer is more important than the comfort level you may feel with a smaller bank.
- The Status Of Your Credit
If you have less than stellar credit, it may be difficult to open a business account with a large bank. Large banks often have stricter rules and a larger pool of customers from which to choose. Some smaller banks may be more flexible in their credit requirements. But they may not have the resources to give you what you need.
Find out about the credit requirements of the banks you are considering and see for which one you qualify. Let that help to inform your choice of bank for your business.
The proximity of the bank to your business or your customers is important. Consider how often you need to make deposits and withdrawals, get bank-issued certified checks and other services that require you to go into a bank branch. Weigh that against your need to have access to your bank as you travel regionally or nationally. That can help you decide on the bank that best meets your needs.
- Your Digital Needs
The technology choices a bank offers can be vital to your business needs. Being able to do transfers or make deposits using your cellphone or laptop, or having access to online banking or other digital options can be pivotal to the success of your business. Find out about the technological options and digital platforms a bank offers and match it to your needs before choosing a bank with which to open a business account.
You should also consider if a bank is an SBA lender and has the business-banking products and services you need. Look at the type of perks and support it offers and if you feel comfortable doing business with them. You don’t have to stay with the first bank you choose forever. Start with one you trust and make the necessary changes as your business grows.